FL H7049

Terminates the State Treasury Escrow Trust Fund (FLAIR number 43-2-622) and the Employee Refund Clearing Trust Fund (FLAIR number 43-2-194) within the Department of Financial Services.

Transfers all remaining balances and revenues from both terminated trust funds to the Treasury Cash Deposit Trust Fund on the effective date.

Requires the Department of Financial Services to pay any outstanding debts and obligations of the terminated funds as soon as practicable.

Directs the Chief Financial Officer to close out and remove the terminated funds from state accounting systems using generally accepted accounting principles.

Effective date: July 1, 2011.