LCO 4113 1 of 2
General Assembly Raised Bill No. 1255
January Session, 2025
LCO No. 4113
Referred to Committee on BANKING
Introduced by:
(BA)
AN ACT CONCERNING THE COMMUNITY BANK AND COMMUNITY
CREDIT UNION INVESTMENT PROGRAM ESTABLISHED BY THE
STATE TREASURER.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Section 3-24j of the general statutes is repealed and the 1
following is substituted in lieu thereof (Effective July 1, 2025): 2
As used in this section and sections 3-24k and 3-24l: 3
(1) "Community bank" means a bank [and trust company, savings 4
bank or savings and loan association chartered or organized under the 5
laws of this state] or out-of-state bank, as those terms are defined in 6
section 36a-2; and 7
(2) "Community credit union" means a [cooperative, nonprofit 8
financial institution that (A) is organized under chapter 667 and the 9
membership of which is limited as provided in section 36a-438a, (B) 10
operates for the benefit and general welfare of its members with the 11
earnings, benefits or services offered being distributed to or retained for 12
its members, and (C) is governed by a volunteer board of directors 13 Raised Bill No. 1255
LCO 4113 2 of 2
elected by and from its membership] Connecticut credit union or federal 14
credit union, as those terms are defined in section 36a-2. 15
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2025 3-24j
BA Joint Favorable