§ 45-49-201.40 — Deposit of Monies by License Commissioner and Other Elected Officials; Deposit of Fiduciary Accounts of the Probate Court

Alabama § 45-49-201.40

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 49: Mobile County
• Art. 20: Licenses and Licensing
• Part 2: License Commissioner
• Subpart 3: General Provisions

Text

(a) Except as provided in subsection (b), the license commissioner and other elected officials of Mobile County shall deposit all collection of monies by his or her office in an interest-bearing checking account or interest-bearing savings account within Mobile County.
(b) Funds deposited in the probate court of the county in any of its fiduciary accounts shall be exempt from the above interest requirement. Fiduciary funds or individual fiduciary accounts may be placed in interest-bearing accounts at the discretion of the judge of probate pursuant to an investment policy to be established by and deemed by the probate court to be efficient and cost effective.

Legislative History

(Act 86-227, p. 335, § 1; Act 98-567, p. 1270, § 1.)