Section 892-X-1-.15 - Involuntary Withdrawal Or Suspension (Alabama Administrative Code)

§ 892-X-1-.15. Involuntary Withdrawal Or Suspension

(1) A QPD may be required to withdraw from the SAFE Program pursuant to Section 892-X-1-.12 "Grounds for Involuntary Withdrawal or Suspension".

(2) An order of withdrawal from the Treasurer shall be mailed to the QPD by registered or certified mail and shall designate the effective date of withdrawal.

(3) Within the time and in the manner specified in the order of withdrawal, the QPD shall provide the Treasurer a written report listing the names, account numbers, account balances and maturity dates, if applicable, of any public depositors.

(4) The Treasurer shall provide prompt notification to each public depositor, identified on the list of public deposits accounts described in paragraph (3) above, of the withdrawal of the depository from the SAFE Program. Any public deposits will cease to be protected after the effective date of withdrawal.

(5) The withdrawing QPD shall provide to the Treasurer, when all public deposit accounts have been closed, a written certification adopted by the Board of Directors that the institution no longer holds any public deposits and will not receive or retain any public deposits until it again becomes a QPD.

(6) Early withdrawal penalties incurred by public depositors shall be the responsibility of the depository.

(7) The procedures for withdrawal shall be as set forth in Chapter 22 of Title 41, as amended, and in the rules of the SAFE Board of Directors adopted pursuant to this section.

(8) The contingent liability of the withdrawing QPD shall remain in effect for a period of twelve (12) months after the certification described in paragraph (5) above has been received by the Treasurer.

(9) The depository may reapply for qualification after one year from the date of the order of withdrawal.

(10) The Treasurer shall, upon request, release pledged collateral after the effective date of withdrawal and the certification described in paragraph (5) above has been received by the Treasurer.

(New Rule: Filed March 28, 2001; effective May 2, 2001. Amended (only rule title changed): Filed September 19, 2002; effective October 24, 2002. Amended (only rule number changed): Filed January 23, 2004; effective February 27, 2004. Amended (Rule Number Only): Filed January 19, 2006; effective February 23, 2006. Amended: Filed August 20, 2008; effective September 24, 2008.)

Original Rule 892-X-1-.13, Involuntary Withdrawal or Suspension, was renumber to 892-X-1-.14 to accommodate New Rule 892-X-1-.13, Administrative Penalties - QPD as per certification filed January 23, 2004; effective February 27, 2004. Rule 892-X-1-.14 was renumbered to Rule 892-X-1-.15 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-6 thru 41-14A-8, as amended.

Disclaimer: All information on this page is frequently updated based on official sources. However, Lawrina cannot accept any responsibility for the accuracy of the content for Section 892-X-1-.15 Involuntary Withdrawal Or Suspension. To check for possible violations, please check the official sources.

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