17.24.1108    BONDING: CERTIFICATES OF DEPOSIT

(1) The department may not accept an individual certificate for a denomination in excess of $100,000, or maximum insurable amount as determined by the federal deposit insurance corporation, the federal savings and loan insurance corporation, or the national credit union administration.

(2) The department may only accept automatically renewable certificates of deposit issued by a bank insured by the federal deposit insurance corporation or a credit union insured by the national credit union administration.

(3) The department shall require the applicant to deposit sufficient amounts of certificates of deposit, to assure that the department will be able to liquidate those certificates prior to maturity, upon forfeiture, for the amount of the bond required by ARM 17.24.1102.

(4) The department shall require that each certificate of deposit be made payable to or assigned to the department, both in writing and in the records of the bank issuing the certificate. The department shall require banks or credit unions issuing these certificates to waive all rights of setoff or liens against these certificates.

 

History: 82-4-205, MCA; IMP, 82-4-223, 82-4-232, 82-4-235, MCA; NEW, 1980 MAR p. 725, Eff. 4/1/80; AMD, 1989 MAR p. 30, Eff. 1/13/89; TRANS, from DSL, 1996 MAR p. 3042; AMD, 1999 MAR p. 2768, Eff. 12/3/99; AMD, 2004 MAR p. 2548, Eff. 10/22/04; AMD, 2024 MAR p. 258, Eff. 2/10/24.