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

     Handler: Pearce

Current Bill Summary

- Prepared by Senate Research -

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

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