Connecticut Senate Bill SB00112

Connecticut 2023 Regular Session

• Introduced: 1/13/23
• Refer: 1/13/23

Caption

An Act Requiring Connecticut Banks To List Account Holders Or Owners On Statements.

Impact

The introduction of SB00112 could significantly impact banking practices within the state by standardizing the way account information is presented to customers. By requiring banks to clearly list all account holders, it enhances consumer awareness regarding who is associated with accounts and could potentially address issues related to disputes over account ownership. Furthermore, this change could lead to increased scrutiny over financial practices, encouraging banks to adopt practices that enhance their transparency and accountability to clients.

Summary

Senate Bill 00112 is a legislative proposal aimed at enhancing the transparency of banking practices in Connecticut. The bill mandates that all Connecticut banks are required to list all holders or owners of an account on all statements concerning that account. This initiative is implemented to ensure that account ownership is clear and that individuals who have stakes in accounts are properly recognized on any documentation provided by their banks. The underlying purpose of this mandate is to protect consumers and to ensure accountability from financial institutions.

Contention

While the bill has appeal in terms of promoting consumer rights and safeguarding against financial discrepancies, it may also face pushback from banking institutions concerned about the potential administrative burden and costs associated with revising their current reporting systems. The primary contention may revolve around the practicality of implementing these changes in terms of both technology adjustments and the potential shifts in operations that banks would need to undertake to comply with these new rules.