SB 117 — AN ACT CONCERNING MARTIN LUTHER KING, JR. CORRIDORS.

Senate GeneralBill Assembly File No.

111117 FebruaryPublic Session,Act 2024 Senate Bill No.

11724-23 Senate,AN MarchACT 26,CONCERNING 2024MARTIN TheLUTHER CommitteeKING, onJR. 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 MARTIN LUTHER KING, JR.

ThisApproved actMay shall21, take2024 effect as follows and shall amend the following sections:

Section 1 October 1, 2024 36a-23a BA Joint Favorable SB117 / File No.

111 1 SB117 File No.

111 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 increases the number of Martin Luther King, Jr.

Corridors the banking commissioner must designate, resulting in no fiscal impact to the state or municipalities.

The Out Years State Impact:

None Municipal Impact:

None SB117 / File No.

111 2 SB117 File No.

111 OLR Bill Analysis SB 117 AN ACT CONCERNING MARTIN LUTHER KING, JR.

CORRIDORS.

SUMMARY This bill increases, from three to seven, the number of Martin Luther King (MLK), Jr.

Corridorsthebanking commissioner must designate.

By law, the purpose of the designation is to promote secured and unsecured lending.

Briefly, it is an area-specific economic development planning initiative.

PA 16-65 gave the commissioner his original designation authority.

Applicants for the designation had to, among other things, give proof of an MLK roadway in the proposed corridor, describe the condition of the area, explain how the designation would benefit the area and provide actionable steps for implementation, and submit written support from the town’s chief elected official.

The commissioner selected corridors in Middletown, New Britain, and Norwalk.

EFFECTIVE DATE:

October 1, 2024 COMMITTEE ACTION Banking Committee Joint Favorable Yea 12 Nay 0 (03/12/2024) SB117 / File No.

111 3