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HB4692

Last Sync: 2008-04-17 05:21

Summary: Permitting depositories of state, county, municipal and other public moneys to pool securities

Description: The purpose of this bill is to make it easier for banking institutions to maintain the collateral levels needed to serve as depositories of public moneys. This bill accomplishes this purpose in three ways: First, depositories for municipal and county deposits already have the ability to place municipal and county deposits in certificates of deposit meeting certain requirements, in lieu of providing a bond or security in lieu of bond and gives depositories of state moneys that same option; Second, this bill permits banking institutions that serve as depositories for public moneys to pool securities in lieu of other bonding and pledging requirements; Finally, this bill permits public depositories to insure public deposits in excess of FDIC limits though a bankers surety bond.

Subject: Appropriations
Subject: Banks and Banking
Subject: Bonds
Subject: Counties (And Related Subheadings)

SA/ST: SB731