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:

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 [email protected]

Authorized by:

William Wallace, Chair

Effective:

11/01/2010