CA AB2618

Extends the date when deposit limits through private sector placement services reduce from 50% to 30% of a local agency's investable funds, moving the deadline from January 1, 2026 to January 1, 2031.

Requires the California Debt and Investment Advisory Commission to submit a report to the Legislature by January 1, 2030 on local agency surplus fund deposits through private entity placement services.

The commission's report must include an overview of agencies depositing more than 30% of surplus funds through these services and recommendations on whether to impose further limitations on such deposits.

Maintains existing requirements that all deposits be fully insured by the Federal Deposit Insurance Corporation or National Credit Union Administration and that selected depository institutions serve as custodians.

The law remains in effect only until January 1, 2031, at which time it is repealed unless extended by the Legislature.