§ 9-4-802 — Board of deposits; application; designation of depositories; revocation of designation

A bank or credit union applying to be a state depository shall
file a written application with the secretary of the board of
deposits. The application shall be accompanied by a sworn
statement of the financial condition of the bank or credit union
at the time the application is made and a certified resolution
providing proper authority of the depository. The secretary of
the board of deposits shall review all applications, prepare a
recommendation regarding each, and submit a list of all
applicants and his recommendations to the board. The secretary
of the board shall prepare a list of all financial institutions
of the state which are approved by the board to be depositories.
The chairman and the secretary of the board shall certify the
list to the bank collateral officer who is designated by the
state treasurer. Once the bank collateral officer is
designated, the state treasurer shall provide a written order to
the bank or credit union declaring it a state depository until
its authority is revoked by the board. Each year, designated
state depositories shall submit a current statement of
condition, a certified copy of a resolution indicating its
authority to act as a state depository has not been revoked and
any other information the secretary of the board deems
necessary. If, at any time state funds are on deposit with a
state depository, a state depository is subject to any public
enforcement action by any federal or state regulatory entity,
the state depository shall notify the secretary of the board of
the regulatory action if the action is not confidential. The
board may revoke a bank's or credit union's designation as a
state depository at any time except that no time deposit, open
account shall be withdrawn from a state depository prior to the
date of maturity without providing forty-five (45) days prior
written notice, absent a default by the state depository.