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AB-1157 Time Deposit Program: report.(2019-2020)

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Date Published: 03/25/2019 09:00 PM
AB1157:v98#DOCUMENT

Amended  IN  Assembly  March 25, 2019

CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 1157


Introduced by Assembly Member Burke

February 21, 2019


An act to amend Section 102 of the Public Contract Code, relating to public contracts. add Article 5 (commencing with Section 16567) to Chapter 4 of Part 2 of Division 4 of Title 2 of the Government Code, relating to state fiscal affairs.


LEGISLATIVE COUNSEL'S DIGEST


AB 1157, as amended, Burke. Public contracts. Time Deposit Program: report.
Existing law, which is known as the Time Deposit Program, requires the Treasurer, if possible, to deposit state money into an eligible bank. Existing law defines eligible bank to mean a bank selected by the Treasurer that meets certain requirements, including that it received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the bank’s record of meeting the credit needs of the state’s communities, including low- and moderate-income neighborhoods.
This bill, on or before January 1, 2022, and on or before January 1 each year thereafter, would require the Treasurer to submit a report to the Legislature on the Time Deposit Program, as provided.

Existing law provides that California’s public contract law should be uniform to encourage competition for public contracts and to aid public officials in the efficient administration of public contracting, to the maximum extent possible, for similar work performed for similar agencies.

This bill would make a nonsubstantive change to that provision.

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NOYES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Article 5 (commencing with Section 16567) is added to Chapter 4 of Part 2 of Division 4 of Title 2 of the Government Code, to read:
Article  5. Report

16567.
 (a) On or before January 1, 2022, and on or before January 1 each year thereafter, the Treasurer shall submit a report to the Legislature regarding the Time Deposit Program. The report shall contain the following information:
(1) The extent to which eligible banks that serve as a depository pursuant to this chapter do either of the following:
(A) Reinvest in the communities in which they do business.
(B) Offer responsible small dollar loans and microloans to customers.
(2) The report submitted on or before January 1, 2022, shall include recommendations on how to incentivize the participation of credit unions in the Time Deposit Program.
(b) The report to be submitted pursuant to subdivision (a) shall be submitted in compliance with Section 9795.

SECTION 1.Section 102 of the Public Contract Code is amended to read:
102.

To encourage competition for public contracts and to aid public officials in the efficient administration of public contracting, to the maximum extent possible, for similar work performed for similar agencies, this state’s public contract law should be uniform.