113-1-05. Deposits with the treasurer of state

(A) Deposits to be made timely

Within twenty business days of a state entity receiving a deposit as liability coverage from or for the benefit of a pledgor, the state entity will deliver the deposit to the treasurer of state who will be responsible for safekeeping the deposit for the purpose for which it has been deposited.

(B) Monthly verification of deposits

Monthly, the treasurer of state will send to each state entity for which it holds deposits, a listing of all deposits it currently holds for safekeeping. Within ten business days of receipt of the deposits listing, the state entity will review the listing and will confirm to the treasurer whether the deposits listing is an accurate and complete listing of deposits that the state entity has delivered to the treasurer.

(C) Deposits to be released timely

Monthly, the treasurer of state will send to each state entity for which it holds deposits, a value and matured deposits listing that will list all deposits held for safekeeping for which it has received notification from the owner that the deposits no longer hold value. Within ten business days of receipt of the value and matured deposits listing, the state entity will provide to the treasurer information demonstrating that the deposits still hold value, or will request that the treasurer release the deposits back to the state entity. If the treasurer has not received updated information from the state entity within twenty business days after its receipt of the value and matured deposits listing, the state entity will be deemed to have requested that the treasurer release the deposits back to the state entity and the treasurer will do so.

Five Year Review (FYR) Dates: 10/18/2018 and 10/18/2023
Promulgated Under: 111.15
Statutory Authority: 113.08
Rule Amplifies: 113.08
Prior Effective Dates: 02/04/2013

Prior History: (Effective: 02/04/2013
R.C. 119.032 review dates: 01/23/2018
Promulgated Under: 111.15
Statutory Authority: 113.08
Rule Amplifies: 113.08)