SB299 Summary

• Amends Section 41-14A-2 of the Code of Alabama 1975 regarding the Security for Alabama Funds Enhancement (SAFE) Program to modify definitions related to public deposits and depositories.

• Expands the definition of "Custodian" to explicitly include credit unions as eligible custodians under the SAFE Program.

• Expands the definition of "Deposit Insurance" to reference the National Credit Union Share Insurance Fund as a successor insurance provider alongside the Federal Deposit Insurance Corporation.

• Adds credit unions to the definition of "Financial Institution" eligible to participate in the SAFE Program as qualified public depositories.

• Becomes effective on the first day of the third month following passage and approval by the Governor.