SB 1258 Summary

• Expands the Florida Security for Public Deposits Act to include credit unions alongside banks and savings associations as qualified public depositories.

• Requires credit unions to meet specific conditions before designation, including submission of a signed statement from a public official indicating intent to deposit more than $250,000 and confirmation that at least four other credit unions have submitted comparable documentation.

• Mandates the Chief Financial Officer withdraw from collateral agreements with credit unions if fewer than five credit unions are designated as qualified public depositories during any 90-calendar-day period, and requires affected credit unions to return all public deposits within 10 business days.

• Establishes separate accounting and contingent liability provisions for credit unions distinct from banks and savings associations, requiring segregation of collateral proceeds, assessments, and penalties by institution type in the Public Deposits Trust Fund.

• Authorizes the Chief Financial Officer to limit the amount of public deposits any single credit union may hold to protect program integrity, with an effective date of July 1, 2019.