Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Establishes the savings bank, savings and loan association or credit union municipal deposit program; defines terms; provides that a credit union accepting deposits of public money is subject to certain limitations and shall pledge assets or furnish other security satisfactory in form and amount to the depositor, for the repayment of monies held in the name of such depositor, when required to be secured by applicable law, decree, or regulation.
Establishes the savings bank, savings and loan association or credit union municipal deposit program; defines terms; provides that a credit union accepting deposits of public money is subject to certain limitations and shall pledge assets or furnish other security satisfactory in form and amount to the depositor, for the repayment of monies held in the name of such depositor, when required to be secured by applicable law, decree, or regulation.