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

Checked against official source text during the last sync.

Act Concerning Secured Credit Cards

This law requires Connecticut banks and credit unions to offer secured credit cards and share account information with customers or authorized third parties.

What This Bill Does

Requires each Connecticut bank and credit union to make a secured credit card available to its customers or members.
Defines a secured credit card as an account where the customer provides funds to the institution as security for the credit line.
Mandates that institutions share account information with the person who holds the account.
Allows institutions to share account information with third parties if the account holder gives permission.

Who It Names or Affects

Connecticut banks
Connecticut credit unions
Customers and members of these financial institutions

Terms To Know

Secured credit card: A credit card account where the customer gives money to the bank or credit union as security for the amount they can borrow.
Connecticut bank: A financial institution defined by state law in section 36a-2 of the general statutes.
Credit rating agency: An organization that collects and reports information about a person's credit history, as defined in section 36a-695 of the general statutes.

Limits and Unknowns

The law does not specify how much money a customer must provide to open a secured card.
The text does not list any fees or interest rates that banks and credit unions may charge for these cards.
The rules take effect on October 1, 2026.

Bill History

2026-03-23 LCO
Reported Out of Legislative Commissioners' Office
2026-03-23 Connecticut General Assembly
Favorable Report, Tabled for the Calendar, Senate
2026-03-23 Connecticut General Assembly
Senate Calendar Number 100
2026-03-23 LCO
File Number 127
2026-03-16 LCO
Referred to Office of Legislative Research and Office of Fiscal Analysis 03/23/26 12:00 PM
2026-03-10 BA
Joint Favorable
2026-03-10 LCO
Filed with Legislative Commissioners' Office
2026-02-27 Connecticut General Assembly
Public Hearing 03/03
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)