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SB 0358 - Banking Improvement Zones
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Tracking Level: Support
Sponsor: Michael Rhett
Last Action: 3/12/2018 - House Committee Favorably Reported
Senate Committee: Banking and Financial Institutions
House Committee: Banks and Banking
Assigned To:
Larry RamseyNext Bill

Staff Analysis of the Legislation

This bill would create an optional process for counties and cities that are underserved by financial institutions to apply to the state Department of Community Affairs (DCA) for designation as a "banking improvement zone." Upon approval by DCA, the county or city could designate a particular financial institution that locates within the jurisdiction as the depository of public funds. Except as otherwise provided in a written agreement, the county or city would obtain an interest rate at or below the institution's 2-year Certificate of Deposit interest rate.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text

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