Section 892-X-1-.08 - Requirements Of QPDs (Alabama Administrative Code)

§ 892-X-1-.08. Requirements Of QPDs

In addition to other requirements specified by the SAFE Program, each QPD shall:

(1) Administer internal and external audit review for compliance with SAFE Program Rules and statues to ensure that applicable accounts maintained for public entities and public officials are adequately identified as public deposits on its record by name, address, and federal employer identification number.

(2) Annually, prior to November 1 st, provide a report as of the last business day of September to each public depositor that summarizes their deposit account relationship. This report shall be in addition to regular statements and shall include an indication to public depositors the purpose of the report and that the following accounts are designated as public deposits subject to the SAFE Program. The report shall be deemed correct unless the public depositor notifies the depository to the contrary within 60 calendar days of receipt of the statement.

(3) Submit to the Treasurer electronically via the SAFE WEB internet reporting system a monthly report.

(4) Upon request, submit to the Treasurer a copy of the Consolidated Reports of Condition and Income or a copy of the Thrift Financial Report, whichever is appropriate.

(5) Upon request, submit to the Treasurer its Annual Report and proxy statement.

(6) Upon request, provide public deposit verifications in a manner required by the Treasurer.

(7) Permit, during office hours, the Treasurer to inspect, verify, and review all documents, reports, records and all other financial information deemed necessary by the Treasurer to verify compliance with the SAFE Program.

(8) Provide additional financial information as requested by the Treasurer.

(New Rule: Filed March 28, 2001; effective May 2, 2001. Amended: Filed September 19, 2002; effective October 24, 2002. Amended: January 19, 2006; effective February 23 2006. Amended: Filed August 20, 2008; effective September 24, 2008.)

Rule 892-X-1-.09, 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-3, 41-14A-5, 41-14A-6, 41-14A-8, as amended.

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