HB315 Summary

• Amends Section 41-14A-2 of the Code of Alabama 1975 to modify definitions within the Security for Alabama Funds Enhancement (SAFE) Act, which requires public entities and officials to deposit funds in qualified public depositories.

• Expands the definition of "Custodian" to explicitly include credit unions alongside banks, savings associations, and trust companies that meet SAFE Program requirements.

• Modifies the definition of "Deposit Insurance" to explicitly reference the National Credit Union Share Insurance Fund (NCUSIF) alongside the Federal Deposit Insurance Corporation (FDIC).

• Amends the definition of "Qualified Public Depository" to include financial institutions with deposit insurance under the National Credit Union Share Insurance Fund in addition to those covered by the Federal Deposit Insurance Act.

• Takes effect on the first day of the third month following passage and approval by the Governor.