No. 28314: R628-12. Certification of Qualified Depositories for Public Funds

DAR File No.: 28314
Filed: 11/01/2005, 01:06
Received by: NL

 

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:

Subsection 51-7-18(2)(b) says that the Council may make rules governing reporting requirements of financial institutions to be qualified to take in public funds and also if needs be, revoking that status.

 

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 in the last five years.

 

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

As statute requires that rules be written to govern deposits of public funds in Utah financial institutions, this rule needs to be in place to set up the criteria for financial institutions to become qualified. If there were no criteria, public entities would not have the ability to use a financial institution. Therefore, this rule should be continued.

 

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
Room E315 EAST OFFICE BLDG
STATE CAPITOL COMPLEX
PO BOX 142315
SALT LAKE CITY UT 84114-2315

 

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 [e-mail]

 

Authorized by:

Bruce B. Cohne, Chair