HB 1559

Bill Subjects

And Use Aviation Executive Branch Insurance Municipalities Public Business Public Lands And Property Real And Personal Property Subject Index

Abstract

Public Deposits; Prohibits CFO from designating credit unions as qualified public depositories unless certain requirements are met; prohibits credit unions from being designated as qualified public depositories if CFO withdraws from collateral agreements; requires return of all public deposits in credit union within specified timeframe under certain circumstances; authorizes CFO to limit amount of public deposits in credit unions; revises losses for which CFO may sell securities to protect public deposits; authorizes CFO to issue cease & desist order & corrective order to credit unions upon certain determination; specifies losses against which certain solvent banks, savings banks, savings associations, & credit unions must guarantee public depositors; revises duties & responsibilities of qualified public depositories as result of specified mergers, acquisitions, or consolidations.