MS SB2182

Amends Mississippi Code sections 27-105-5, 27-105-6, 27-105-303, 27-105-305, 27-105-315, 27-105-353, and 27-105-365 to allow financial institutions insured by the National Credit Union Administration to qualify as public funds depositories alongside those insured by the Federal Deposit Insurance Corporation.

Credit unions meeting the primary capital to total assets ratio requirement of 5.5% (or 6.5% for guaranty pool members) may now apply to serve as state, county, and municipal depositories and join the public funds guaranty pool.

Requires credit unions and banks to pledge qualified securities equal to 105% of average daily public fund balances exceeding federal insurance coverage, with the State Treasurer maintaining oversight of collateral and financial condition monitoring.

Establishes consistent application of existing depository requirements across all eligible institutions, including capital ratios, collateral standards, financial reporting, and security provisions for public deposits in state, county, municipal, and hospital accounts.

Effective date: July 1, 2013.