Amends TCA Title 6; Title 8 and Title 9.
ON APRIL 19, 2021, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 505, AS AMENDED. AMENDMENT #1 rewrites this bill to temporarily change present law concerning collateral for public deposits. Under present law, a qualified public depository that accepts any public deposit that would increase its required collateral by 25 percent is required to deposit additional eligible collateral to secure such increase within two business days of the deposit. Under this amendment, a qualified public depository that accepts any public deposit between May 1, 2021, and December 31, 2022, that would increase its collateral by 25 percent will have 10 calendar days from the date of the deposit to deposit additional collateral to secure such increase. The provisions of this amendment will be repealed on January 1, 2023.
ON APRIL 19, 2021, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 505, AS AMENDED. AMENDMENT #1 rewrites this bill to temporarily change present law concerning collateral for public deposits. Under present law, a qualified public depository that accepts any public deposit that would increase its required collateral by 25 percent is required to deposit additional eligible collateral to secure such increase within two business days of the deposit. Under this amendment, a qualified public depository that accepts any public deposit between May 1, 2021, and December 31, 2022, that would increase its collateral by 25 percent will have 10 calendar days from the date of the deposit to deposit additional collateral to secure such increase. The provisions of this amendment will be repealed on January 1, 2023.
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