HB 721

Public Deposits

Prohibits CFO from designating credit unions as qualified public depositories unless certain requirements are met; requires CFO to withdraw from specified collateral agreements; requires return of public deposits in credit unions under certain circumstances; authorizes CFO to limit amount of public deposits in credit unions; provides procedures for suspension or disqualification of credit unions; authorizes credit unions to be reinstated as qualified public depositories; requires credit unions that are designated as qualified public depositories to guarantee depositors against loss.