MS SB2215

Replaces the definition of "primary capital" with "regulatory capital" (Tier 1 capital) as calculated under federal banking regulations (12 CFR Part 3, 217, or 324) for financial institutions seeking to qualify as public funds depositories in Mississippi.

Maintains existing capital-to-assets ratio requirements of 5.5% for basic public funds depositories and 6.5% for public funds guaranty pool members, but now measured using federal regulatory standards rather than state-defined calculations.

Updates the definition of "total assets" by removing the phrase "plus the allowance for loan and lease losses, minus assets classified loss" to align with how total assets are calculated under federal banking regulations.

Requires the State Treasurer to certify annually by December 1 that qualified depositories meet the prescribed capital ratio requirements based on balance sheets as of June 30.

Takes effect upon passage.