Bill Summary: A00439

• Expands the definition of eligible depositaries for public funds to include state-chartered and federally-chartered credit unions, savings banks, and savings and loan associations, in addition to existing banks and trust companies.

• Requires local governments to forward copies of deposit designation resolutions to the state comptroller for record-keeping purposes.

• Limits public funds deposited in any single savings bank, credit union, or savings and loan association to a maximum of $1 million per institution for both local governments and state funds.

• Extends deposit placement program provisions to credit unions, savings banks, and savings and loan associations, allowing these institutions to arrange for redeposit of public funds in multiple banking institutions while serving as custodians.

• Adds requirement that banks, savings banks, savings and loan associations, and credit unions must pay applicable mortgage recording taxes on mortgage loans to be designated as public depositaries.