Banking

SB 218 requires the Department of Banking to conduct a study on banking issues within the state. The department must submit a final report to the legislature's banking committee by January 15, 2027. This bill does not change existing laws or create new regulations - it only mandates a study and reporting process. The study's focus on "banking issues" is not specified in the bill text.

HB 5208 requires the Department of Banking to study financial transactions occurring within the state. The department must complete this study and submit a report to the General Assembly's Banking committee by January 15, 2027. This bill does not create new laws or directly affect specific groups; it only mandates a study to inform future legislative decisions. The report will be prepared in accordance with existing statutory procedures for such studies. This is a procedural measure focused solely on gathering information, with no immediate policy changes or implementation.

HB 5211 requires providers offering sales-based commercial financing (repayments tied to a business's sales/revenue) to disclose four specific details to recipients: the total financing amount, disbursement amount (excluding finance charges), finance charge, and an estimated annual percentage rate (APR) based on projected sales. This applies to financing under $250,000 not intended for personal use, directly affecting small businesses and the providers (like brokers or non-bank lenders) offering this financing. The APR must be calculated using either historical sales data or an opt-in method, with providers notifying the Banking Commissioner of their chosen method. Banks, credit unions, and certain large lenders are exempt from these requirements. The bill takes effect October 1, 2026.

SB 300 creates a new exemption from debt collection for funds in joint bank accounts where a person has no legal ownership interest (equitable interest). Specifically, it adds a provision protecting "any part of the balance of an account deemed a joint account" if the debtor lacks equitable interest in it. This directly affects individuals who co-own accounts with others (e.g., a spouse or family member) but did not incur the debt. The exemption applies to funds in such accounts, preventing creditors from seizing those specific amounts during collection efforts. The bill takes effect October 1, 2026.

HB 5314 updates Connecticut's "Homes for CT" loan program to set a clear interest rate cap: loans from participating financial institutions must charge a rate not exceeding The Wall Street Journal's published prime rate (replacing a previous Federal Home Loan Bank reference). It also expands the Connecticut Housing Finance Authority's role, allowing it to provide additional loans or forgivable grants-in-aid to eligible borrowers beyond those from banks, with these new loans being subordinate to bank loans. The changes directly affect Connecticut homebuyers (particularly first-time buyers) who qualify for the program through participating lenders. The bill takes effect July 1, 2026, and aims to streamline program administration while maintaining affordability.