MontanaSB 969th Legislature, Regular Session (2025)SenateWALLET

Allow agency cash deposits biweekly

Sponsored By: Wendy McKamey (Republican)

Became Law

State GovernmentState Finance

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 1 costs, 0 mixed.

Biweekly deposit rule with oversight

Agencies must deposit money each day when cash on hand is over $200 or total collections exceed $750. Otherwise, they must deposit at least once every 14 days. The department may order immediate deposits when it is in the state’s best financial interest. An agency can request a different schedule with internal controls. Both the department and the board of investments must approve, and deposits generally must still be at least every 14 days unless the agency shows hardship during peak times.

Safer centralized deposits for agencies

The state treasurer is the treasurer for every state agency. Agencies deposit money in a local bank approved by the treasurer and the board of investments, or with the state treasurer. All deposits are in the treasurer’s name, can be withdrawn by the treasurer, and earn interest like other state money. Banks and credit unions that hold state money must pledge securities equal to 50% of deposits. Existing bond covenants on pledged funds still control how those funds are kept and invested.

Contractors over $50K face deposit rules

If your company collects $50,000 or more a year for the state, you count as an agency. You must follow the same deposit rules, including where you bank and how often you deposit. Your deposits are under the state treasurer’s custody rules.

Sponsors & Cosponsors

Sponsor

Wendy McKamey
Republican • Senate

Cosponsors

Gary Parry
Republican • House

Roll Call Votes

All Roll Calls

Yes: 287 • No: 7

Senate vote • 3/26/2025

Do Concur

Yes: 98 • No: 0

Senate vote • 3/25/2025

Do Concur

Yes: 99 • No: 0

Senate vote • 1/31/2025

Do Pass

Yes: 46 • No: 4

Senate vote • 1/30/2025