Deposits in qualified depositories which are limited by R628-11-5(B) to the amount of federal deposit insurance must be monitored on a daily basis to assure that no public treasurer has deposit balances in excess of the federal insurance limit. The public treasurer making deposits and the qualified depository accepting deposits shall both be responsible to assure that the depositor's combined balance of all accounts stays within the federal insurance limit.

KEY: financial institutions, banking law

Date of Last Change: January 12, 2011

Notice of Continuation: September 25, 2025

Authorizing, and Implemented or Interpreted Law: 51-7-18.1(2)