All Roll Calls
Yes: 196 • No: 0
ConnecticutSB 012562025 Regular SessionSenate
AN ACT CONCERNING THE ORGANIZATION, ADMINISTRATION AND RECEIVERSHIP OF CERTAIN FINANCIAL INSTITUTIONS.
Sponsored By: Banking Committee
Signed by Governor
Summary
To: (1) Increase the fee for investigating and processing an application for the organization of a Connecticut bank; (2) eliminate a factor considered in determining whether the public will be served to advantage by the establishment of a proposed Connecticut bank; (3) increase the amount of assets on deposit that trust banks and innovation banks are required to keep; (4) eliminate a factor considered in determining whether to approve the relocation of a Connecticut bank's main office; (5) reduce the period of time during which written objections may be made to an application made by a bank or association for permission to change its name; and (6) modify the duty of a receiver for a Connecticut bank or Connecticut credit union.
banking
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
5 provisions identified: 1 benefits, 2 costs, 2 mixed.
Fewer review factors for innovation banks
Beginning July 1, 2025, innovation bank applications no longer require review of the area's population when assessing public benefit. For main-office moves, the Banking Commissioner no longer has to consider public convenience and necessity. Relocation reviews still consider population, existing banking facilities, and economic need.
Innovation bank receivers follow bank-specific standards
Beginning July 1, 2025, an innovation bank's receiver must liquidate the bank and sell or otherwise collect its assets. The receiver must take account of that bank's credit conditions. For other Connecticut banks and credit unions, the standard continues to focus on credit conditions in the locality.
Trust and innovation banks must retain deposits
Beginning July 1, 2025, Connecticut trust and innovation banks must keep at least $1.5 million in qualifying assets on deposit. The money must be held at a bank approved by the Banking Commissioner. The banks must have a deposit agreement satisfactory to the commissioner. The law removes the phased schedule for banks receiving final certificates before May 12, 2004.
Higher bank fees, with interim exemption
Beginning July 1, 2025, Connecticut bank organizers pay a $20,000 organization fee, up from $15,000. This also covers conditional preliminary approval for an expedited bank. Interim Connecticut banks pay no organization fee. These fees apply to bank organizers, not households directly.
Less time to challenge bank names
Beginning July 1, 2025, written objections to a proposed bank name must be filed within 15 days, down from 30. The clock starts when notice appears in the Connecticut Banking Department's weekly bulletin. This deadline applies to objections that the name will tend to confuse the public.
Sponsors & Cosponsors
Sponsor
Banking Committee
Affiliation unavailable
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 3/11/2025
House Roll Call Vote 334
Yes: 147 • No: 0
Senate vote • 3/11/2025
Senate Roll Call Vote 237
Yes: 36 • No: 0
Senate vote • 3/11/2025
BA Vote Tally Sheet (Joint Favorable Substitute)
Yes: 13 • No: 0
Actions Timeline
Signed by the Governor
6/24/2025legislatureTransmitted by Secretary of the State to Governor
6/23/2025legislatureTransmitted to the Secretary of State
6/23/2025legislaturePublic Act 25-104
6/11/2025legislatureIn Concurrence
6/3/2025legislatureHouse Passed
6/3/2025HouseHouse Calendar Number 637
5/23/2025HouseFavorable Report, Tabled for the Calendar, House
5/23/2025HouseSenate Passed
5/22/2025SenateFile Number 254
3/26/2025legislatureSenate Calendar Number 175
3/26/2025SenateFavorable Report, Tabled for the Calendar, Senate
3/26/2025SenateReported Out of Legislative Commissioners' Office
3/26/2025legislatureReferred to Office of Legislative Research and Office of Fiscal Analysis 03/25/25 5:00 PM
3/20/2025legislatureFiled with Legislative Commissioners' Office
3/11/2025legislatureJoint Favorable Substitute
3/11/2025legislaturePublic Hearing 02/13
2/7/2025legislatureReferred to Joint Committee on Banking
2/6/2025legislature
Bill Text
Public Act No. 25-104
6/11/2025
File No. 254
3/26/2025
BA Joint Favorable Substitute
3/11/2025
Raised Bill
2/6/2025
BA Joint Fav. Rpt
BA Vote Tally Sheet (Joint Favorable Substitute)
Bill Analysis For File Copy 254
Fiscal Note For File Copy 254
House Roll Call Vote 334
Senate Roll Call Vote 237
Summary for Public Act No. 25-104
Related Bills
HB 05013, AN ACT ADDING CERTAIN PLANTS TO THE INVASIVE PLANTS LIST.
To prohibit the sale, use and distribution of certain invasive plants in the state.
SB 01558, AN ACT CONCERNING INCOME TAXES IMPOSED BY OTHER JURISDICTIONS ON RESIDENTS OF THE STATE.
To (1) reduce a portion of the amount of the credit for income taxes paid to other states, (2) require the Attorney General to study ways to defend residents from having income tax imposed by other jurisdictions on income derived from services rendered while such resident was within this state, and (3) provide a credit to residents who file an appeal protesting the tax imposed by such other jurisdiction.
SB 01396, AN ACT CONCERNING EARNED BUT UNPAID WAGE OR SALARY INCOME ADVANCES.
To establish various requirements concerning earned but unpaid wage or salary income advances.
SB 01187, AN ACT CONCERNING FORECLOSURE, ASSIGNMENT AND OTHER ENFORCEMENT ACTIONS FOR UNPAID SEWER ASSESSMENTS AND OTHER FEES AND CHARGES.
To prohibit foreclosure, assignment and other enforcement actions for unpaid sewer assessments and other fees and charges in the case of owner-occupied real property for which the principal of such unpaid assessments, fees and charges is less than three thousand dollars unless three years have elapsed from the date any lien was filed and such lien remains unpaid.
HB 07236, AN ACT CONCERNING HUMAN TRAFFICKING AND SEXUAL ASSAULT VICTIMS.
To amend the membership of the trafficking in persons council, add victims of sexual assault and victims of trafficking in persons as protected classes for purposes of certain anti-discrimination statutes, create an affirmative defense for misdemeanor offenses for young victims of trafficking in persons and eliminate the requirement that training in identification and reporting of trafficking in persons be presented in a video format.
HB 07192, AN ACT IMPLEMENTING RECOMMENDATIONS OF THE BIPARTISAN DRUG TASK FORCE.
To implement recommendations of the bipartisan drug task force.