Utah Administrative Code
Topic - Money Management Council
Title R628 - Administration
Rule R628-21 - Conditions and Procedures for the Use of Reciprocal Deposits
Section R628-21-5 - General Rule
Universal Citation: UT Admin Code R 628-21-5
Current through Bulletin 2024-06, March 15, 2024
(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 towards the maximum public funds allotment for that qualified depository as described in 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.
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