S 180 Vermont Senate · 2023-2024 Regular Session

An act relating to the investment of State funds in credit unions

This bill amends Vermont state law to allow the state to invest public funds in community development credit unions in addition to existing options like banks and savings and loan associations. The change expands the range of eligible financial institutions where state money can be placed, specifically including credit unions that meet the definition in 8 V.S.A. § 30101. The legislation takes effect immediately upon passage and does not alter other investment requirements or approval processes for state funds.

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2024

Committee Review

Feb 2024

Senate Passage

Feb 2024

House Passage

Governor

Introduced Jan 3, 2024 Last action Feb 13, 2024

Maddy AI version diff · 2 comparisons

What changed between versions

As Passed By the Senate (Unofficial) → As Passed By the Senate (Official) · 3 edits · Feb 8, 2024

MINOR

This is a transition from the unofficial to the official version of S.180 as passed by the Vermont Senate. The substantive policy content is unchanged: the bill amends 32 V.S.A. section 433(a)(2) to allow State funds to be invested in credit unions. The changes are primarily formatting and metadata additions (sponsor, committee referral, date, subject line, and a statement of purpose). There appears to be a clerical duplication of Section 1 in the official version.

TECHNICAL

Header changed from 'AS PASSED BY SENATE' to 'BILL AS INTRODUCED AND PASSED BY SENATE' to reflect the official document format.

Metadata block added including sponsor (Senator Cummings), committee referral (Finance), date (January 3, 2024), subject line, and a statement of purpose explaining the bill allows State funds to be invested in any Vermont credit union.

The official version contains what appears to be a clerical duplication of Section 1, showing both a shorter version ending at 'savings and loan associations approved by the Treasurer' and the full version that also includes 'State certificates of deposit at banks, credit unions as defined in 8 V.S.A. 30101.' This is likely a formatting error rather than an intentional policy change.

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 13, 2024

Introduced

Read first time and referred to the Committee on Ways and Means

lower

Feb 7, 2024

Upper · Passed

Recommendation of amendment by Committee on Finance agreed to

upper

Feb 7, 2024

Upper · Passed

Read 2nd time, reported favorably with recommendation of amendment by Senator Chittenden for Committee on Finance

upper

Feb 7, 2024

Upper · Passed

Favorable report with recommendation of amendment by Committee on Finance

upper

Feb 6, 2024

Upper · Passed

Favorable report with recommendation of amendment by Committee on Finance

upper

Jan 3, 2024

Introduced

Read 1st time & referred to Committee on Finance

upper

1 primary · 0 co-sponsors