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H0673...........................................................by BUSINESS
MUNICIPAL CORPORATIONS - BANK DEPOSITS - Amends existing law relating to
finances of municipal corporations to allow banks to give security for
deposits of money of the state of Idaho and its political subdivisions.
02/12 House intro - 1st rdg - to printing
02/13 Rpt prt - to Bus
02/24 Rpt out - rec d/p - to 2nd rdg
02/25 2nd rdg - to 3rd rdg
02/26 3rd rdg - PASSED - 54-12-4
AYES -- Alltus, Barraclough, Barrett, Bieter, Bivens, Black(15),
Black(23), Bruneel, Callister, Campbell, Chase, Clark, Crow, Cuddy,
Deal, Denney, Ellsworth, Field(13), Field(20), Gagner, Geddes, Gould,
Hansen, Henbest, Hornbeck, Jaquet, Jones(9), Jones(22), Jones(20),
Kellogg, Kempton, Kendell, Linford, Loertscher, Mader, McKague,
Meyer, Miller, Mortensen, Newcomb, Pischner, Pomeroy, Reynolds,
Richman, Robison, Stevenson, Stone, Taylor, Tilman, Tippets, Trail,
Watson, Wheeler, Mr Speaker
NAYS -- Boe, Hadley, Judd, Kunz, Lake, Marley, Ridinger, Sali,
Schaefer, Stoicheff, Stubbs, Zimmermann
Absent and Excused -- Bell, Crane, Kjellander, Wood
Floor Sponsor - Clark
Title apvd - to Senate
02/27 Senate intro - 1st rdg - to Com/HuRes
03/11 Rpt out - rec d/p - to 2nd rdg
03/12 2nd rdg - to 3rd rdg
03/18 3rd rdg - PASSED - 34-0-1
AYES--Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Danielson, Darrington, Deide, Dunklin, Frasure, Geddes,
Hawkins, Ingram, Ipsen, Keough, King, Lee, McLaughlin, Noh, Parry,
Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stennett,
Sweeney, Thorne, Twiggs, Wheeler, Whitworth
NAYS--None
Absent and excused--Hansen
Floor Sponsor - Deide
Title apvd - to House
03/19 To enrol - rpt enrol - Sp signed
Pres signed - to Governor
03/26 Governor signed
Session Law Chapter 406
Effective: 07/01/98
H0673|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fourth Legislature Second Regular Session - 1998IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 673 BY BUSINESS COMMITTEE 1 AN ACT 2 RELATING TO FINANCES OF MUNICIPAL CORPORATIONS; AMENDING SECTION 26-806, IDAHO 3 CODE, TO ALLOW BANKS TO GIVE SECURITY FOR DEPOSITS OF MONEY OF THE STATE 4 OF IDAHO AND ITS POLITICAL SUBDIVISIONS AND TO MAKE A TECHNICAL CORREC- 5 TION. 6 Be It Enacted by the Legislature of the State of Idaho: 7 SECTION 1. That Section 26-806, Idaho Code, be, and the same is hereby 8 amended to read as follows: 9 26-806. GIVING SECURITY FOR DEPOSIT PROHIBITED. It shall be unlawful for 10 any bank to pledge, mortgage or hypothecate to any depositor any of its real 11 or personal property as security for any deposit except money of the United 12 States, the state of Idaho and its political subdivisions, and 13 deposits for which security is required by any law of the United States, or 14 required or permitted by any other statute of this state. Any pledge, mort- 15 gage or hypothecation made in violation hereof shall be unenforceable and void 16 and any person, firm or corporations, holding or receiving any 17 security or securities mortgaged or hypothecated, pledged or attempted to be 18 pledged, shall, upon demand of any officer, director or stockholder of the 19 bank or the director, be required forthwith to make return thereof, and the 20 repayment of any deposit shall not be prerequisite to the recovery of any 21 property so unlawfully pledged, hypothecated or mortgaged.
STATEMENT OF PURPOSE
RS 07690C1
The purpose of this legislation is to amend Section 26-806, Idaho
code, to allow banks to give security for deposits of money to the
state of Idaho and its political subdivisions. This legislation
amends the Idaho code to allow cities to "collateralize" public
deposits.
FISCAL NOTE
None.
Contact: Representative Jim Clark
STATEMENT OF PURPOSE/FISCAL NOTE
(208)332-1000
H 673