Bill Summary for S 199 (2015-2016)

Summary date: 

Mar 9 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 199 (Public) Filed Monday, March 9, 2015
AN ACT TO INCREASE THE AMOUNT OF FUNDS IN A SINGLE ACCOUNT ON DEPOSIT WITH THE CLERK OF SUPERIOR COURT ABOVE WHICH THE EXCESS MUST BE INVESTED PURSUANT TO STATUTORY REQUIREMENTS.
Intro. by Randleman.

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Bill summary

Amends GS 7A-112(b) to require Clerks of Superior Court to invest funds that exceed $5,000 in a single account within 60 days of receipt when it is reasonably expected that the money will remain on deposit with the clerk for more than six months from date of receipt (previously, required funds in excess of $2,000 to be invested). Requires that the first $5,000 (was, first $2,000) received by a clerk and money in an account totaling less than $5,000 be invested and administered in accordance with regulations promulgated by the Administrative Officer of the Courts. Makes technical changes.  

Effective July 1, 2015

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