Missouri legislation · 2025 Regular Session
Missouri HB1313: Creates new provisions relating to banks that secure public funds
Status: In committee, May 15, 2025
What the bill says
An act of congress creating and establishing the Federal Deposit Insurance Corporation or similar agency created and established by the Congress of the United States. 2. (1) As an alternative to the requirements for direct pledging of security for deposit of public funds in excess of the amount that is federally insured or guaranteed pursuant to sections 110.010, 110.020, and 110.060, a banking institution authorized as legal depositary for public funds may secure the deposits of any governmental entity by granting a security interest in a single pool of securities to secure the repayment of a.
From the introduced text:
an act of congress creating and establishing the Federal Deposit Insurance Corporation or similar agency created and established by the Congress of the United States. 2. (1) As an alternative to the requirements for direct pledging of security for deposit of public funds in excess of the amount that is federally insured or guaranteed pursuant to sections 110.010, 110.020, and 110.060, a banking institution authorized as legal depositary for public funds may secure the deposits of any governmental entity by granting a security interest in a single pool of securities to secure the repayment of all public funds deposited in the banking institution by such governmental entities and not otherwise federally insured or secured pursuant to law. (2) A banking institution may secure the deposit of public funds using the direct method as provided in chapter 110, or the single bank pooled method provided in this section, or may elect to offer government entities the choice of either method to secure the deposit of public funds. EXPLANATION -- Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language. HB 1313 (3) Under the direct method a banking institution may secure the deposit of public funds of each …
Sponsors
- (R, 053) · primary sponsor