Section 51A-17-2.8 - [Repealed Effective 7/1/2024] Investment limitsUnless permitted by the director by rule or by order to exceed the limit as set forth in this section, the following investments are permissible under § 51A-17-10 to the extent specified:
(1) Receivables that are payable to a licensee from its authorized delegates in the ordinary course of business that are less than seven days old, up to fifty percent of the aggregate value of the licensee's total permissible investments. Receivables that are payable to a licensee from a single authorized delegate in the ordinary course of business may not exceed ten percent of the aggregate value of the licensee's total permissible investments;(2) The following investments are permissible up to twenty percent per category and combined up to fifty percent of the aggregate value of the licensee's total permissible investments:(a) A short-term investment bearing an eligible rating. For purposes of this subsection, the term, short-term investment, means an investment made in the previous six months;(b) Commercial paper bearing an eligible rating;(c) A bill, note, bond, or debenture bearing an eligible rating;(d) U.S. tri-party repurchase agreements collateralized at one hundred percent or more with U.S. government or agency securities, municipal bonds, or other securities bearing an eligible rating;(e) Money market mutual funds rated less than "AAA" and equal to or higher than "A-" by Standard & Poor or the equivalent from any other eligible rating service; and(f) A mutual fund or other investment fund composed solely and exclusively of one or more permissible investments named in this section.(3) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers, at foreign depository institutions are permissible up to ten percent of the aggregate value of the licensee's total permissible investments if the licensee has received a satisfactory rating in its most recent examination, and the foreign depository institution has an eligible rating, is registered under the Foreign Account Tax Compliance Act, is not located in any country subject to sanctions from the Office of Foreign Asset Control, and is not located in a high-risk or non-cooperative jurisdiction as designated by the Financial Action Task Force.Repealed by S.L. 2024, ch. TBD,s. 81, eff. 7/1/2024.Added by S.L. 2023, ch. 159,s. 8, eff. 7/1/2023.