The bill H. 3221 aims to amend Section 6-5-15 of the South Carolina Code of Laws, which pertains to the securing of deposits of funds by local entities. The amendment introduces provisions that specifically address the inclusion of credit unions and the National Credit Union Share Insurance Fund in the context of securing deposits. It clarifies the definition of "qualified public depository" to encompass various financial institutions, including federal and state credit unions, and outlines the methods by which these deposits must be secured, such as through deposit insurance, surety bonds, or letters of credit.

Additionally, the bill stipulates that local entities must exercise prudence when accepting collateral securities and provides options for qualified public depositories to secure uninsured funds either through a Dedicated Method or a Pooling Method. The State Treasurer is tasked with overseeing the pooling of collateral and ensuring compliance with the established requirements. The bill will take effect upon approval by the Governor, thereby enhancing the financial security measures for local entities in South Carolina.

Statutes affected:
12/05/2024: 6-5-15
Latest Version: 6-5-15
12/06/2024: 6-5-15