Public monies-deposits in credit unions.

22LSO-0269
2022
STATE OF WYOMING
22LSO-0269
Numbered
2.0

SENATE FILE NO. SF0099

Public monies-deposits in credit unions.

Sponsored by: Senator(s) Nethercott, Biteman, Cooper and Salazar and Representative(s) Greear, Larsen, LeBeau, Oakley, Ottman, Sommers and Winter

A BILL

for

AN ACT relating to public funds; authorizing the deposit of public monies in credit unions; making conforming amendments; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 9
‑
4
‑
803(a), 9
‑
4
‑
807, 9
‑
4
‑
817(c)(i), (d)(intro) and (ii) and 9
‑
4
‑
818(a) are amended to read:

9
‑
4
‑
803.

Deposit of state money in approved depositories; authority of treasurer; rulemaking.

(a)

The state treasurer may deposit any portion of the public monies in his possession in any bank chartered
under the laws of the United States or under the law of any state if the bank is conducting business in Wyoming and has been approved under W.S. 9
‑
4
‑
801 through 9
‑
4
‑
818 by the board of deposits. As used in W.S. 9
‑
4
‑
801 through 9
‑
4
‑
818, "bank" includes federal and state savings and loan associations
and credit unions
. Federal and state savings and loan associations
and credit unions
may be designated as depositories for state funds in the same manner as state and national banks.

9
‑
4
‑
807.

Deposit of state money in approved depositories; federal insurance; security for deposits not covered.

Any properly designated depository of the public funds of the state, or of any political subdivision thereof, which is entitled to the benefits of deposit insurance provided for by the Federal Deposit Insurance Corporation
or the national credit union share insurance fund, if applicable,
and the acts of congress relating thereto, shall give and at all times maintain security for the prompt payment and the safekeeping of the whole amount of any such deposit. The deposit insurance provided by the Federal Deposit
Insurance Corporation
or the national credit union share insurance fund, if applicable,
is eligible as the security required for the portion of any deposit that is insured by the corporation, and constitutes all of the security required for the portion. Any portion of the deposit as is not so insured shall be secured by depository bond or approved collateral securities as required by law.

9
‑
4
‑
817.

Deposits by political subdivisions; selected institutions; security; withdrawals.

(c)

The deposits made pursuant to this section shall be made to the extent that they are:

(i)

Fully insured by the Federal Deposit Insurance Corporation
or the national credit union share insurance fund, whichever is applicable
; or

(d)

Any bank, savings and loan association
,

or
federal savings bank
or credit union
, located in the state, may apply to keep the monies upon the following conditions:

(ii)

All funds deposited in a savings deposit account shall be withdrawable upon demand provided that the bank
,

or
savings and loan association
or credit union
may at any time require giving of notice in writing of an intended withdrawal of thirty (30) days before a withdrawal is made;

9
‑
4
‑
818.

Deposits by political subdivisions; applications by, and approval of, banks; rate of interest; defaults.

(a)

Applications by banks
,

and
savings and loan associations
or credit unions
shall be submitted to the proper governing board and shall be acted upon by the proper governing board as soon thereafter as practicable. Prior to the deposit, the board shall negotiate the rate of interest applicable to the deposit. No monies shall be deposited by any treasurer except in banks
,

and
savings and loan associations
or credit unions
which have been approved by the proper governing board.

Section 2
.

This act is effective July 1, 2022
.

(END)

1
SF0099