Ariz. Admin. Code § 2-14-102

Current through Register Vol. 30, No. 42, October 18, 2024

Section R2-14-102 - Participation Mandatory

A.Public depositors.

1. Except as provided under A.R.S. § 35-1204(B), all public depositors shall place deposits of uninsured public monies with an eligible depository.

2. A public depositor that decides to exercise the exemption provided under A.R.S. § 35-1204(B) shall provide written notice of the decision to the Administrator.

B.Eligible depositories. Except as provided in subsections (B)(1) and (2), an eligible depository that accepts or retains public monies shall pledge required collateral to the collateral pool.

1. An eligible depository that accepts and retains only insured public monies is not required to pledge collateral to the collateral pool. However, the eligible depository shall provide a notarized statement to the Administrator that lists:

a. Each public depositor for which the eligible depository is retaining public monies,

b. The deposit balance for each public depositor, and

c. The total insurance available for each public depositor.

2. An eligible depository that accepts and retains all public monies in the trust department of the eligible depository and secures the public monies under 12 U.S.C. Section 92 a is not required to pledge collateral to the collateral pool.

C.An eligible depository doing business in Arizona that does not accept or retain public monies shall attest to this fact on a notarized statement that is available from the Administrator.

Ariz. Admin. Code § R2-14-102

Adopted by final rulemaking at 21 A.A.R. 233, effective 4/4/2015.