| HB 0552 |
Neutral | Banking Improvement Zones |
Spencer Frye |
|---|
|
3/4/2019 |
House Second Readers |
Banks and Banking |
- | - |
|
|
| This bill would allow for the creation of banking improvements zones, in which local governments could agree to place deposits with banks at below-market interest rates as an incentive for banks to locate in that area. |
| SB 0020 |
Neutral | Banking Improvement Zones |
Michael Rhett |
|---|
|
1/1/2021 |
Effective Date |
Banks and Banking |
Banking and Financial Institutions |
- |
|
|
| 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 |
Support | Depositories of Public Funds - Reciprocal Deposits |
John Kennedy |
|---|
|
5/2/2019 |
Effective Date |
Banks and Banking |
Banking and Financial Institutions |
- |
|
|
| 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. |
