Utah Admin. Code R628-12-8 - Procedures for Termination and Reinstatement of Status as a Qualified Depository
A. If the Money
Management Council determines that the grounds for termination of a depository
institution's status as a qualified depository exist, upon the vote of at least
three members of the Money Management Council, a depository institution may be
terminated as a qualified depository. Termination will be effective upon
service of notice to the institution of the Council's action. Notice of
termination will state the grounds upon which the Council acted and the
remedies required to cure the violation.
B. After the date of service of notice of
termination as a qualified depository, the institution shall not accept,
receive or renew any deposits of public funds until specifically authorized in
writing by the Commissioner and all existing accounts shall be transferred to a
qualified depository.
C. An
institution may be reinstated as a qualified depository upon the written
authorization of the Commissioner, if it has corrected the violation which
constituted grounds for termination.
Notes
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