IndianaCounties with few willing nearby banks could deposit money elsewhere
If enacted, county officials could use a financial institution elsewhere in Indiana when no more than two in their county or adjoining Indiana counties will accept public money.
What it does
If no more than two financial institutions in a county or adjoining Indiana counties will take public money, county officials could choose one elsewhere in Indiana. This would start July 1, 2026, if enacted.
Argument forThe option to use a farther-away Indiana institution could help counties place public money when few nearby institutions will accept it.
Argument againstNearby financial institutions could lose county deposits even when willing to take them, because county officials could choose an institution farther away.
More detail
County officials could treat nearby financial institutions as outside the area and choose one or more elsewhere in Indiana to hold public money. This applies when no more than two institutions with a branch or main office in the county or an adjoining Indiana county will accept public money. If enacted, this rule would take effect July 1, 2026.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jan 22Committee report: amend do pass, adoptedLatest
- Jan 15Senator Randolph added as coauthor
- Jan 12First reading: referred to Committee on Insurance and Financial InstitutionsMinor
- Jan 12Authored by Senators Walker K, BaldwinIntroduced
Government & EthicsEconomy & Jobs