Bill > HB344

This bill amends existing Alabama law to allow volunteer fire departments and rescue squads to deposit and manage their funds in federally insured financial institutions, meaning banks or credit unions whose deposits are protected by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). These funds must be kept separate from private money and adhere to all security, reporting, and auditing rules set by local, state, and federal laws. This change is part of a broader law that already permits these volunteer organizations to use restricted funds for essential items like kitchen equipment and sustenance for their members during training or emergencies, and requires them to maintain detailed records of all expenditures for at least three years.

Government Affairs

https://alison.legislature.state.al.us/bill-search