AN ACT CONCERNING SECURED CREDIT CARDS.

SB 303 requires Connecticut banks and credit unions to offer secured credit cards to all their customers or members. A secured credit card is one where the customer provides funds as security for the credit extended. The bill also mandates that institutions must provide account information for these cards to the account holder and any third party authorized by the holder to report to credit rating agencies. This law takes effect October 1, 2026, and directly affects financial institutions operating in Connecticut by changing their product offerings. The policy change ensures consumers have access to a credit-building tool and simplifies reporting to credit agencies.