- (1) A public treasurer may invest public funds in reciprocal deposits only through qualified depositories that use a deposit account registry service. The public funds placed with a qualified depository into reciprocal deposits does not apply toward the maximum public funds allotment for that qualified depository as described in Rule R628-11.
(2) Reciprocal deposits may only be initiated by qualified depository institutions and then re-deposited through a deposit account registry service as follows:
- (a) in one or more FDIC insured depository institutions in amounts up to the relevant FDIC-insured deposit limit for a depositor in each depository institution; and
- (b) in exchange for reciprocal FDIC-insured deposits made through the deposit account registry service to the qualified depository.
KEY: public funds, qualified depository, reciprocal deposits
Date of Last Change: June 21, 2024
Authorizing, and Implemented or Interpreted Law: 51-7-17(4)(b); 51-7-18(2)(b)