Bill > HSB252

This Study Bill proposes changes to how public funds can be deposited in financial institutions, primarily by repealing a section of law (12C.6A) that required banks to demonstrate a commitment to serving their local communities to be eligible for public deposits. Instead, the bill would allow public funds to be invested in insured deposits or certificates of deposit through any federally insured bank or savings association, regardless of its location, as long as certain requirements are met. It also removes references to the repealed section in other related laws concerning the treasurer of state's duties and the process for addressing violations by financial institutions.