CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 1177Introduced by Assembly Member SantiagoFebruary 18, 2021 An act to amend Section 16500 of the Government Code, relating to state government. LEGISLATIVE COUNSEL'S DIGESTAB 1177, as introduced, Santiago. Deposit: state funds: eligible bank.Existing law requires the Treasurer, if possible, to deposit all money in the State Treasury or under the control of the Treasurer into an eligible bank. Existing law defines an eligible bank as, among other things, a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to, or in the custody of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities.This bill would make nonsubstantive changes to the definition of an eligible bank.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 16500 of the Government Code is amended to read:16500. As used in this chapter, eligible bank means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to to, or in the custody of of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. An eligible bank is eligible to receive deposits only to the extent that it furnishes the security required by this chapter.
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 1177Introduced by Assembly Member SantiagoFebruary 18, 2021 An act to amend Section 16500 of the Government Code, relating to state government. LEGISLATIVE COUNSEL'S DIGESTAB 1177, as introduced, Santiago. Deposit: state funds: eligible bank.Existing law requires the Treasurer, if possible, to deposit all money in the State Treasury or under the control of the Treasurer into an eligible bank. Existing law defines an eligible bank as, among other things, a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to, or in the custody of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities.This bill would make nonsubstantive changes to the definition of an eligible bank.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
Assembly Bill
No. 1177
Introduced by Assembly Member SantiagoFebruary 18, 2021
Introduced by Assembly Member Santiago
February 18, 2021
An act to amend Section 16500 of the Government Code, relating to state government.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 1177, as introduced, Santiago. Deposit: state funds: eligible bank.
Existing law requires the Treasurer, if possible, to deposit all money in the State Treasury or under the control of the Treasurer into an eligible bank. Existing law defines an eligible bank as, among other things, a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to, or in the custody of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities.This bill would make nonsubstantive changes to the definition of an eligible bank.
Existing law requires the Treasurer, if possible, to deposit all money in the State Treasury or under the control of the Treasurer into an eligible bank. Existing law defines an eligible bank as, among other things, a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to, or in the custody of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities.
This bill would make nonsubstantive changes to the definition of an eligible bank.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 16500 of the Government Code is amended to read:16500. As used in this chapter, eligible bank means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to to, or in the custody of of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. An eligible bank is eligible to receive deposits only to the extent that it furnishes the security required by this chapter.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 16500 of the Government Code is amended to read:16500. As used in this chapter, eligible bank means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to to, or in the custody of of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. An eligible bank is eligible to receive deposits only to the extent that it furnishes the security required by this chapter.
SECTION 1. Section 16500 of the Government Code is amended to read:
### SECTION 1.
16500. As used in this chapter, eligible bank means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to to, or in the custody of of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. An eligible bank is eligible to receive deposits only to the extent that it furnishes the security required by this chapter.
16500. As used in this chapter, eligible bank means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to to, or in the custody of of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. An eligible bank is eligible to receive deposits only to the extent that it furnishes the security required by this chapter.
16500. As used in this chapter, eligible bank means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to to, or in the custody of of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. An eligible bank is eligible to receive deposits only to the extent that it furnishes the security required by this chapter.
16500. As used in this chapter, eligible bank means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to to, or in the custody of of, the state, that has received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the banks record of meeting the credit needs of the states communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. An eligible bank is eligible to receive deposits only to the extent that it furnishes the security required by this chapter.