Section R628-25-5 - General Rule(1) A public treasurer may invest public funds in reciprocal deposits only through qualified depositories that use a deposit account registry service. The public funds placed with a qualified depository into reciprocal deposits does not apply toward the maximum public funds allotment for that qualified depository as described in Rule R628-11.(2) Reciprocal deposits may only be initiated by qualified depository institutions and then re-deposited through a deposit account registry service as follows: (a) in one or more FDIC insured depository institutions in amounts up to the relevant FDIC-insured deposit limit for a depositor in each depository institution; and(b) in exchange for reciprocal FDIC-insured deposits made through the deposit account registry service to the qualified depository.Utah Admin. Code R628-25-5
Adopted by Utah State Bulletin Number 2024-13, effective 6/21/2024