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Can you summarize ALAC Chapter 892-X-1?
State Treasurer's Office > GENERAL INSTRUCTIONS
Short Summary
These legal documents cover various aspects of the administration and operation of the Security for Alabama Funds Enhancement (SAFE) Program, as well as the requirements and responsibilities of Qualified Public Depositories (QPDs), custodians, public depositors, and Alabama public housing agencies. The documents provide guidelines for the designation of QPDs, determination of Collateral Pledging Levels, valuation and rating of collateral, and the use of Letters of Credit (LOC) as eligible collateral. They also outline the requirements and responsibilities of custodians, public depositors, and Alabama public housing agencies in relation to the SAFE Program. Additionally, the documents govern the grounds for involuntary withdrawal, suspension, or imposition of administrative penalties on QPDs, as well as the procedures for voluntary withdrawal from the SAFE Program. The documents also provide general instructions for the State Treasurer’s Office and outline the appointment and terms of service for board members of the SAFE Program. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
State Treasurer of Alabama, Qualified Public Depositories (QPDs), custodians in the State Treasurer's Office, public depositors in the State of Alabama, Alabama public housing agencies
What does it govern?
Administration of the Security for Alabama Funds Enhancement (SAFE) Program, designation of banks or savings institutions as Qualified Public Depositories (QPDs), determination of Collateral Pledging Levels for QPDs, valuation and rating of collateral for QPDs and the Treasurer, requirements and responsibilities of custodians in the State Treasurer's Office, requirements for QPDs participating in the SAFE Program, requirements for public depositors in the State of Alabama, exemption of public deposits for Alabama public housing agencies, satisfaction of loss to public depositors in the event of default or insolvency, grounds for involuntary withdrawal, suspension, or imposition of administrative penalties in the SAFE Program, administrative penalties for violations by QPDs, involuntary withdrawal or suspension of QPDs from the SAFE Program, voluntary withdrawal process from the SAFE Program, effect of mergers or acquisitions on non-qualified depositories becoming QPDs, general instructions for the State Treasurer's Office, use of Letters of Credit (LOC) as eligible collateral by QPDs, appointment and terms of service for board members of the SAFE Program
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Specific penalties or fines for non-compliance or violations are not mentioned in these documents.
Jurisdiction
Alabama