Section R628-12-4 - General RuleA Utah depository institution as defined in Subsection 7-1-103(38) or a out-of-state depository institution as defined in Subsection 7-1-103 (26), which may conduct business in this state under Section 7-1-702, whose deposits are insured by an agency of the federal government, may be certified as a qualified depository eligible to receive public funds on deposit if it meets the following criteria.
A. Before April 1 of each year, pay to the Department of Financial Institutions an annual certification fee as described in Subsection 51-7-18.1.(8);B. Within 30 days of the close of each calendar quarter, submit a report of condition in the form prescribed by the Commissioner of Financial Institutions. The Commissioner may require any additional reports as may be considered necessary to determine the character and condition of the institution's assets, deposits and other liabilities, and its capital and to ensure compliance with the Money Management Act, the rules of the Money Management Council, and any order issued pursuant to an action of the Council. All reports shall be verified by oath or affirmation of the president or a authorized vice president of the institution. Any officer who knowingly makes or causes to be made any false statement or report to the Commissioner or any false entry in the books or accounts of the institution is guilty of a class A misdemeanor, as authorized in Subsection 51-7-18.1(3)(d).C. Within ten business days of the end of each month, file a report with the Commissioner of Financial Institutions of the amount of public funds held on the form prescribed by this rule. The Commissioner may require more frequent reporting if determined that it is necessary to protect public treasurers and to ensure compliance with the Money Management Act, the rules of the Money Management Council or any order issued pursuant to an action of the Council. All reports shall be verified by the oath or affirmation of the president or a authorized vice president of the institution. Any officer who knowingly makes or causes to be made any false statement or report to the Commissioner or any false entry in the books or accounts of the institution is guilty of a class A misdemeanor, as authorized by Subsection 51-7-18.(3)(d).D. Have and maintain a positive amount of capital as defined in Subsection R628-11-4(B).Utah Admin. Code R628-12-4
Amended by Utah State Bulletin Number 2023-03, effective 1/24/2023