Bill > SB01399

This bill directs the Connecticut Department of Banking to conduct a comprehensive study about establishing limited purpose trust companies (LPTCs) in the state. A limited purpose trust company is a specialized financial institution with a narrower operational scope compared to a traditional bank, typically focusing on specific trust or fiduciary services. The bill requires the Department of Banking to complete this study and submit a detailed report to the state legislature's banking committee by December 1, 2025. The report must include recommendations for potential legislation that would enable the creation of LPTCs in Connecticut. By mandating this study, the bill is essentially exploring the feasibility and potential regulatory framework for introducing a new type of financial service entity in the state, with the ultimate goal of potentially authorizing LPTCs through future legislative action. The bill takes effect immediately upon passage and represents a preliminary step toward potentially expanding financial services options in Connecticut.

Budget and Finance, Business and Industry

Banking Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01399&which_year=2025