TREASURER-FUNDS DEPOSIT/INVEST
Summary
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.
Bill status
failed
1 of 4 stages cleared
Introduction
Jan 2008
Committee Review
Floor Vote
Governor
Introduced Jan 16, 2008
Last action Jan 13, 2009
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
5
Key actions
0
Committee
1
Jan 16, 2008
Committee
Referred to Rules
upper
0 primary · 1 co-sponsor
Sponsors
No sponsor information available.
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