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Bill > H1763


MA H1763

MA H1763
Relative to municipal deposits


summary

Introduced
01/22/2019
In Committee
12/19/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Relative to liability of cities, towns, districts or regional school districts for loss of public monies by reason of the closing or liquidation of depository institutions. Municipalities and Regional Government.

AI Summary

This bill amends Chapter 44 of the General Laws to provide that a city, town, district, or regional school district officer who deposits public money in accordance with Section 55 of Chapter 44 shall not be personally liable to the municipality for any loss of public money due to the closing or liquidation of the depository institution. The bill aims to protect municipal officials from personal liability for such losses, as long as they have acted in good faith and with due care in depositing the funds.

Committee Categories

Business and Industry, Government Affairs

Sponsors (1)

Last Action

Referred to the Joint Committee on Financial Services (on 12/19/2019)

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