Other terms and conditions (Repealed)

(a) No qualified public depository shall maintain eligible collateral in its own trust department unless such depository is authorized under law to exercise fiduciary powers in this state. (b) Concurrent with receipt of a public deposit, a qualified public depository shall transfer eligible collateral to secure such public deposit in accordance with section 36a-333 of the Connecticut General Statutes. (c) A qualified public depository shall maintain records including but not limited to a full report of all public deposits by depositor name and location, account name, account number, amount and Federal Employer Identification Number (FEIN). (d) A qualified public depository shall not charge costs, fees or expenses incidental to the transfer or maintenance of eligible collateral against the required amount of eligible collateral. (e) Each qualified public depository shall permit the commissioner or any authorized employee of the department of banking to inspect, verify and review all documents, reports, records and all other financial information deemed necessary to verify compliance with part III of chapter 665a of the Connecticut General Statutes and these regulations. (f) If during any calendar quarter after the issuance of its call report, the qualified public depository determines that pursuant to section 36a-333 of the Connecticut General Statutes, it is required to increase the amount of eligible collateral maintained by it, it shall immediately increase such collateral to the amount required and shall immediately thereafter give written notification of its action to the commissioner and to its public depositors. Such notification shall include, but not be limited to, the depository's current risk-based capital ratio and the amount, nature and value of the additional eligible collateral segregated and designated therefor in accordance with part III of chapter 665a of the Connecticut General Statutes and these regulations. (g) Any qualified public depository that ceases to be a qualified public depository or no longer wishes to be a qualified public depository shall no longer receive public deposits and shall give immediate notice to the commissioner, who shall thereupon instruct such qualified public depository of the procedures to be followed with respect to the return of public deposits and eligible collateral.