Relates to a deposit placement program for the Banking Development District Program
SUBSTITUTED BY S8357
Summary
The bill lets certain banks that are either minority‑owned or have less than $10 billion in assets and are approved to operate in a banking development district act as custodians for state money. Instead of posting a security bond, these banks can place the funds into other banks under a reciprocal deposit arrangement, provided the deposits are fully insured and matched by equal deposits from other institutions. This aims to expand banking services in underserved areas while protecting state assets.
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