| SB 0213 |
Neutral | Banking Improvement Zones - Location of Financial Institutions in Underserved Areas |
Joshua McKoon |
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|
2/21/2017 |
Senate Read and Referred |
- | Banking and Financial Institutions |
- |
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| Upon application by local governments to the state, this legislation would allow for the creation of banking improvement zones in areas that are underserved with finanical institutions. Within such zones, a local government would be authorized to designate a financial institution within a banking improvement zone as the depository for county funds at a rate below published certificate of deposit rates. |
| SB 0358 |
Support | Banking Improvement Zones |
Michael Rhett |
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|
3/12/2018 |
House Committee Favorably Reported |
Banks and Banking |
Banking and Financial Institutions |
- |
|
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| 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. |
