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Senate Bill 0205


Senate Bill 0205

ARCHIVE (2011)

Latest Information

 

DIGEST OF SB205 (Updated April 25, 2011 2:06 pm - DI 84)


Capital ratio requirement for public depositories. Provides that in order to serve as a depository of public funds, a financial institution does not have to maintain a capital ratio in excess of the minimum required by the institution's governmental supervisory body if the institution has fully collateralized the institution's public funds on deposit by pledging and delivering acceptable collateral to the board for depositories. Provides that a service charge to be paid by a political subdivision to a public depository in which the political subdivision's funds are deposited may be paid from interest earned on the funds in the political subdivision's account with the public depository. Provides that a service charge to be paid by a political subdivision to a public depository for the depository's management of an investment cash management system for the political subdivision may be paid from interest earned on the funds in the political subdivision's account with the public depository that manages the system.
    Current Status:
     Law Enacted
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