R628-12-7. Grounds for Termination of Status as a Qualified Depository

Any of the following events constitutes grounds for termination of a depository institution's status as a qualified depository and immediate relinquishment of all public funds deposits:

A. Termination of the institution's federal deposit insurance.

B. Failure to pay the annual certification fee.

C. Failure to file the required financial reports.

D. Failure to maintain a positive amount of capital as defined in R628-11-4-B.

E. Making any false statement or filing any false report with the Commissioner.

F. Accepting, receiving or renewing deposits of public funds in excess of the maximum amount of public funds allowed.

G. Failure to comply with a written order issued by the Commissioner pursuant to Section 51-7-18.1(7) within 15 days of receipt of the order.

H. Request by a depository institution to be removed from the list of qualified depositories.