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§ 35-1202 Powers of the statewide collateral pool administrator

AZ Rev Stat § 35-1202 (2019) (N/A)
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35-1202. Powers of the statewide collateral pool administrator

The statewide collateral pool administrator is established in the office of the state treasurer. On or before July 1, 2014, the administrator shall have the necessary policies and procedures in place to implement this chapter. The administrator may:

1. Adopt and enforce the policies and procedures necessary to carry out this chapter. Any policies set forth by the administrator shall be developed, including a comment period, in consultation with financial institutions that serve as eligible depositories and public depositors.

2. Prescribe and enforce policies fixing the terms and conditions under which uninsured public deposits must be secured by collateral under this chapter.

3. Require any eligible depository to provide information concerning its public deposits as requested by the administrator.

4. Determine when a default or insolvency has occurred and take such action as the administrator may deem advisable for the protection, collection, compromise or settlement of any claim arising in case of default or insolvency.

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§ 35-1203 Subrogation of administrator to depositor's rights; distribution of assets; payment