FL S1976

Expands the definition of "qualified public depository" to include any financial institution (rather than limiting to banks, savings banks, or savings associations) organized under U.S., state, or territorial law.

Requires qualified public depositories to be insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation, or National Credit Union Share Insurance Fund.

Requires qualified public depositories to have procedures for accurate identification, classification, reporting, and collateralization of public deposits and be designated by the Chief Financial Officer.

Extends the mutual responsibility and contingent liability guarantee (protecting public depositors against losses from other depositories' defaults) to all designated financial institutions, not just banks and savings associations.

Effective date: July 1, 2011.