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SB00303 • 2026

AN ACT CONCERNING SECURED CREDIT CARDS.

AN ACT CONCERNING SECURED CREDIT CARDS.

Labor
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Banking Committee
Last action
2026-03-23
Official status
File Number 127
Effective date
Not listed

Plain English Breakdown

The candidate explanation includes details that are not explicitly stated or implied by the provided official source material, such as costs and potential benefits for people with bad credit.

Law About Secured Credit Cards

This law requires Connecticut banks and credit unions to offer secured credit cards and provide account information to customers.

What This Bill Does

  • Defines what a 'secured credit card' is in Connecticut.
  • Requires all Connecticut banks and credit unions to make secured credit cards available to their customers or members.
  • Makes sure that the bank or credit union gives account information for these cards to the person who owns the card and anyone else they authorize.

Who It Names or Affects

  • Connecticut banks
  • Connecticut credit unions
  • Customers or members of Connecticut banks and credit unions

Terms To Know

Secured Credit Card
A type of credit card where the customer puts money into an account as security for the credit they can use.

Limits and Unknowns

  • The law does not specify how much it will cost banks and credit unions to offer these cards.
  • It is unclear if this law will help people with bad credit get better terms on their secured credit card.

Bill History

  1. 2026-03-23 LCO

    Reported Out of Legislative Commissioners' Office

  2. 2026-03-23 Connecticut General Assembly

    Favorable Report, Tabled for the Calendar, Senate

  3. 2026-03-23 Connecticut General Assembly

    Senate Calendar Number 100

  4. 2026-03-23 LCO

    File Number 127

  5. 2026-03-16 LCO

    Referred to Office of Legislative Research and Office of Fiscal Analysis 03/23/26 12:00 PM

  6. 2026-03-10 BA

    Joint Favorable

  7. 2026-03-10 LCO

    Filed with Legislative Commissioners' Office

  8. 2026-02-27 Connecticut General Assembly

    Public Hearing 03/03

  9. 2026-02-26 Connecticut General Assembly

    Referred to Joint Committee on Banking

Official Summary Text

To require each Connecticut bank and Connecticut credit union to make available a secured credit card and account information for the secured credit card.

Current Bill Text

Read the full stored bill text 
Senate
SB303 / File No. 127 1

General Assembly File No. 127
February Session, 2026 Senate Bill No. 303

Senate, March 23, 2026

The Committee on Banking reported through SEN. MILLER of
the 27th Dist., Chairperson of the Committee on the part of the
Senate, that the bill ought to pass.

AN ACT CONCERNING SECURED CREDIT CARDS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

Section 1. (NEW) ( Effective October 1, 2026 ) (a) For purposes of this 1
section: 2
(1) "Connecticut bank" has the same meaning as provided in section 3
36a‑2 of the general statutes; 4
(2) "Connecticut credit union" has the same meaning as provided in 5
section 36a‑2 of the general statutes; 6
(3) "Secured credit card" means a credit card account for which a 7
customer or member provides funds to a Connecticut bank or 8
Connecticut credit union as security for credit extended on such 9
account; and 10
(4) "Credit rating agency" has the same meaning as provided in 11
section 36a-695 of the general statutes. 12
SB303 File No. 127

SB303 / File No. 127 2

(b) Each Connecticut bank and Connecticut credit union shall make 13
available to its customers or members a secured credit card. 14
(c) Each Connecticut bank or Connecticut credit union that issues a 15
secured credit card shall make account information for such secured 16
credit card available to (1) the account holder, and (2) any third party 17
authorized by the account holder to receive such account information 18
for the purpose of furnishing or reporting such information to a credit 19
rating agency. 20
This act shall take effect as follows and shall amend the following
sections:

Section 1 October 1, 2026 New section

BA Joint Favorable

SB303 File No. 127

SB303 / File No. 127 3

The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of
the General Assembly, solely for purposes of information, summarization and explanation and do not
represent the intent of the General Assembly or either chamber thereof for any purpose. In general,
fiscal impacts are based upon a variety of informational sources, including the analyst’s professional
knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final
products do not necessarily reflect an assessment from any specific department.

OFA Fiscal Note

State Impact: None
Municipal Impact: None
Explanation
The bill requires Connecticut banks and credit unions to make
secured credit cards, along with account information, available to
customers. The bill results in no fiscal impact to the state.

SB303 File No. 127

SB303 / File No. 127 4

OLR Bill Analysis
SB 303

AN ACT CONCERNING SECURED CREDIT CARDS.

SUMMARY
This bill requires state -chartered banks and credit unions to make
secured credit cards available to their customers and members. Under
the bill, these are credit card accounts for which the customer or member
gives the bank or credit union money as security for credit extended on
the account.
It requires each bank and credit union that issues a secured credit
card to make the account information available to the account holder
and any third party the account holder authorizes to report its
information to a credit rating agency.
EFFECTIVE DATE: October 1, 2026
COMMITTEE ACTION
Banking Committee
Joint Favorable
Yea 13 Nay 0 (03/10/2026)