Ala. Admin. Code r. 892-X-1-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 892-X-1-.03 - Designation As A Qualified Public Depository

All public depositors shall place their public deposits with one or more QPDs. To become a QPD, a bank or savings institution must comply with all of the following requirements:

(1) Be organized and existing under the laws of the state of Alabama, any other state of the United States, or the United States.

(2) Be authorized pursuant to the laws of this state or the United States to conduct, and is conducting, the business of making loans and taking deposits in this state.

(3) Have deposit insurance under the provision of the Federal Deposit Insurance Act, as amended, 12 U.S.C. §§ 1811 et seq.

(4) Execute a Contingent Liability Agreement, Authorized Representative and Signature Certification, Collateral Agreement(s) and other necessary forms prescribed by the SAFE Board as detailed in the Appendix.

(5) Submit, with the documents from (4) above, confirmation that minimum required collateral of eligible securities with a market value of either $100,000 or required pledging level (whichever is greater) has been pledged to the State Treasurer.

(6) Have received certification as a QPD from the Treasurer.

Ala. Admin. Code r. 892-X-1-.03

New Rule: Filed March 28, 2001; effective May 2, 2001. Amended: Filed September 19, 2002; effective October 24, 2002. Amended: Filed August 20, 2008; effective September 24, 2008.

Author: Daria S. Story, SAFE Division, Office of State Treasurer

Statutory Authority:Code of Ala. 1975, §§ 41-14A-2 thru 41-14A-6, 41-14A-8, 41-14A-9, as amended.