Bill Status of SB1932 95th General Assembly
Short Description: TREASURER-FUNDS DEPOSIT/INVEST
Sen. Mattie Hunter - Jacqueline Y. Collins
| 1/13/2009||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Requires applicant financial institutions to submit a linked deposit and public investment plan that demonstrates how it will leverage State deposits and investments to create banking, lending, and investment opportunities within low-income and moderate-income communities, particularly those near its branches, and to disclose any direct, affiliate, or subsidiary relationship with or investment in any sub-prime lending intermediary. Requires the Treasurer to give notice of applications and allow for public comment. Requires a hearing if complaints are documented. Prohibits approval of an application if complaints are substantiated. Requires linked deposit agreements and evaluations of financial institutions to be posted on the Treasurer's website.