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SB 1399 Connecticut Senate · 2025 Regular Session

AN ACT CONCERNING A STUDY REGARDING THE ESTABLISHMENT OF LIMITED PURPOSE TRUST COMPANIES.

SB 1399 requires Connecticut's Department of Banking to study whether the state should allow "limited purpose trust companies" (specialized financial entities for specific trust services). The department must complete this study and submit a report with recommendations by December 1, 2025, to the legislature's banking committee. This bill does not create new laws or directly affect residents or businesses; it only mandates a study to inform future legislative action. The report will assess the feasibility and potential benefits of establishing such entities in Connecticut.
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 27, 2025 Last action May 7, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Raised Bill → BA Joint Favorable Substitute · 5 edits
MODERATE
The bill was changed from establishing a new law to create limited purpose trust companies into a study bill that requires the Department of Banking to research and report on whether such companies should be allowed. This significantly delays any potential implementation of the new financial institution type until after the study is completed and recommendations are made.
Scope change
The bill's scope changed from immediately authorizing the creation of limited purpose trust companies to only studying the feasibility of establishing them.
SCOPE

Removed all substantive provisions that would have authorized the formation, operation, and regulation of limited purpose trust companies.

TIMELINE

Added a requirement for the Department of Banking to conduct a study and submit a report by December 1, 2025, regarding the establishment of limited purpose trust companies.

REQUIREMENT

Added a requirement that the study report include recommendations for legislation necessary to authorize limited purpose trust companies.

DEFINITION

Removed all definitions related to limited purpose trust companies, trust offices, and banking terms that were part of the original bill.

ELIGIBILITY

Removed provisions that allowed any person to apply to form a limited purpose trust company and the requirements for obtaining a certificate to do so.

Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
15
Key actions
2
Committee
3
May 5, 2025
Upper · Passed
Joint Favorable
upper
Mar 11, 2025
Upper · Passed
Joint Favorable Substitute
upper
Feb 27, 2025
Committee
REF. TO JOINT COMM. ON Banking
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.