§ 11-47-112 — Power and authority of financial services board

(1) The
commissioner shall have specific power and authority to require any eligible public
depository to furnish, at any time, such information as the commissioner may
request or demand concerning the amount of public deposits held by it, the portion
thereof that is insured by the federal deposit insurance corporation or its successor,
the amount of its capital funds, and the nature, amount, market value, and location
of the eligible collateral maintained or pledged by it to secure said deposits.

(2) If any such depository shall fail or refuse to furnish the information
requested or demanded within ten days after the date of the request or demand,
the commissioner shall have the authority to forthwith deny it the right to accept
and hold any additional public deposits until such time as said information is
furnished to him and he has acknowledged receipt thereof, and, at his discretion, he
may make public announcement of such denial.

(3) The commissioner shall have the authority to determine and fix the date
upon which any event of default is deemed to have occurred, after taking into
account and giving due consideration to any rule, regulation, or lawful order of any
supervisory authority as the same may affect the inability or failure of an eligible
public depository to repay deposit liabilities.

(4) The commissioner shall have the authority to require any eligible public
depository to substitute new eligible collateral for any of its maintained or pledged
collateral which he deems to be ineligible.

(5) If any depository violates any regulation promulgated by the
commissioner pursuant to section 11-47-104 or violates any provision of this article,
the commissioner shall have the authority to deny, forthwith, the right of said
depository to accept and hold any additional public deposits until such time as the
depository complies with the regulations or the provisions of this article. The
commissioner, at his discretion, may make public announcement of such denial.

(6) (a) The financial services board may promulgate rules to require an
eligible public depository to reduce or eliminate its uninsured public deposit liability
if said depository's regulatory capital does not comply with the minimum
requirement of the federal deposit insurance corporation or its successor.
Notwithstanding any other provision in this article to the contrary, the financial
services board also may promulgate rules to require a depository to pledge eligible
collateral having a market value in excess of one hundred percent of the aggregate
amount of public deposits not insured by the federal deposit insurance corporation
or its successor, if said depository's regulatory capital does not comply with the
minimum requirement of the federal deposit insurance corporation or its successor.
Notwithstanding any other provision in this article to the contrary, the financial
services board may promulgate rules to require an eligible public depository to
pledge a minimum amount of eligible collateral.

(b) Repealed.

Legislative History

Source: L. 75: Entire article added, p. 403, � 1, effective July 1. L. 85: (4) added, p. 402, � 2, effective May 31. L. 87: (5) and (6) added, p. 469, � 3, effective May 1. L. 89: (6)(a) amended and (6)(b) repealed, pp. 614, 615, �� 10, 13, effective April 19. L. 93: (6) amended, p. 1454, � 17, effective June 6. L. 2004: (1) and (6)(a) amended, pp. 152, 144, �� 63, 36, effective July 1.