IndianaHB 1523First Regular Session 124th General Assembly (2025)House

Public depositories.

Sponsored By: Kyle Pierce (Republican)

Failed

Summary

Amends as follows the Indiana Code section authorizing a political subdivision to invest public funds in certificates of deposit of depositories that have not been designated as a depository by the local board of finance but have been designated by the state board of finance as a depository for state deposits: (1) Provides that an investment that is made under the section after June 30, 2018, in a certificate of deposit of a depository that is located outside the territorial limits of the investing political subdivision is considered lawfully invested and insured by the public deposits insurance fund notwithstanding the current statutory requirement that all public funds of all political subdivisions must be deposited in designated depositories located in the territorial limits of the political subdivision. (2) Eliminates, for purposes of investments in certificates of deposit made under the section, the applicability of the current statutory requirement that all public funds of all political subdivisions must be deposited in designated depositories located in the territorial limits of the political subdivision. Amends the Indiana Code section requiring that all public funds of all political subdivisions be deposited in public depositories within the territorial limits of the political subdivision to provide that a board of finance of a political subdivision that is: (1) a school corporation; or (2) a library district; may invest the public funds of the political subdivision in a designated depository located anywhere in the county in which the political subdivision is located. Authorizes a county to invest the public funds of the county in a depository that is located in another county contiguous to that county.

financial institutionsthe senateinsurance and financial institutions

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Kyle Pierce

    Republican • House

Cosponsors

  • Alaina Shonkwiler

    Republican • House

  • Ethan Lawson

    Republican • House

  • Jake Teshka

    Republican • House

  • Lonnie Randolph

    Democratic • Senate

  • Scott Baldwin

    Republican • Senate

  • Travis Holdman

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 88 • No: 4

House vote • 2/11/2025

Third reading: passed

Yes: 88 • No: 4

Actions Timeline

  1. Committee report: do pass, adopted

    4/10/2025Senate
  2. Senator Randolph added as cosponsor

    3/27/2025Senate
  3. First reading: referred to Committee on Insurance and Financial Institutions

    2/20/2025Senate
  4. Referred to the Senate

    2/12/2025House
  5. Senate sponsors: Senators Holdman and Baldwin

    2/11/2025House
  6. Third reading: passed; Roll Call 142: yeas 88, nays 4

    2/11/2025House
  7. Second reading: amended, ordered engrossed

    2/10/2025House
  8. Amendment #1 (Pierce K) prevailed; voice vote

    2/10/2025House
  9. Committee report: amend do pass, adopted

    2/4/2025House
  10. First reading: referred to Committee on Financial Institutions

    1/21/2025House
  11. Authored by Representative Pierce K

    1/21/2025House
  12. Coauthored by Representatives Teshka, Lawson, Shonkwiler

    1/21/2025House

Bill Text

  • Engrossed House Bill (S)

  • House Bill (H)

  • House Bill (S)

  • Introduced House Bill (H)

Related Bills

Back to State Legislation