AL HB454

Amends Section 41-14A-2 of the Code of Alabama 1975 to modify definitions within the Security for Alabama Funds Enhancement (SAFE) Act, which governs public fund deposits.

Expands the definition of "Custodian" to explicitly include credit unions in addition to banks, savings associations, and trust companies that can serve as custodians under the SAFE Program.

Updates the definition of "Deposit Insurance" to reference the National Credit Union Share Insurance Fund alongside the Federal Deposit Insurance Corporation, recognizing both as valid insurance providers.

Revises the definition of "Financial Institution" to include credit unions as eligible entities that can organize and conduct lending and deposit-taking business in Alabama.

Updates the definition of "Qualified Public Depository" to explicitly include institutions with deposit insurance under the National Credit Union Share Insurance Fund (12 U.S.C. § 1781 et seq.).

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