Relates to a deposit placement program for the Banking Development District Program

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.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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