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House Bill 1505


House Bill 1505

ARCHIVE (2007)

Latest Information

 

DIGEST OF HB 1505 (Updated April 29, 2007 12:52 pm - DI 103)


Prudent management of institutional funds. Removes provision concerning claims submitted to financial institutions by a special counsel or collection agency on behalf of the department of state revenue or a county treasurer. Requires the department of state revenue to operate a data match system with financial institutions. Specifies that: (1) certain records concerning alternative investments made by an institutional investment fund of a state educational institution are not subject to disclosure under the public records law; and (2) certain information in the records is subject to disclosure and is not confidential financial information. Permits a bank, trust company, or savings bank that holds funds or property as a fiduciary to use the funds or property to purchase products, services, and securities from the bank, trust company, savings bank, affiliate, or a selling group or syndicate that includes the bank, trust company, savings bank, or affiliate. Sets forth procedures for a bank, trust company, or savings bank to: (1) give notice of; and (2) obtain consent for; such a transaction with respect to specified fiduciary relationships. Amends the Uniform Management of Institutional Funds Act to conform to the Uniform Prudent Management of Institutional Funds Act. Repeals nonconforming provisions.
Current Status:
 Law Enacted
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