§ 35-4-4.6. State Linked Deposit Policy - Definitions - Exemptions. (a) As used in §§ 35-4-4.1 - 35-4-4.6, the following terms shall have the following meanings:
(1) "Community Reinvestment Act (CRA)" shall mean the Community Reinvestment Act as enacted by the federal government as title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq., and all subsequent amendments and regulations.
(2) "Banks" shall mean those federally insured and regulated depository institutions which are the recipients or potential recipients of state deposits. State or federally chartered credit unions are not "banks" under §§ 35-4-4.1 - 35-4-4.6.
(3) "Federal regulatory agencies" shall mean the federal reserve board, federal deposit insurance corporation (FDIC), comptroller of the currency, and the office of thrift supervision (OTS).
(4) "Funds on deposit" shall mean those monies which are designated for general operating purposes, including all revenues from taxes, fees and fines, and federal aid; and also, all special purpose funds, restricted receipt accounts, and trust accounts.
(b) Any investments of the state and municipal employees retirement systems shall be exempt from the provisions of §§ 35-4-4.1 - 35-4-4.6.
History of Section. (P.L. 1992, ch. 175, § 1; P.L. 1993, ch. 416, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.