Utah Admin. Code 628-22-4
Current through Bulletin 2025-01, January 1, 2025
For purposes of this rule the following terms are defined in Section 51-7-3 of the Act and when used in this rule have the same meaning as in the Act:
"Negotiable brokered certificate of deposit" means: a certificate of deposit issued by a financial institution that is guaranteed by the applicable federal deposit insurance limit and that can be sold in a secondary market, but cannot be cashed in before maturity.
"Step up" negotiable brokered certificates of deposit means: the interest rate automatically increases at specified intervals.
"SOFR" means: Secured Overnight Financing Rate, which is a benchmark interest rate or SOFR's subsequent replacement.
Utah Admin. Code R628-22-4