Ala. Admin. Code r. 892-X-1-.09

Current through Register Vol. 42, No. 12, September 30, 2024

Section 892-X-1-.09 - Requirements Of Public Depositors

In addition to other requirements specified in the SAFE Program, each public depositor shall:

(1) Ensure that their deposits meet the definition of a public deposit and that their deposits are placed in a QPD.

(2) Verify deposit account information as of the last business day of September from each QPD with which the public depositor maintains deposit accounts. Contact the QPD within 60 calendar days of receipt of the statement if the account information provided is incorrect; otherwise, the information will be deemed correct. The public depositor should contact the financial institution if no confirmation is received.

(3) Upon notification of the insolvency or default of a QPD, the public depositor shall:

(a) Submit to the Treasurer a Public Deposits Claim Form and Agreement, as prescribed by the SAFE Board and detailed in the Appendix, within one hundred twenty (120) calendar days after the date of the official notification from the Treasurer.

(b) If requesting partial payment of a claim, provide the Treasurer with written documentation justifying the need for partial payment. A partial payment request may be granted to a public depositor if the loss of funds is deemed critical to the immediate operations of the public entity.

Ala. Admin. Code r. 892-X-1-.09

New Rule: Filed March 28, 2001; effective May 2, 2001. Amended (only rule number changed): Filed September 19, 2002; effective October 24, 2002. Amended: Filed August 20, 2008; effective September 24, 2008.

Rule 892-X-1-.10, was renumbered to Rule as per certification filed September 19, 2002; effective October 24, 2002.

Author: Daria S. Story, SAFE Division, Office of State Treasurer

Statutory Authority:Code of Ala. 1975, §§ 41-14A-2, 41-14A-3, 41-14A-6, 41-14A-9 thru 41-14A-11, as amended.