§ 35-4-4.6 - State Linked Deposit Policy – Definitions – Exemptions. - Rhode Island Statutes

SECTION 35-4-4.6

   § 35-4-4.6  State Linked Deposit Policy– Definitions – Exemptions. – (a) As used in §§ 35-4-4.1 – 35-4-4.6, the following terms shallhave the following meanings:

   (1) "Community Reinvestment Act (CRA)" shall mean theCommunity Reinvestment Act as enacted by the federal government as title VIIIof the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 etseq., and all subsequent amendments and regulations.

   (2) "Banks" shall mean those federally insured and regulateddepository institutions which are the recipients or potential recipients ofstate deposits. State or federally chartered credit unions are not "banks"under §§ 35-4-4.1 – 35-4-4.6.

   (3) "Federal regulatory agencies" shall mean the federalreserve board, federal deposit insurance corporation (FDIC), comptroller of thecurrency, and the office of thrift supervision (OTS).

   (4) "Funds on deposit" shall mean those monies which aredesignated for general operating purposes, including all revenues from taxes,fees and fines, and federal aid; and also, all special purpose funds,restricted receipt accounts, and trust accounts.

   (b) Any investments of the state and municipal employeesretirement systems shall be exempt from the provisions of §§ 35-4-4.1– 35-4-4.6.