DAR File No. 39810
This notice was published in the November 1, 2015, issue (Vol. 2015, No. 21) of the Utah State Bulletin.
Money Management Council, Administration
Rule R628-4
Bonding of Public Treasurers
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 39810
Filed: 10/05/2015 09:27:32 AM
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:
The Utah Money Management Act (Title 51, Chapter 7) in Section 51-7-15, states that public treasurers' as designated in council rule shall be bonded in the amount set out by council rule and that the council shall base the minimum bond amount on the amount of public funds held or in control of the public treasurer.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
This year the council received a written request that this rule be reviewed in light of the fact that there is another statute that allows some public treasurers to use crime and theft insurance rather than a bond as the act requires. Council is in the process of reviewing this issue with the intent of changing language in the statute and the rule.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
This rule continues to be necessary to provide criteria for the amount a public treasurer must bond for to protect public funds from loss in the event of malfeasance by a treasurer or a treasurer's staff. Regarding the above comment received, council agrees that this issue needs to be clarified and is working on doing so. In the meantime, council has offered a letter to any public entity that needs this clarification, drafted with help of the attorney generals office, noting that crime and theft insurance can be used in place of a treasurers bond.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:
Money Management CouncilAdministration
Room 180 UTAH STATE CAPITOL COMPLEX
350 N STATE ST
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
Effective:
10/05/2015
Authorized by:
Mark Watkins, Chair, Money Management Council
Additional Information
More information about a Five-Year Notice of Review and Statement of Continuation is available online.
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2015/b20151101.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. For questions about the rulemaking process, please contact the Division of Administrative Rules.