Allow agency cash deposits biweekly

- 2025
69th Legislature 2025 SB 9
- 1 - Authorized Print Version – SB 9
ENROLLED BILL
AN ACT ALLOWING STATE AGENCIES TO DEPOSIT CASH THAT DOES NOT EXCEED $200 AND TOTAL
COLLECTIONS THAT DO NOT EXCEED $750 EVERY 14 DAYS INSTEAD OF WEEKLY; AMENDING
SECTION 17-6-105, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 17-6-105, MCA, is amended to read:
"17-6-105. State treasurer as treasurer of state agencies -- deposits of money. (1) The state
treasurer is designated the treasurer of every state agency and institution.
(2) All state agencies shall deposit all money, credits, evidences of indebtedness, and securities
either:
(a) in banks, building and loan associations, savings and loan associations, or credit unions
located in the city or town in which the agencies are situated, if there is a qualified bank, building and loan
association, savings and loan association, or credit union in the city or town as designated by the state
treasurer with the approval of the board of investments; or
(b) with the state treasurer.
(3) Each bank, building and loan association, savings and loan association, or credit union shall
pledge securities sufficient to cover 50% of the deposits at all times.
(4) The deposits must be made in the name of the state treasurer, must be subject to withdrawal at
the treasurer's option, and must draw interest as other state money, in accordance with the provisions of this
part.
(5) This chapter does not impair or otherwise affect any covenant entered into pursuant to law by
any agency respecting the segregation, deposit, and investment of any revenue or funds pledged for the
payment and security of bonds or other obligations authorized to be issued by the agency, and all the funds
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69th Legislature 2025 SB 9
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ENROLLED BILL
must be deposited and invested in accordance with the covenants notwithstanding any provision of this
chapter.
(6) Except as otherwise provided by law and subject to subsection (8), all money, credits,
evidences of indebtedness, and securities received by a state agency must be deposited with the state
treasurer or in a depository approved by the state treasurer each day when the accumulated amount of coin
and currency requiring deposit exceeds $200 or total collections exceed $750. All money, credits, evidences of
indebtedness, and securities collected must be deposited at least weekly every 14 days.
(7) Whenever the department determines that it is in the best financial interest of the state, the
department may require any money received or collected by any agency to be immediately deposited to the
credit of the state treasurer.
(8) (a) An agency may propose a modified deposit schedule, including proposed internal controls,
to the department that is different from the deposit schedule requirements of subsection (6). Upon receiving a
proposal, the department shall transmit a copy of the proposal to the board of investments. The department
shall review the proposal to ensure that deposits are made at least weekly every 14 days unless the requesting
agency shows hardship due to peak processing times.
(b) (i) The department shall review the proposal to ensure adequate internal controls over amounts
to be deposited.
(ii) The board of investments shall review the proposal to ensure that state assets and earnings on
the assets are maximized.
(c) (i) If the department and the board of investments each approves of the proposal, the
department shall notify the agency that the proposal is approved and the department and the agency may
proceed to implement the proposal.
(ii) If the department or the board of investments disapproves the proposal, the department shall
notify the agency that the proposal is disapproved.
(9) On or before September 15 immediately preceding a regular legislative session, the
department shall submit to the legislative fiscal analyst and the legislative auditor a report detailing all active
accounts for which a modified deposit schedule has been approved under subsection (8).
(10) For the purposes of this section, "agency" has the meaning provided in 17-1-104 and includes
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69th Legislature 2025 SB 9
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ENROLLED BILL
a contractor of an agency if the contractor collects at least $50,000 annually on behalf of the state from all
sources."
Section 2. Effective date. [This act] is effective on passage and approval.
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I hereby certify that the within bill,
SB 9, originated in the Senate.
___________________________________________
Secretary of the Senate
___________________________________________
President of the Senate
Signed this _______________________________day
of____________________________________, 2025.
___________________________________________
Speaker of the House
Signed this _______________________________day
of____________________________________, 2025.
SENATE BILL NO. 9
INTRODUCED BY W. MCKAMEY
BY REQUEST OF THE DEPARTMENT OF ADMINISTRATION
AN ACT ALLOWING STATE AGENCIES TO DEPOSIT CASH IN EXCESS OF THAT DOES NOT EXCEED $200
AND TOTAL COLLECTIONS IN EXCESS OF THAT DO NOT EXCEED $750 EVERY 14 DAYS INSTEAD OF
WEEKLY; AMENDING SECTION 17-6-105, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE.