On Mar. 14, IDA LEG enacted bill on credit unions as State depository.
IDA LEG enacted bill S 1103, making amendments to the Idaho credit union act, to provide for State or federal credit unions to be designated as State depositories.
Amended IDA BANK 26-2155, Designation of depository-reporting of reserves.
Bill Provisions
Included language State and federal credit unions designated as State depositories.
Deposit of State funds in any credit union over total covered by insurance cannot exceed at any one time, greater of total reserves and undivided earnings of CU.
Or total covered by share and deposit insurance by national CU share insurance fund or by deposit guarantee corporation authorized issue share and deposit insurance.
CU must provide collateral for funds in accounts of State in CU in excess of amount covered by share insurance; type, amount of collateral determined by agreement.
Legislative History
On Feb. 12, 2025, bill introduced in Senate; on Feb. 24, 2025, bill passed the Senate.
On Feb. Feb. 25, 2025, bill introduced in House; on Mar. 10, 2025, bill passed House.
On Mar. 13, 2025, delivered to governor; on Mar. 13, 2025, governor signed, Ch. 59.
Effectiveness
Emergency existing, and which emergency declared to exist, Act in effect Jul. 1, 2025.
Regulators
IDA LEG
Entity Types
Bank; CU; Ins
Reference
PR, 3/14/2025; Ch.59, Bill S1103, 3/13/2025; Citation: IDA BANK 26-2155;
