SB 657
Increases the limit on investments in linked deposits by the State Treasurer
LR Number:
Last Action:
4/25/2023 - SCS Voted Do Pass S Insurance and Banking Committee (2632S.02C)
Journal Page:
Effective Date:
August 28, 2023

Current Bill Summary

SCS/SB 657 - Under current law, the state treasurer is permitted to invest in linked deposits in an amount up to $800 million at any one time. This act increases that threshold to $1 billion.

Furthermore, the act modifies the total deposit for linked deposits that may be used for different borrowers as follows:

· Up to 5% of the aggregate for eligible multitenant development enterprises;

· Up to 5% of the aggregate for eligible property developers and eligible residential property owners;

· Up to 20% of the aggregate for eligible job enhancement businesses; and

· Up to 5% of the aggregate for eligible water systems.

All other linked deposits not allocated to the above may be used as permitted by law.

This act is identical to provisions in HCS/SCS/SB 187 (2023), HCS/HB 586, SCS/HCS/HB 725 (2023), the perfected HCS/HB 809, and HCS/HB 1109 (2023).



No Amendments Found.