Bill Text: NC S199 | 2015-2016 | Regular Session | Enrolled
Bill Title: Funds Deposited with Clerk of Court
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2015-08-18 - Ch. SL 2015-216 [S199 Detail]
Download: North_Carolina-2015-S199-Enrolled.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2015
SENATE BILL 199
RATIFIED BILL
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.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 7A‑112 reads as rewritten:
"§ 7A‑112. Investment of funds in clerk's hands.
(a) The clerk of the superior court may in his or her discretion invest moneys secured by virtue or color of the clerk's office or as receiver in any of the following securities:
(1) Obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States;
(2) Obligations of the State of North Carolina;
(3) Obligations of North Carolina cities or counties approved by the Local Government Commission; and
(4) Shares of any building and loan association organized under the laws of this State, or of any federal savings and loan association having its principal office in this State, and certificates of deposit for time deposits or savings accounts in any bank or trust company authorized to do business in North Carolina, to the extent in each instance that such shares or deposits are insured by the State or federal government or any agency thereof or by any mutual deposit guaranty association authorized by the Commissioner of Banks of North Carolina to do business in North Carolina pursuant to Article 7A of Chapter 54 of the General Statutes. If the clerk desires to deposit in a bank, saving and loan, or trust company funds entrusted to the clerk by virtue or color of the clerk's office, beyond the extent that such deposits are insured by the State or federal government or an agency thereof or by any mutual deposit guaranty association authorized by the Commissioner of Banks of North Carolina to do business in North Carolina pursuant to Article 7A of Chapter 54 of the General Statutes, the clerk shall require such depository to furnish a corporate surety bond or obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States or obligations of the State of North Carolina, or of counties and municipalities of North Carolina whose obligations have been approved by the Local Government Commission.
(b) When money in a single
account in excess of two thousand dollars ($2,000)ten thousand
dollars ($10,000) is received by the clerk by virtue or color of his the
clerk's office and it can reasonably be expected that the money will remain
on deposit with the clerk in excess of six months from date of receipt, the money
exceeding two thousand dollars ($2,000)ten thousand dollars ($10,000)
shall be invested by the clerk within 60 days of receipt in investments
authorized by this section. The first two thousand dollars ($2,000)ten
thousand dollars ($10,000) of these accounts and money in a single account
totaling less than two thousand dollars ($2,000),ten thousand dollars
($10,000), received by the clerk by virtue or color of his the clerk's
office, shall be invested, or administered, or invested and administered,
by the clerk in accordance with regulations promulgated by the Administrative
Officer of the Courts. This subsection shall not apply to cash bonds or to
money received by the clerk to be disbursed to governmental units.
(c) The State Auditor is
hereby authorized and empowered to inspect the records of the clerk to insure
compliance with this section, and he shall report noncompliance with the
provisions of this section to the Administrative Officer of the Courts.
(d) It shall be unlawful
for the clerk of the superior court of any county receiving any money by virtue
or color of his the clerk's office to apply or invest any of it
those monies except as authorized under this section. Any clerk
violating the provisions of this section shall be guilty of a Class 1 misdemeanor."
SECTION 2. This act becomes effective September 1, 2015.
In the General Assembly read three times and ratified this the 11th day of August, 2015.
s/ Philip E. Berger
President Pro Tempore of the Senate
s/ Tim Moore
Speaker of the House of Representatives
_____________________________________
Pat McCrory
Governor
Approved __________.m. this ______________ day of ___________________, 2015
