DAR File No. 40227
This notice was published in the March 15, 2016, issue (Vol. 2016, No. 6) of the Utah State Bulletin.
Money Management Council, Administration
Certification of Qualified Depositories for Public Funds
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 40227
Filed: 02/26/2016 12:09:24 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(29), which defines 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 it has met the requirements under the Money Management Act (Title 51, Chapter 7) and rules of the Council. Also, 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
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 email@example.com
Kirt Slaugh, Chair
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/2016/b20160315.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 firstname.lastname@example.org. For questions about the rulemaking process, please contact the Division of Administrative Rules.