Utah Administrative Code
The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).
NOTE: For a list of rules that have been made effective since October 1, 2019, please see the codification segue page.
NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.
R628. Money Management Council, Administration.
Rule R628-4. Bonding of Public Treasurers.
As in effect on October 1, 2019
Table of Contents
- R628-4-1. Authority.
- R628-4-2. Fidelity Bond or Crime Insurance.
- R628-4-3. Budgeted Gross Revenue.
- R628-4-4. Amount of Bond or Crime Insurance.
- Date of Enactment or Last Substantive Amendment
- Notice of Continuation
- Authorizing, Implemented, or Interpreted Law
This rule is issued pursuant to Section 51-7-15.
A. Every public treasurer shall secure a fidelity bond or crime insurance in the amount shown in R628-4-4. Bonds must be issued by a corporate surety licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better.
1. Crime insurance must be issued by:
a) an insurer licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better; or
b) an interlocal agency created under Section 11-13-101 operating as a joint self-insurance fund. A joint self-insurance fund providing crime coverage under this section must maintain a restricted account in the PTIF equal to 50% of the per occurrence limit of coverage.
B. Bonds should be effective as of the date the treasurer assumes the duties of the office or is sworn in.
The basis used shall be the budgeted gross revenue for the previous accounting year. Budgeted gross revenue includes all funds collected or handled by the public treasurer. For purposes of this rule, taxes, fees, service charges, interest, proceeds from sale of assets, and borrowing proceeds are examples of revenue categories which are considered.
TABLE Budget Percent for Bond $ 0 to $ 10,000 n/a but not less than $ 0 10,001 to 100,000 9% but not less than 5,000 100,001 to 500,000 8% but not less than 9,000 500,001 to 1,000,000 7% but not less than 40,000 1,000,001 to 5,000,000 6% but not less than 70,000 5,000,001 to 10,000,000 5% but not less than 300,000 10,000,001 to 25,000,000 4% but not less than 500,000 25,000,001 to 50,000,000 3% but not less than 1,000,000 50,000,001 to 500,000,000 2% but not less than 1,500,000 over 500,000,000 not less than 10,000,000
bonding requirements, public treasurers, accounts, state and local affairs
August 21, 2017
October 5, 2015
For questions regarding the content or application of rules under Title R628, please contact the promulgating agency (Money Management Council, Administration). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.