Utah Department of Administrative Services Division of Administrative Rules

File No. 34193

This notice was published in the November 15, 2010, issue (Vol. 2010, No. 22) of the Utah State Bulletin.


Money Management Council, Administration

Rule R628-12

Certification of Qualified Depositories for Public Funds

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 34193
Filed: 11/01/2010 03:32:18 PM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Under Subsection 51-7-3(28), defining the term "qualified depository" it is stated that a Utah depository may be certified to hold public funds by the commissioner of financial institutions if they have met the requirements under the Money Management Act (Title 51, Chapter 7) and rules of the council. Under Subsection 51-7-18(2)(b), it is stated that the council may make rules governing conditions and procedures for maintaining and revoking a financial institution's designation as a qualified depository.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

No written comments have been received.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The statute requires that there be rules in place to govern deposits of Utah public funds in Utah financial institutions. This rule needs to be continued to provide criteria for financial institutions to become qualified to hold Utah public funds. If this rule were not in place, public entities would not be able to use financial institutions to deposit funds.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Money Management Council
Administration
350 N STATE ST
STE 180
SALT LAKE CITY, UT 84114

Direct questions regarding this rule to:

  • Ann Pedroza at the above address, by phone at 801-538-1883, by FAX at 801-538-1465, or by Internet E-mail at apedroza@utah.gov

Authorized by:

William Wallace, Chair

Effective:

11/01/2010


Additional Information

The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at http://www.rules.utah.gov/publicat/bull-pdf/2010/b20101115.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.

For questions regarding the content or application of this rule, please contact Ann Pedroza at the above address, by phone at 801-538-1883, by FAX at 801-538-1465, or by Internet E-mail at apedroza@utah.gov.