HB 1308 – Repeals a provision that allows certain securities to be acceptable collateral for public deposits depending on credit rating

• Sponsor: Pearce
• LR Number: 5101L.03T
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 7/12/2012 - Signed by Governor
• Title: HCS HB 1308
• Effective Date: August 28, 2012
• House Handler: Wells

Current Bill Summary

HCS/HB 1308 - Currently, irrevocable standby letters of credit issued by a federal home loan bank possessing the highest credit rating by at least one nationally recognized rating agency are listed as acceptable collateral for public deposits. This act removes the reference to credit ratings.

This act is similar to CCS/HCS/SCS/SB 635 (2012).

CHRIS HOGERTY