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H0587...........................................................by HORNBECK
CAPITAL STOCK - SURPLUS - AFFIDAVITS - Amends existing law to provide that
affidavits of capital stock and surplus required to be filed by a banking
corporation or national banking association designated as a state
depository shall be valid for one year and to authorize the state treasurer
to designate the date by which affidavits shall be filed.
02/02 House intro - 1st rdg - to printing
02/03 Rpt prt - to St Aff
02/27 Rpt out - rec d/p - to 2nd rdg
03/02 2nd rdg - to 3rd rdg
03/05 3rd rdg - PASSED - 66-0-4
AYES -- Alltus, Barraclough, Barrett, Bell, Bieter, Bivens,
Black(15), Boe, Bruneel, Callister, Campbell, Chase, Clark, Crow,
Cuddy, Deal, Denney, Ellsworth, Field(13), Field(20), Geddes, Gould,
Hadley, Hansen, Henbest, Hornbeck, Jaquet, Jones(9), Jones(22),
Jones(20), Judd, Kellogg, Kempton, Kendell, Kjellander, Kunz, Lake,
Linford, Loertscher, Mader, Marley, McKague, Meyer, Miller,
Mortensen, Newcomb, Pischner, Pomeroy, Reynolds, Richman, Ridinger,
Robison, Sali, Stevenson, Stoicheff, Stone, Stubbs, Taylor, Tilman,
Tippets, Trail, Watson, Wheeler, Wood, Zimmermann, Mr Speaker
NAYS -- None
Absent and excused -- Black(23), Crane, Gagner, Schaefer,
Floor Sponsor - Hornbeck
Title apvd - to Senate
03/06 Senate intro - 1st rdg - to Com/HuRes
03/13 Rpt out - rec d/p - to 2nd rdg
03/16 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 - Andreason
Title apvd - to House
03/19 To enrol - rpt enrol - Sp signed
Pres signed - to Governor
03/20 Governor signed
Session Law Chapter 239
Effective: 07/01/98
H0587|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fourth Legislature Second Regular Session - 1998IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 587 BY HORNBECK 1 AN ACT 2 RELATING TO STATE DEPOSITORIES; AMENDING SECTION 67-2739, IDAHO CODE, TO PRO- 3 VIDE THAT AFFIDAVITS OF CAPITAL STOCK AND SURPLUS REQUIRED TO BE FILED BY 4 A BANKING CORPORATION OR NATIONAL BANKING ASSOCIATION DESIGNATED AS A 5 STATE DEPOSITORY SHALL BE VALID FOR ONE YEAR AND TO AUTHORIZE THE STATE 6 TREASURER TO DESIGNATE THE DATE BY WHICH AFFIDAVITS SHALL BE FILED. 7 Be It Enacted by the Legislature of the State of Idaho: 8 SECTION 1. That Section 67-2739, Idaho Code, be, and the same is hereby 9 amended to read as follows: 10 67-2739. DESIGNATION OF DEPOSITORY -- REPORTING OF CAPITAL AND SURPLUS. 11 (1) The state treasurer shall designate institutions qualified under this 12 chapter as a state depository or depositories. Such designation shall be 13 determined by competitive bidding or by other means generally accepted as 14 standard business practice. In no case shall the deposit or deposits of state 15 funds in any state depository above the total covered by federal insurance 16 exceed at any one time, in the aggregate, the total of the capital and surplus 17 of such state depository. In the event that any bank has been designated as a 18 depository under this chapter, such designation shall continue in force until 19 revoked by the treasurer. 20 (2) Every banking corporation or national banking association designated 21 as a state depository and holding any deposit of the funds of the state of 22 Idaho under the provisions of this section shall, on or before beginning to 23 hold such deposits or the effective date of this act, whichever shall be 24 sooner, file with the state treasurer, the affidavit of one of its officers 25 showing the amount of the capital stock and surplus of such association or 26 corporation. In the event that such corporation or association has such an 27 affidavit on file with the state treasurer on the effective date of this act, 28 such affidavit or affidavits shall satisfy the requirement of this section 29 until January 31 of the year next following the effective date of this act. 30Such aA ffidavits shall be effective for the purposes 31 of this sectionto and including January 31 nextfor a 32 period of one (1) year following the date of their filing . 33, but no longer, and, on or before that date, iI 34 f such corporation or association is to continue as a designated state 35 depository under this section, a like affidavit shall be filed in like manner 36 for the succeeding year , on or before the date specified by the state 37 treasurer . No such corporation or national banking association shall 38 receive deposits from nor act as depository for the funds of the state of 39 Idaho unless and until an affidavit as is herein required and which still con- 40 tinues in effect is on file with the state treasurer in accordance with this 41 section. 42 (3) The state treasurer is authorized in his or her discretion and from 43 time to time to negotiate for the payment to designated state depositories of 2 1 reasonable compensation for services rendered in acting as such depositories. 2 The method and/or rate of such compensation and the terms and conditions 3 thereof shall be fixed by the state treasurer after such negotiation, which 4 may include the calling for bids for specific services. All bids received, 5 whether by a formal bidding process or by negotiation, and the compensation 6 fixed by the treasurer, which shall be in the form of a written agreement, 7 shall be a matter of public record.
STATEMENT OF PURPOSE
The federal deadline for the filing of Affidavits of Capital and Surplus and Certificates of Compliance
by financial institutions has changed from January 31 to February 15. Idaho Code requires the filing of
these same documents with the state treasurer. This bill would give the state treasurer the latitude to
change Idaho's deadline to coincide again with the federal one.
FISCAL IMPACT
There will be no fiscal impact on the state of Idaho. This is merely a housekeeping change for the
convenience of the reporting institutions.
Contact: Laura Steffler or Maryellen Danehy
State Treasurer's Office
332-2999
H 587