§ 35-1205 – Authority to make public deposits
35-1205. Authority to make public deposits A. All public depositors may make public deposits under the depositor’s control in eligible depositories. The eligible depository shall secure any uninsured public deposits pursuant to this chapter or in accordance with the procedures prescribed in section 35-323.01. B. Local officials handling public deposits in this state may not […]
§ 35-1206 – Public depositors; immunity
35-1206. Public depositors; immunity When deposits are made in accordance with this chapter, an official of a public depositor is not personally liable for any loss resulting from the default or insolvency of any eligible depository in the absence of negligence, malfeasance, misfeasance or nonfeasance on the part of public depositor or the depositor’s agents.
§ 35-1207 – Collateral for public deposits
35-1207. Collateral for public deposits A. An eligible depository shall not accept or retain any public deposit that is required to be secured unless the eligible depository has deposited the required collateral with a qualified escrow agent or the administrator, if required. Every eligible depository shall deposit with a qualified escrow agent eligible collateral equal […]
§ 35-1208 – Qualified escrow agent; substitutions
35-1208. Qualified escrow agent; substitutions A. Eligible collateral shall be held as provided in this article or by policy of the administrator. Eligible collateral shall be held in the custody of any bank, including a federal reserve bank, or any depository trust company. B. Each eligible depository shall provide in a written deposit or pledge […]
§ 35-1209 – Reports of eligible depositories
35-1209. Reports of eligible depositories At the request of the administrator, each eligible depository shall submit to the administrator a report, as prescribed by the administrator, showing the current market value of the depository’s pledged collateral. The report shall be certified as to its accuracy by an authorized official of the eligible depository.
§ 35-1210 – Procedure for payment of losses
35-1210. Procedure for payment of losses When the administrator determines that an eligible depository securing public deposits in accordance with this section is a defaulting depository, the administrator shall take steps as promptly as practicable to reimburse public depositors of all uninsured public deposits held by the defaulting depository using the following procedures: 1. The […]
§ 35-1211 – Civil penalties; hearing; noncompliance
35-1211. Civil penalties; hearing; noncompliance A. The administrator may assess against and collect the following from an eligible depository for noncompliance with the requirements of this chapter: 1. A civil penalty of not more than two hundred fifty dollars for each day the eligible depository fails to maintain with its qualified escrow agent eligible collateral […]
§ 35-1212 – Fees; public deposit administration fund
35-1212. Fees; public deposit administration fund A. The administrator shall annually assess every eligible depository that is securing any uninsured public deposits pursuant to this chapter a fee in an amount established by the administrator for the enforcement and administration of this chapter. The fees shall fairly and equitably apply to all eligible depositories that […]
§ 35-1201 – Definitions
35-1201. Definitions In this chapter, unless the context otherwise requires: 1. " Administrator" means the statewide collateral pool administrator. 2. " Default or insolvency" includes the failure or refusal of any eligible depository to return any public deposit on demand or at maturity and the issuance of an order of supervisory authority restraining that depository […]
§ 35-1202 – Powers of the statewide collateral pool administrator
35-1202. Powers of the statewide collateral pool administrator The statewide collateral pool administrator is established in the office of the state treasurer. On or before July 1, 2014, the administrator shall have the necessary policies and procedures in place to implement this chapter. The administrator may: 1. Adopt and enforce the policies and procedures necessary […]