30.255. Deposit of funds, duties.

Deposit of funds, duties.

30.255. Beginning July 1, 1999, the state treasurer shall, whenmaking a new deposit of state funds, continuing an existing demand depositof state funds, or renewing an existing time deposit of state funds beyondthe expiration date of the deposit in any financial institution, review andconsider the depository institution's lending record, giving considerationto, among other factors, whether:

(1) The institution has been given by the appropriate federalregulatory agency a written evaluation of the institution's record ofmeeting the credit needs of its entire community, including low andmoderate income neighborhoods, pursuant to the federal CommunityReinvestment Act of 1977, as amended, 12 U.S.C. 2905; and

(2) The most recent evaluation of the institution includes a ratingof "needs to improve record of meeting community credit needs" or"substantial noncompliance of meeting community credit needs", orcategories substantially comparable if said federal law is amended. In theevent that a financial institution is not required to comply with theCommunity Reinvestment Act, the state treasurer shall not use that fact,either favorably* or negatively, in depositing, continuing a demanddeposit, or reissuing a demand deposit of state funds.

(L. 1998 S.B. 792)

*Word "favorable" appears in original rolls.