Section 892-X-1-.05 - Maintaining Active Status (Alabama Administrative Code)

§ 892-X-1-.05. Maintaining Active Status

(1) A QPD may maintain active status in the SAFE Program without holding public deposits. Active status will allow the depository to have the necessary paperwork in good order to accept public deposits upon request.

(2) The Contingent Liability Agreement, Collateral Agreement(s), Federal Home Loan Bank Application for Approval and Agreement Regarding Use (if applicable), Required Collateral, and reporting requirements shall remain in effect.

(3) Minimum collateral maintained shall be $100,000 of eligible collateral.

(New Rule: Filed March 28, 2001; effective May 2, 2001. Amended (only rule number changed): Filed September 19, 2002; effective October 24, 2002. Amended: Filed December 20, 2004; effective January 24, 2005. Amended: Filed August 20, 2008; effective September 24, 2008.)

Rule 892-X-1-.06, was renumbered to Rule as per certification filed September 19, 2002; effective October 24, 2002.

Author: Daria S. Story, SAFE Division, Office of State Treasurer

Statutory Authority: Code of Ala. 1975, §§ 41-14A-6, as amended.

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