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 Fiscal Note available
Committee: Financial and Governmental Organizations and Elections
Last Action: 7/12/2012 - Signed by Governor Journal Page:
Title: HCS HB 1308 Calendar Position:
Effective Date: August 28, 2012
House Handler: Wells

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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