§ 42-10-23 — § 42-10-23. Deposit banks.

Rhode Island § 42-10-23

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-10: Treasury Department

Text

§ 42-10-23. Deposit banks.

(a) The general treasurer shall designate the banks or trust companies in which all monies of the state, including pension funds, shall be deposited, and may change the banks and trust companies previously designated.

(b) The general treasurer may designate a bank or trust company that does not meet the criteria set forth in subsection (a) if it is determined that the deposit of state monies in that bank or trust company is necessary to obtain essential services that are not reasonably obtained from another bank or trust company. If the general treasurer finds that a bank or trust company previously designated as a depository of state monies has violated the criteria set forth in subsection (a), the general treasurer shall give the bank or trust company an opportunity to be heard on this finding. If thereafter, it is concluded that the criteria has been violated, thirty (30) days' notice shall be given to the bank or trust company that its designation shall be terminated as of the expiration of the thirty (30) days.

Legislative History

P.L. 1985, ch. 336, § 3; P.L. 1996, ch. 168, § 1.