It is enacted by the General Assembly as follows:

SECTION 1. Section 35-10.1-7 of the General Laws in Chapter 35-10.1 entitled "Collateralization of Public Deposits" is hereby amended to read as follows:

{ADD 35-10.1-7. Reports. -- ADD} (a) {ADD Except with respect to those public deposits which are fully insured by federal deposit insurance, e ADD} {DEL E DEL} ach qualified depository institution holding public deposits shall file a report as required by this section 7 within forty five (45) days following the end of each of such institution's fiscal quarters.

(b) Reports required to be filed hereunder shall be certified as accurate by the chief financial officer of the reporting institution.

(c) Reports required to be filed hereunder shall be filed with the commission and with each public depositor that maintains a public deposit with the reporting institution.

(d) Each quarterly report shall contain:

(i) the name of the reporting institution and the name, title, address, and telephone number of an officer to whom questions regarding the report should be addressed;

(ii) the institution's total capital as of the last day of the fiscal quarter most recently ended;

(iii) the institution's risk based capital to risk weighted assets ratio as of the last day of the fiscal quarter most recently ended, computed in accordance with federal regulations applicable to such institution;

(iv) a statement whether or not the institution's net income for the fiscal quarter most recently ended, as reported in a quarterly financial report certified by the institution's chief financial officer, exceeded zero;

(v) the aggregate dollar amount of public deposits held by the institution for each public depositor as of the last day of the fiscal quarter most recently ended;

(vi) the minimum dollar value of eligible collateral the institution is required to pledge in order to be a qualified depository institution in accordance with this chapter;

(vii) the value of all eligible collateral pledged by the institution, determined in accordance with this chapter; and

(viii) the amount of any private deposit insurance purchased by the institution with respect to its public deposits pursuant to section 35-10.1-8.

SECTION 2. This act shall take effect upon passage.