Connecticut HB 5318: AN ACT CONCERNING COMMITTEE BANKING ACCOUNTS.

Bill Text

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General Assembly Substitute Bill No. 5318
February Session, 2026

AN ACT CONCERNING COMMITTEE BANKING ACCOUNTS.
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) "Banking institution" has the same meaning as provided in section 3
36a-309 of the general statutes; 4
(2) "Candidate committee" has the same meaning as provided in 5
section 9-601 of the general statutes; 6
(3) "Committee banking account" means a consumer transaction 7
account used primarily for the purposes of a candidate committee, party 8
committee or political committee; 9
(4) "Connecticut credit union" has the same meaning as provided in 10
section 36a-2 of the general statutes; 11
(5) "Consumer transaction account" means a demand deposit 12
account, share draft account or similar account; 13
(6) "Exempt credit union" means a Connecticut credit union, federal 14
credit union or out-of-state credit union having total assets of less than 15
fifty million dollars; 16

Substitute Bill No. 5318

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(7) "Federal credit union" has the same meaning as provided in 17
section 36a-2 of the general statutes; 18
(8) "Out-of-state credit union" has the same meaning as provided in 19
section 36a-2 of the general statutes; 20
(9) "Party committee" has the same meaning as provided in section 9-21
601 of the general statutes; and 22
(10) "Political committee" has the same meaning as provided in 23
section 9-601 of the general statutes. 24
(b) On and after October 1, 2026, each banking institution, other than 25
an exempt credit union, shall make committee banking accounts 26
available to candidate committees, party committees and political 27
committees. 28
(c) A committee banking account shall offer at least the following to 29
the depositor: (1) A debit card, (2) ATM in-network access, (3) deposits, 30
(4) check cashing for checks issued by the banking institution at which 31
the depositor holds the committee banking account, (5) electronic 32
monthly statements, (6) copies of cancelled checks, and (7) copies of 33
deposit slips. Nothing in this subsection shall be construed to require a 34
banking institution to include additional enhanced account features, 35
such as preferred or incentive interest rates or rewards programs, with 36
a committee banking account. 37
(d) A banking institution shall allow a person to open a committee 38
banking account when the banking institution is presented with a State 39
Elections Enforcement Commission "Form 1", "Form 2" or "Form 3" that 40
(1) has been filed with the commission or a town clerk, and (2) is 41
accompanied by satisfactory proof of a federal employer identification 42
number. 43
(e) The Banking Commissioner shall, in the course of evaluating the 44
performance of a Connecticut bank or a Connecticut credit union in 45
meeting its obligations under part II of chapter 664a of the general 46

Substitute Bill No. 5318

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statutes, provide credit to such bank or credit union for offering a 47
committee banking account. 48
(f) The Banking Commissioner, in consultation with the State 49
Elections Enforcement Commission, may adopt regulations, in 50
accordance with the provisions of chapter 54 of the general statutes, to 51
carry out the purposes of this section. 52
This act shall take effect as follows and shall amend the following
sections:

Section 1 October 1, 2026 New section

BA Joint Favorable Subst.