Bill > S546

This bill amends various banking and related laws to allow for more flexible deposit and investment options for public funds, enhance consumer protections in mortgage lending, and permit banks to offer savings promotion raffles. Specifically, it allows public monies to be deposited in a way that ensures full FDIC (Federal Deposit Insurance Corporation) insurance, even if the funds are redeposited into multiple institutions. It also updates regulations for county treasurers regarding the deposit and investment of funds, and clarifies how money held by certain public officials should be managed. For consumers, the bill introduces new requirements for lenders to inform borrowers about the sharing of their loan application information and strengthens protections against high-cost home mortgage loans by requiring counseling and clarifying the definition of such loans. Additionally, it allows banks, savings banks, cooperative banks, and trust companies to organize as limited liability companies and permits banks to conduct savings promotion raffles, which are contests where the primary requirement for a chance to win is a deposit into a savings account.