Section 1 – Short title of chapter.
51-7-1. Short title of chapter. This chapter shall be known and may be cited as the “State Money Management Act.” Amended by Chapter 285, 1992 General Session
Section 11 – Authorized deposits or investments of public funds.
Effective 5/14/2019 51-7-11. Authorized deposits or investments of public funds. (1) (a) Except as provided in Subsections (1)(b) through (1)(d), a public treasurer shall conduct investment transactions through qualified depositories, certified dealers, or directly with issuers of the investment securities. (b) A public treasurer may designate a certified investment adviser to make trades on behalf […]
Section 11.5 – Certified investment advisers — Scope of and limits to authority.
Effective 5/9/2017 51-7-11.5. Certified investment advisers — Scope of and limits to authority. (1) A certified investment adviser may not make any investments that are inconsistent with this chapter or rules of the council. (2) Except as provided in Subsection (3), a certified investment adviser acting on behalf of a public treasurer shall conduct investment […]
Section 12.2 – Definitions — Local government other post-employment benefits trust fund — Investments — State treasurer duties.
51-7-12.2. Definitions — Local government other post-employment benefits trust fund — Investments — State treasurer duties. (1) As used in this section: (a) “Local Government OPEB Trust Fund” or “Local Government Other Post-Employment Benefits Trust Fund” means money set aside by a local government to fund future payments of benefits, other than pensions, to a […]
Section 13 – Funds of member institutions of state system of higher education and public education foundations — Authorized deposits or investments.
Effective 7/1/2020 51-7-13. Funds of member institutions of state system of higher education and public education foundations — Authorized deposits or investments. (1) The provisions of this section apply to all funds of: (a) higher education institutions, other than endowment funds, that are not transferred to the state treasurer under Section 51-7-4; and (b) public […]
Section 14 – Prudent man rule for management of investments — Sale of security or investment for less than cost.
51-7-14. Prudent man rule for management of investments — Sale of security or investment for less than cost. (1) Persons selecting investments authorized by Sections 51-7-11 and 51-7-13 shall: (a) exercise that degree of judgment and care, under the circumstances prevailing at the time the investment is selected, that persons of prudence, discretion, and intelligence […]
Section 15 – Bonds of state treasurer and other public treasurers — Reports to council.
Effective 5/14/2019 51-7-15. Bonds of state treasurer and other public treasurers — Reports to council. (1) (a) The state treasurer, county, city, and town treasurers, the clerk or treasurer of each school district, and other public treasurers that the council designates by rule shall be bonded or may procure crime or theft insurance as described […]
Section 16 – State Money Management Council — Members — Terms — Vacancies — Chair and vice chair– Executive secretary — Meetings — Quorum — Members’ disclosure of interests — Per diem and expenses.
Effective 1/1/2021 51-7-16. State Money Management Council — Members — Terms — Vacancies — Chair and vice chair– Executive secretary — Meetings — Quorum — Members’ disclosure of interests — Per diem and expenses. (1) (a) There is created a State Money Management Council composed of five members appointed by the governor after consultation with […]
Section 17 – Criteria for investments.
Effective 5/14/2019 51-7-17. Criteria for investments. (1) As used in this section: (a) “Affiliate” means, in relation to a provider: (i) an entity controlled, directly or indirectly, by the provider; (ii) an entity that controls, directly or indirectly, the provider; or (iii) an entity directly or indirectly under common control with the provider. (b) “Control” […]
Section 18 – Duties of council.
51-7-18. Duties of council. (1) The council shall: (a) advise the state treasurer and other public treasurers about investment policies; (b) cooperate with the commissioner of financial institutions by promoting measures and rules that will assist in strengthening the banking and credit structure of the state; (c) at least annually, review the rules adopted under […]
Section 18.1 – Qualified depositories list — Reports — Treatment of confidential information — Powers — Staff — Limits on powers.
51-7-18.1. Qualified depositories list — Reports — Treatment of confidential information — Powers — Staff — Limits on powers. (1) (a) The council shall provide a list of qualified depositories to each public treasurer at least semiannually. (b) The list shall include: (i) the name of each qualified depository; and (ii) the maximum amount of […]
Section 18.2 – Public treasurer’s reports — Contents.
51-7-18.2. Public treasurer’s reports — Contents. (1) The council may: (a) require a public treasurer to prepare and file a written report in a form prescribed by the council containing the information required by this section; and (b) specify that the report will contain the information required by this section for any date. (2) The […]
Section 18.3 – Certified dealers’ list — Fees.
51-7-18.3. Certified dealers’ list — Fees. (1) (a) The council shall provide a list of certified dealers to each public treasurer at least semiannually. (b) The list of certified dealers shall include: (i) the name of each certified dealer; and (ii) the name of each agent authorized by the certified dealer to conduct investment transactions […]
Section 18.4 – Certified investment advisers’ list — Fees.
51-7-18.4. Certified investment advisers’ list — Fees. (1) (a) The council shall provide a list of certified investment advisers to each public treasurer at least semiannually. (b) The list of certified investment advisers shall include: (i) the name of each certified investment adviser; and (ii) the name of each investment adviser representative authorized by the […]
Section 19 – Increase in deposits of public funds — Authorization.
51-7-19. Increase in deposits of public funds — Authorization. (1) The commissioner of financial institutions may, with the approval of the council: (a) increase for a period not to exceed 90 days the amount of public funds any qualified depository may hold whenever additional deposit resources are required in connection with the flotation, conversion, or […]
Section 2 – Exemptions from chapter.
Effective 7/1/2022 51-7-2. Exemptions from chapter. The following funds are exempt from this chapter: (1) funds invested in accordance with the participating employees’ designation or direction pursuant to a public employees’ deferred compensation plan established and operated in compliance with Section 457 of the Internal Revenue Code of 1986, as amended; (2) funds of the […]
Section 22 – Penalty for violation by public treasurer.
51-7-22. Penalty for violation by public treasurer. (1) Any public treasurer who willfully violates the deposit and investment provisions of this chapter is guilty of a class A misdemeanor. (2) Any public treasurer who knowingly makes or causes to be made a false statement or report to the council is guilty of a class A […]
Section 22.4 – Penalties for violation by certified investment advisers.
51-7-22.4. Penalties for violation by certified investment advisers. (1) An intentional violation by a certified investment adviser of Section 51-7-7, 51-7-11, or 51-7-11.5, or any rule or order under this chapter is punishable by a civil penalty of: (a) $1,000 for each day of noncompliance for the investment adviser; and (b) $5,000 for each day […]
Section 22.5 – Enforcement.
51-7-22.5. Enforcement. (1) Whenever it appears to the council that any person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of this chapter or any rule issued under authority of this chapter: (a) the council may bring an action in the appropriate district court of this […]
Section 23 – Transition of investments previously authorized.
Effective 5/9/2017 51-7-23. Transition of investments previously authorized. (1) Any investment held by a public treasurer that as of June 30, 2015, is not in compliance with the provisions of this chapter is subject to review by the council. (2) (a) No later than July 31, 2015, a public treasurer who holds an investment described […]