California 2011-2012 Regular Session Status: In Committee

SB 1508 — State funds: deposit: eligible bank.

Last action — Set, second hearing. Hearing canceled at the request of author.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2011-2012 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law requires the Treasurer to, if possible, deposit all money in the State Treasury or under the control of the Treasurer into an eligible bank. Existing law defines an "eligible bank" to mean a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state, that has 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. Existing law authorizes the California Infrastructure and Economic Development Bank to carry out various powers and duties relating to encouraging the development of infrastructure and economic development, including, among others, to enter into loan agreements with a sponsor or a participating party, as defined, in order to finance a project related to infrastructure or economic development, and to receive money from any source to finance the development of a project. This bill would revise the definition of an eligible bank to also include the California Infrastructure and Economic Development Bank.

Bill Text

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1 line(s) added, 1 removed.

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Action History

  1. Set, second hearing. Hearing canceled at the request of author.

  2. Set for hearing April 18.

  3. Set, first hearing. Hearing canceled at the request of author.

  4. Set for hearing April 11.

  5. Referred to Com. on B. & F.I.

  6. Read first time.

  7. From printer. May be acted upon on or after March 26.

  8. Introduced. To Com. on RLS. for assignment. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

public-safety finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 1508 do?
Existing law requires the Treasurer to, if possible, deposit all money in the State Treasury or under the control of the Treasurer into an eligible bank. Existing law defines an "eligible bank" to mean a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state, that has 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. Existing law authorizes the California Infrastructure and Economic Development Bank to carry out various powers and duties relating to encouraging the development of infrastructure and economic development, including, among others, to enter into loan agreements with a sponsor or a participating party, as defined, in order to finance a project related to infrastructure or economic development, and to receive money from any source to finance the development of a project. This bill would revise the definition of an eligible bank to also include the California Infrastructure and Economic Development Bank.
Who sponsors SB 1508?
SB 1508 is sponsored by Bonnie Lowenthal.
What is the current status of SB 1508?
This bill died with 2011-2012 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1508?
Track SB 1508 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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