§12-1-3. Depositories for interest earning deposits; qualifications.

Any state or national bank or any state or federal savings and loan association in this state shall, upon request made to the State Treasurer, be designated as an eligible depository for interest earning deposits of state funds if such bank or state or federal savings and loan association meets the requirements set forth in this chapter. For purposes of this article, the term "interest earning deposits" includes certificates of deposit or other financial institution products. The State Treasurer shall make and apportion such interest earning deposits and shall prescribe the interest rates, terms and conditions of deposits, all in accordance with the provisions of articles six and six-c of this chapter: Provided, That state or federal savings and loan associations insured by an agency of the federal government shall be eligible for such deposits not in excess of the amount insured by any agency of the federal government.

Bills Affecting §12-1-3

2002 Regular Session: HB4058
2002 Regular Session: SB675
2003 Regular Session: SB441
2004 Regular Session: HB4746
2004 Regular Session: SB280
2005 Regular Session: HB3052
2005 Regular Session: SB558
2008 Regular Session: HB4018
2012 Regular Session: HB4649
2013 Regular Session: HB2837
2013 Regular Session: SB432
2021 Regular Session: HB3244