Existing law stated local agency prohibited from investing surplus funds as deposits at commercial or savings bank, savings and loan association, CU exceeding 50% funds.
On and after Jan. 1, 2026, reduced deposit limit to 30% funds that may be invested.
Proposed bill would extend date of the reduction to 30% deposit limit to Jan. 1, 2031.
Legislative History
On Feb. 14, 2024, bill introduced in Assembly; on May 9, 2024, bill passed Assembly.
On May 9, 2024, bill introduced into Senate; on Aug. 20, 2024, bill passed Senate.
On Aug. 20, 2024, bill sent to Assembly; on Aug. 22, 2024, amendments concurred in.
On Aug. 28, 2024, bill enrolled and presented to the governor for review, approval.
Effectiveness
If enacted, bill becomes effective as of Jan. 1, 2025.
Sep. 2024 CAL LEG Governor Approval
On Sep. 14, 2024, CAL LEG governor approved bill AB 2618 and assigned Ch. 239.
Regulators
CAL LEG
Entity Types
Bank; CU; Thrift
Reference
Ch. 239, 9/14/2024; Bill, AB2618, 8/28/2024; Citation: CAL FIN 5-2-1-4-1-53601.8;
