republic-os/legislation/us/states/ca/20232024/ab-2618.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	Surplus funds: investment.	Existing law authorizes a local agency that has the authority under law to invest funds, at its discretion, to invest a portion of its surplus funds in deposits at a commercial bank, savings bank, savings and loan association, or credit union that uses a private sector entity that assists in the placement of deposits, subject to certain conditions. Existing law, until January 1, 2026, prohibits deposits placed pursuant to that provision from exceeding 50% of the agency's funds that may be so invested and, on and after January 1, 2026, reduces that deposit limit to 30% of the agency's funds that may be so invested.	us/states/ca	California Legislature	20232024	AB 2618	California AB 2618 (20232024)	bill	Surplus funds investment	enacted	Chen	6	24	7	2024-02-14	2024-09-14	openstates	ocd-bill/0364f4ea-0f94-4ca3-9f9b-a538ed1bbf5e	http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240AB2618	c42ec0f430568acf6af631b5933aedc40b6530c151d5ef504efaa8f619073648	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-ca

California AB 2618 (20232024) — Surplus funds: investment.

Existing law authorizes a local agency that has the authority under law to invest funds, at its discretion, to invest a portion of its surplus funds in deposits at a commercial bank, savings bank, savings and loan association, or credit union that uses a private sector entity that assists in the placement of deposits, subject to certain conditions. Existing law, until January 1, 2026, prohibits deposits placed pursuant to that provision from exceeding 50% of the agency's funds that may be so invested and, on and after January 1, 2026, reduces that deposit limit to 30% of the agency's funds that may be so invested.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. 02/14/24 - Introduced (filed) — source
2. 03/21/24 - Amended Assembly (committee substitute) — source
3. 05/30/24 - Amended Senate (committee substitute) — source
4. 09/14/24 - Chaptered (committee substitute) — source
5. AB2618 (committee substitute) — source
6. 08/26/24 - Enrolled (enrolled) — source

Votes

• 3rd Reading AB2618 Chen By Niello — 40–0 (pass) · upper
• Do pass. To Consent Calendar. — 9–0 (pass) · lower
• AB 2618 Chen Concurrence in Senate Amendments — 61–0 (pass) · lower
• Do pass, but first be re-referred to the Committee on [Appropriations] — 6–0 (pass) · upper
• AB 2618 Chen Consent Calendar Second Day — 65–0 (pass) · lower
• Do pass as amended, but first amend, and re-refer to the Committee on [Banking and Financial Institutions] — 7–0 (pass) · upper
• Do pass and be re-referred to the Committee on [Local Government] — 9–0 (pass) · lower

Sponsors

• Chen — primary (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2024-02-14 Read first time. To print. reading-1
• 2024-02-15 From printer. May be heard in committee March 16.
• 2024-03-21 Referred to Coms. on L. GOV. and B. & F. referral-committee
• 2024-03-21 From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended. amendment-introduction, amendment-passage, reading-1, reading-2
• 2024-04-01 Re-referred to Com. on L. GOV. referral-committee
• 2024-04-01 Re-referred to Coms. on B. & F. and L. GOV. referral-committee
• 2024-04-16 From committee: Do pass and re-refer to Com. on L. GOV. (Ayes 9. Noes 0.) (April 15). Re-referred to Com. on L. GOV. committee-passage, committee-passage-favorable, referral-committee
• 2024-05-01 From committee: Do pass. To Consent Calendar. (Ayes 9. Noes 0.) (May 1). committee-passage, committee-passage-favorable
• 2024-05-02 Read second time. Ordered to Consent Calendar. reading-1, reading-2
• 2024-05-09 Read third time. Passed. Ordered to the Senate. (Ayes 65. Noes 0. Page 5162.) passage, reading-1, reading-3
• 2024-05-09 In Senate. Read first time. To Com. on RLS. for assignment. reading-1
• 2024-05-22 Referred to Coms. on L. GOV. and B. & F.I. referral-committee
• 2024-05-29 From committee: Amend, and do pass as amended and re-refer to Com. on B. & F.I. (Ayes 7. Noes 0.) (May 29). amendment-introduction, amendment-passage, committee-passage, referral-committee
• 2024-05-30 Read second time and amended. Re-referred to Com. on B. & F.I. amendment-passage, reading-1, reading-2, referral-committee
• 2024-06-20 From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (June 19). Re-referred to Com. on APPR. committee-passage, committee-passage-favorable, referral-committee
• 2024-07-01 In committee: Hearing postponed by committee.
• 2024-08-05 From committee: Be ordered to second reading pursuant to Senate Rule 28.8. committee-passage, reading-2
• 2024-08-06 Read second time. Ordered to third reading. reading-1, reading-2
• 2024-08-20 Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0. Page 5234.). passage, reading-1, reading-3
• 2024-08-20 In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 22 pursuant to Assembly Rule 77.
• 2024-08-22 Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 61. Noes 0. Page 6433.). amendment-passage, committee-passage-favorable
• 2024-08-28 Enrolled and presented to the Governor at 4 p.m.
• 2024-09-14 Approved by the Governor. executive-signature
• 2024-09-14 Chaptered by Secretary of State - Chapter 239, Statutes of 2024. became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/0364f4ea-0f94-4ca3-9f9b-a538ed1bbf5e. Confidence: reported (aggregated from official California legislature records).