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Bill

Bill

SB 303

AN ACT CONCERNING SECURED CREDIT CARDS.

2026 Regular Session Introduced by Tom Delnicki and 1 co-sponsor

SB 303 establishes regulatory standards for secured credit cards to protect Connecticut consumers building credit while ensuring fair terms for deposit-backed accounts.

FILE NO. 127
#banks #creditcards #creditunions
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WeVote Research Nonpartisan
Bill Summary · SB 303

Legislative bill overview

SB 303 is a Connecticut bill that regulates secured credit cards—credit products backed by cash deposits that help consumers with limited or poor credit history build creditworthiness. The bill establishes requirements for how financial institutions must handle these accounts, likely including provisions around deposit requirements, interest rates, fees, and consumer protections.

Why is this important

Secured credit cards serve as a gateway to traditional credit for millions of Americans, including those recovering from financial hardship or those new to credit. Regulations in this area directly affect whether vulnerable consumers can access fair credit-building products or face predatory terms that worsen their financial situation.

Potential points of contention

  • Fee structure and deposit ratios: Disagreement over what constitutes reasonable fees and how much of a deposit should be required relative to credit limits, with consumer advocates wanting lower costs and lenders seeking compensation for risk
  • Graduation requirements: Uncertainty about requirements for converting secured cards to unsecured cards and what metrics (payment history length, account age) should trigger this transition
  • Deposit accessibility: Questions about whether deposits should earn interest and how easily consumers can reclaim funds, balancing consumer protection against lender concerns about account profitability

Compiled from official sources — confirm details with the bill’s official record.

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