Utah Admin. Code R628-12-4 - General Rule
A 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).
Notes
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