Sec. 36a-456b. Tax and loan and note accounts.
Sec. 36a-456b. Tax and loan and note accounts. (a) As used in this section:
(1) "Tax and loan account" means an account, the balance of which is subject to
the right of immediate withdrawal, established for receipt of payments of federal taxes
and certain United States obligations. Such accounts are not shares, as defined in subdivision (17) of section 36a-435b; and
(2) "Note account" means a note, subject to the right of immediate call, evidencing
funds held by depositories electing the note option under applicable United States Treasury Department regulations. Note accounts are not shares, as defined in subdivision
(17) of section 36a-435b.
(b) Subject to the regulations of the United States Treasury Department, Connecticut credit unions may serve as depositories for federal taxes or as United States Treasury
tax and loan depositories, and satisfy any requirement in connection therewith, including
maintaining tax and loan accounts and note accounts, and pledging collateral.
(c) Connecticut credit unions shall pay a return on note accounts at the rates required
by the United States Treasury Department.
(d) In addition to the requirements contained in the regulations of the United States
Treasury Department, Connecticut credit unions shall meet all requirements in order to
obtain any available insurance of deposits contained in tax and loan accounts and note
accounts by the National Credit Union Administration's Share Insurance Fund.
(P.A. 02-73, S. 55.)