Missouri legislation · 2025 Regular Session
Missouri HB754: Modifies standards for certain financial organizations
Status: Signed into law, July 10, 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 enrolled 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. (3) Under the direct method a banking institution may secure the deposit of public funds of each government entity separately by furnishing securities pursuant to sections 110.010, 110.020, and 110.060. (4) Under the single bank pooled method a banking institution may secure the deposit of public funds of one or more government entities through …