69C-2.025. Policy and Procedures for a Credit Union Designated as a Qualified Public Depository

(1) The total funds held in the state treasury means funds that are invested pursuant to section 17.61, F.S. and that are not needed to meet the disbursement needs of the state pursuant to section 17.57, F.S. (2) If public deposits held by a credit union designated as a qualified public depository exceed the threshold specified in subsection 280.042(3)(a)1., F.S., the Chief Financial Officer will issue a corrective order requiring reduction of public deposits at or below the threshold within 30 calendar days from the date of the order. (3) If public deposits held by a credit union designated as a qualified public depository exceed the threshold specified in subsection 280.042(3)(b), F.S., the Chief Financial Officer will issue a corrective order requiring reduction of public deposits at or below the threshold within 30 calendar days from the date of the order. (4) No penalty will be assessed to a public depositor due to a credit union’s noncompliance with this rule.