Bill Text: CT HB05396 | 2010 | General Assembly | Introduced

Connecticut House Bill 5396 (Prior Session Legislation)

Introduced

Bill Title: An Act Increasing Investment In Community Banks And Community Credit Unions.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2010-03-03 - Public Hearing 03/11 [HB05396 Detail]

Download: Connecticut-2010-HB05396-Introduced.html


General Assembly		*Raised Bill No. 5396*
*February Session, 2010*		LCO No. 1620
		01620_______BA_
Referred to Committee on Banks
Introduced by:
(BA)

AN ACT INCREASING INVESTMENT IN COMMUNITY BANKS AND COMMUNITY CREDIT UNIONS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 3-24k of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010):

(a) The State Treasurer [may] shall establish a program under which the State Treasurer [may] shall, based on cash availability, make available a pool of funds not exceeding one hundred million dollars for investment with community banks and community credit unions. Such funds shall be obtained from the state's operating cash managed by the State Treasurer.

(b) The State Treasurer shall establish a schedule for making such investments with such banks and credit unions.

(c) The State Treasurer shall establish a competitive bidding procedure under which such banks and credit unions may compete for investment-related services under said program.

(d) The State Treasurer [may] shall establish capital standards for such banks and credit unions wishing to participate in said program.

Sec. 2. Section 3-24l of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010):

The State Treasurer [may] shall adopt regulations, in accordance with the provisions of chapter 54, to carry out the purposes of sections 3-24j and 3-24k, as amended by this act.


This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2010	3-24k
Sec. 2	October 1, 2010	3-24l

Statement of Purpose:

To require the establishment of a program to increase investment in community banks and community credit unions.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]