FL S2430

Adds definitions for "electing public depository" (a qualified depository that elects out of the cross-guaranty pool under new procedures) and "participating public depository" (a qualified depository not electing out or in default/insolvency)

Establishes a new 110-percent collateral pledge level and requires electing public depositories to maintain collateral equal to 110 percent of average daily balance of public deposits

Allows qualified public depositories to elect to become "electing public depositories" by written notice to the Chief Financial Officer, exempting them from cross-guaranty pool requirements and mutual liability agreements

Permits electing public depositories to terminate their election and reenter the cross-guaranty pool with written notice, though the Chief Financial Officer may deny revocation based on capitalization, credit rating, or bank health factors

Conforms assessment and loss payment procedures to exclude electing public depositories from the cross-guaranty pool assessments, which apply only to participating public depositories