§ 892-X-1-.13. Grounds For Involuntary Withdrawal, Suspension, Or Imposition Of Administrative Penalties
Grounds for involuntary withdrawal, or suspension from the SAFE Program or imposition of administrative penalties include one or more of the following:
(1) Violation of any of the provisions of the SAFE Program or any rule adopted by the SAFE Board.
(2) Submission of reports containing inaccurate or incomplete information, or filed past the reporting deadline date.
(3) Failure to pledge Required Collateral at the appropriate pledging level or at the appropriate time (such as, prior to accepting deposits, if applicable).
(4) Pledging unacceptable collateral.
(5) Releasing or transferring pledged collateral without approval by the Treasurer.
(6) Applying for the amendment or replacement of any Letter of Credit without the prior written approval of the Treasurer;
(7) Failure to pay an administrative penalty or an assessment.
(8) Failure to allow inspection and verification of any information that the Treasurer determines necessary to verify compliance with the SAFE Program.
(9) Failure to furnish any agreement, report, form, or other information required to be filed under the SAFE Program, or when requested by the Treasurer.
(10) Failure to execute or have the Custodian execute a Collateral Agreement prior to using the Custodian.
(11) Failure to give notification to the Treasurer of mergers, consolidations, sales of assets, and similar matters.(New Rule: Filed March 28, 2001; effective May 2, 2001. Amended: Filed September 19, 2002; effective October 24, 2002. Amended (only rule number changed): Filed January 23, 2004; effective February 27, 2004. Amended: Filed December 20, 2004; effective January 24, 2005. Amended (Rule Number Only): Filed January 19, 2006; effective February 23, 2006. Amended: Filed August 20, 2008; effective September 24, 2008.)
Rule 892-X-1-.12, was renumbered to Rule 892-X-1-.11 as per certification filed September 19, 2002; effective October 24, 2002. Rule 892-X-1-.11 was renumbered to Rule 892-X-1-.12 as per certification filed January 23, 2004; effective February 27, 2004. Original Rule 892-X-1-.12, Administrative Penalties, was repealed as per certification filed January 23, 2004; effective February 27, 2004. Rule 892-X-1-.12 was renumbered to Rule 892-X-1-.13 as per certification filed January 19, 2006; effective February 23, 2006.
Author: Daria S. Story, SAFE Division, Office of State Treasurer
Statutory Authority: Code of Ala. 1975, §§ 41-14A-2, 41-14A-5, 41-14A-6, 41-14A-7, as amended.
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