Legislation Assigned to the Senate Banking and Financial Institutions Committee (2)

Date of Last Recorded Action: 3/16/2020

SB 0020 NeutralBanking Improvement Zones Michael Rhett
1/1/2021 Effective Date Banks and Banking Banking and Financial Institutions -
2019/01/18 Report 2019/02/15 Report 2019/03/01 Report 2019/03/08 Report 2019/03/22 Report
Financing Larry Ramsey Revenue & Finance
This legislation authorizes the creation of banking improvement zones, with the stated goal of encouraging new banks in areas underserved by banks.  Local governments can apply to the Department of Community Affairs for a banking improvement zone designation.  If the designation is granted, the local government will designate a bank within the zone to be the depository for local government funds, and subject to agreement with the bank, designate a fixed interest rate that is at or below the posted two-year certificate of deposit rate at the bank.
SB 0157 SupportDepositories of Public Funds - Reciprocal Deposits John Kennedy
5/2/2019 Effective Date Banks and Banking Banking and Financial Institutions -
2019/03/01 Report 2019/03/08 Report 2019/03/29 Report Financing Larry Ramsey
Revenue & Finance
This bill would allow local governments to deposit public funds into a "reciprocal deposit" program, under which the funds would be distributed to various banks and the funds in each bank would be insured to the FDIC limit. Detailed rules for the program would be developed by the State Depository Board.
Green background on status indicates a bill has been acted on the last recorded legislative day.








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