1998 Legislation
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HOUSE BILL NO. 673 – Municipl corp/deposits/bank/securty

HOUSE BILL NO. 673

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Daily Data Tracking History



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

Bill Text


H0673


                                                                        
 ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
Fifty-fourth Legislature                 Second Regular Session - 1998
                                                                        

                             IN 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 corporation s , 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 / Fiscal Impact


    





                           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