Utah Admin. Code R628-12-7 - Grounds for Termination of Status as a Qualified Depository
Any of the following events constitutes grounds for termination of a depository institution's status as a qualified depository and immediate relinquishment of all public funds deposits:
A. Termination of the institution's federal
deposit insurance.
B. Failure to
pay the annual certification fee.
C. Failure to file the required financial
reports.
D. Failure to maintain a
positive amount of capital as defined in Subsection
R628-11-4(B).
E. Making any false statement or filing any
false report with the Commissioner.
F. Accepting, receiving, or renewing deposits
of public funds over the maximum amount of public funds allowed.
G. Failure to comply with a written order
issued by the Commissioner pursuant to Subsection
51-7-18.1(7) within 15 days of receipt of the order.
H. Request by a depository institution to be
removed from the list of qualified depositories.
Notes
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