The bill, titled "An Act Concerning Electronic Book and Digital Audiobook Licensing," establishes regulations for contracts between publishers and libraries regarding the licensing of electronic literary materials. It defines terms and outlines the rights and limitations of libraries in regards to loaning electronic literary materials. The bill prohibits certain provisions in contracts that restrict the library's lending functions or violate the library's mission. Violations of the provisions in this bill are considered unfair trade practices. The bill also allows for limitations on the number of borrowers who may have simultaneous access to electronic literary materials and the use of technological protection measures. The bill will take effect on October 1, 2023.

The bill may have a fiscal impact on the state, including potential costs to the Consumer Protection Department and the State Comptroller for enforcement and fringe benefits. It may also result in potential savings for libraries and higher education institutions. The bill may also have a potential impact on municipalities, with potential savings for various municipalities and local and regional school districts. The exact fiscal impact will depend on the implementation and enforcement of the bill.