Section 51A-17-2 - [Repealed Effective 7/1/2024] Permissible investments definedThe following investments are permissible under § 51A-17-10:
(1) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equivalents, including Automated Clearing House network items in transit to a payee, cash in transit via armored car, cash in smart safes, cash in licensee-owned locations, debit card or credit card-funded transmission receivables owed by any bank, or money market mutual funds rated "AAA" by Standard and Poor or the equivalent from any eligible rating service;(2) Certificates of deposit or senior debt obligations of an insured depository institution, as defined in the Federal Deposit Insurance Act, 12 U.S.C. § 1813(c)(3), as of January 1, 2023, or as defined under the federal Credit Union Act, 12 U.S.C. § 1781, as of January 1, 2023;(3) An obligation of the United States or a commission, agency, or instrumentality thereof; an obligation that is guaranteed fully as to principal and interest by the United States; or an obligation of a state or a governmental subdivision, agency, or instrumentality thereof;(4) The full drawable amount of an irrevocable standby letter of credit of which the stated beneficiary is the director that stipulates that the beneficiary need only draw a sight draft under the letter of credit and present it to obtain funds up to the letter of credit amount within seven days of presentation of the items required by § 51A-17-2.5;(5) One hundred percent of the security device or deposit provided for under § 51A-17-8 that exceeds the average daily money transmission liability in this state.SL 2008, ch 253, §2; SL 2023, ch 159, §2.Repealed by S.L. 2024, ch. TBD,s. 73, eff. 7/1/2024.Amended by S.L. 2023, ch. 159,s. 2, eff. 7/1/2023.