Washington Administrative Code › Title 389 - State Treasurer's Office (Public Deposit Protection Commission) › Chapter 389-12 - Practice and procedure - Public depositaries › Section 389-12-040 - Computation and report of maximum liability

Current through Register Vol. 24-14, July 15, 2024
On each commission report date each public depositary shall
						calculate its maximum liability in a format supplied by the commission. The
						commission report shall, in addition to other information required by the
						commission in its discretion, include the amount of insured and uninsured
						public deposits of Washington state and its political subdivisions for the most
						recent commission report date, the uninsured public deposits as shown on the
						four most recent commission reports (i.e., current report and three immediately
						preceding reports), the average of uninsured public deposits for the four most
						recent commission report dates, and the public depositary's maximum liability
						as defined in chapter 39.58 RCW.
The commission report shall be received in the office of the
						commission by the commission report due date, and shall also include schedules,
						as determined by the commission, from the public depositary's most recent
						financial report to its federal regulatory authority. Any public depositary
						failing to submit its commission report by the commission report due date shall
						be subject to appropriate sanction as provided in chapter 39.58 RCW and WAC
						389-12-100.
At the end of each calendar quarter, the commission shall
						provide each public depositary the amount constituting thirty percent of total
						public funds on deposit in Washington state for the preceding quarter. Public
						depositaries shall use this amount to monitor their total public funds on
						deposit for the ensuing quarter, unless notified of a revised amount by the
						commission.
Upon request from a public depositary the commission may, for
						good cause shown, extend the commission report due date for commission reports
						for a period not to exceed five days.
If the maximum liability has increased from the previous
						commission report or if aggregate public deposits exceed the limitations
						prescribed in RCW  39.58.135, the public depositary shall immediately increase
						its collateral and the commission shall be so notified.
Each public depositary shall provide to the commission a copy
						of any changes, amendments, or alterations to the public depositary's financial
						report as submitted to its federal regulatory authority which relate to public
						funds on deposit and net worth.
A monthly report of insured and uninsured public deposits, and
						other pertinent information shall, in a format supplied by the commission, be
						submitted by each public depositary to the commission no later than the monthly
						report date. If applicable, adjustments to the public depositaries' last
						reported net worth and/or additional collateral being pledged shall be listed
						on the monthly report. The monthly report shall be submitted to the commission
						every month. Any public depositary failing to submit its monthly report by the
						monthly report due date shall be subject to appropriate sanction as provided in
						chapter 39.58 RCW and WAC 389-12-100.
Statutory Authority: Chapter 39.58 RCW and RCW  39.58.040. 09-16-010, §
										389-12-040, filed 7/23/09, effective 8/23/09; 99-20-082, §
										389-12-040, filed 10/5/99, effective 11/5/99. Statutory Authority: RCW  39.58.040. 84-21-036 (Order 84-II, Resolution No. 84-004), §
										389-12-040, filed 10/11/84; 84-03-037 (Order 84-01), §
										389-12-040, filed 1/13/84; Order 77-XIII, §
										389-12-040, filed 9/27/77; Order II, §
										389-12-040, filed 6/13/73; Order 1, §
										389-12-040, filed 2/9/70.