LOSS PROCEDURE
Section
6:02:03:01 Determination of loss.
6:02:03:02 Certification and notification.
6:02:03:03 Confirmation of deposits by public depositors.
6:02:03:04 Sale of collateral.
6:02:03:05 Repealed.
6:02:03:06 Repealed.
6:02:03:01. Determination of loss. For the purpose of carrying out SDCL 4-6A-11, the commission may use information obtained by the federal deposit insurers in ascertaining the amount of public funds on deposit in a public depository subject to a loss, and the amount of such funds covered by deposit insurance.
Source: 2 SDR 51, effective January 13, 1976; 13 SDR 37, effective October 9, 1986; 24 SDR 93, effective January 12, 1998.
General Authority:SDCL 4-6A-20.
Law Implemented:SDCL 4-6A-11.
6:02:03:02. Certification and notification. Pursuant to SDCL 4-6A-11, the commission shall certify the amounts determined pursuant to § 6:02:03:01 to each public depositor and send written notice of the loss to each depository by certified mail.
Source: 2 SDR 51, effective January 13, 1976; 24 SDR 93, effective January 12, 1998.
General Authority:SDCL 4-6A-20.
Law Implemented:SDCL 4-6A-11.
6:02:03:03. Confirmation of deposits by public depositors. Pursuant to SDCL 4-6A-12, each public depositor shall furnish the following information within 10 days after receipt of certification of a loss:
(1) The amount of its demand deposits;
(2) The amount of its time deposits at the public depository subject to a loss, according to its records;
(3) Any other transactions with the public depository which might affect the amount due the public depositor from the public depository; and
(4) An explanation of any difference between its deposit records and the amounts certified to it by the commission.
Source: 2 SDR 51, effective January 13, 1976; 24 SDR 93, effective January 12, 1998.
General Authority:SDCL 4-6A-20.
Law Implemented:SDCL 4-6A-12.
6:02:03:04. Sale of collateral. If a loss occurs the commission may use the services of the South Dakota state investment office in the sale of collateral held by a public depository.
Source: 2 SDR 51, effective January 13, 1976; 13 SDR 37, effective October 9, 1986; 24 SDR 93, effective January 12, 1998.
General Authority:SDCL 4-6A-20.
Law Implemented:SDCL 4-6A-13.
6:02:03:05. Payment of assessments by depositories.Repealed.
Source: 2 SDR 51, effective January 13, 1976; repealed, 13 SDR 37, effective October 9, 1986.
6:02:03:06. Reimbursement of public depositors from proceeds of assessments.Repealed.
Source: 2 SDR 51, effective January 13, 1976; repealed, 13 SDR 37, effective October 9, 1986.
