California Government Code

§ 53648

GOV § 53648 Effective Jan 1, 1999Div. 2 · Title 5 · Part 1 · Ch. 4 · Art. 2

Statute text

Notwithstanding this article, the treasurer may deposit moneys in, and enter into contracts with, a state or national bank, savings association or federal association, federal or state credit union, or federally insured industrial loan company, pursuant to a federal law or a rule of a federal department or agency adopted pursuant to the law if the law or rule conflicts with this article in regulating the payment of interest on deposits of public moneys by any of the following:

(a)Banks which are Federal Reserve System members or whose deposits are insured by the Federal Deposit Insurance Corporation.

(b)Savings associations or federal associations which are federal home loan bank members or whose deposits are insured by the Federal Savings and Loan Insurance Corporation.

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Legislative history

Amended by Stats. 1998, Ch. 81, Sec. 3. Effective January 1, 1999.