Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69C - Division of Treasury
Chapter 69C-2 - PROCEDURES FOR ADMINISTERING THE FLORIDA SECURITY FOR PUBLIC DEPOSITS ACT
Section 69C-2.010 - Additional Reports and Inspections

Universal Citation: FL Admin Code R 69C-2.010

Current through Reg. 50, No. 187; September 24, 2024

(1) When a Qualified Public Depository experiences a decrease in its capital accounts as reported on its most recent monthly report, it shall provide to the Chief Financial Officer a detailed statement documenting the decreases and the reasons for the decreases, unless the decrease is a result of paying dividends.

(2) The Chief Financial Officer will continually monitor changes in the capital accounts and the overall financial condition of all Qualified Public Depositories. If a Qualified Public Depository is experiencing a decline in capital accounts, or if its overall financial condition is deteriorating, the Chief Financial Officer may request additional information which may include, but shall not be limited to:

(a) A copy of any report required to be filed with any state or federal regulator;

(b) A full report of all public deposits by depositor name and location, account name, account number, amount, and Federal Employer Identification Number (FEIN); and/or

(c) Other related information.

(3) The Chief Financial Officer will review the "Public Depository Monthly Reports" and continually monitor the collateral pledging level(s) and required collateral of each Qualified Public Depository. If the Chief Financial Officer determines that a Qualified Public Depository has violated the law and rule and has not pledged adequate collateral and/or has not used the proper collateral pledging level or levels, he shall notify the affected Qualified Public Depository of its proper collateral requirements and/ or collateral pledging level(s). The Qualified Public Depository shall immediately comply with the Chief Finanical Offier instructions. The Qualified Public Depository shall also be subject to the provisions of sections 280.051, 280.052, 280.053, 280.054, 280.055 and 280.06, F.S.

(4) Each Qualified Public Depository shall during office hours permit the Chief Financial Officer to inspect, verify, and review all documents, reports, records and all other financial information deemed necessary by the Chief Financial Officer to verify compliance with chapter 280, F.S. Failure to comply with this section may result in disqualification pursuant to section 280.051, F.S.

Rulemaking Authority 280.19 FS. Law Implemented 280.02, 280.04, 280.05, 280.16 FS.

New 2-25-82, Amended 11-29-84, Formerly 4C-2.10, Amended 4-10-86, 6-28-88, 1-23-91, 7-12-92, Formerly 4C-2.010.

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