HB1205 - Public deposits; credit unions.

4 Co-Sponsors

Public deposits; credit unions. Authorizes credit unions to hold public deposits and become qualified public depositories. The bill provides that the Commonwealth and counties, cities, towns, and other political subdivisions of the Commonwealth may become members of a credit union for the purposes of placing deposits in and receiving services from the credit union. The bill directs the Treasury Board to designate a rating service to evaluate the creditworthiness of any credit union seeking to become a qualified public depository within 180 days of enactment. The bill also requires the Treasury Board to promulgate emergency regulations to implement the provisions of the bill.