Utah Administrative Code Topic - Treasurer
The Utah Administrative Code, under the topic "Treasurer," primarily contains regulations related to the functions of the Utah State Treasurer's Office. The State Treasurer is a key constitutional officer responsible for the financial management of the state's funds.
While the specific regulations under "Treasurer" might not be as extensive as some larger departments, they are crucial for the efficient and secure handling of public money. The primary responsibilities of the State Treasurer, as reflected in the Utah Code and related administrative rules, include:
Custody of State Funds: Receiving and maintaining custody of all state funds. This involves managing the state's banking relationships, cash collection and concentration from state agencies, and reconciliation of state bank accounts.
Investment of Public Funds: Unless otherwise provided by law, investing all funds delivered into the state treasurer's custody according to the procedures and requirements of the State Money Management Act (Utah Code Title 51, Chapter 7). This includes managing the Public Treasurers' Investment Fund (PTIF), which provides liquidity to state agencies and local government entities. The State Treasurer chairs the State Money Management Council, which sets policies for investment.
Debt Management: Orchestrating all debt issuance of the state, preparing and disseminating post-issuance market disclosures, and maintaining investor and rating agency relations. The Treasurer's office also supports the Utah Charter School Finance Authority.
Unclaimed Property: Administering the state's Revised Uniform Unclaimed Property Act (Utah Code Title 67, Chapter 4a). This is a significant responsibility, involving:
Collection: Receiving and safeguarding millions of dollars in unclaimed property (dormant bank accounts, uncashed checks, safe deposit box contents, unpaid insurance benefits) that businesses remit to the state when owners cannot be found.
Due Diligence: Requiring holders (businesses, financial institutions) to conduct due diligence to locate owners before remitting property to the state.
Reporting: Establishing requirements for holders to report unclaimed property to the Unclaimed Property Division, including format (often electronic) and timelines.
Reuniting Owners with Property: Advertising unclaimed property and processing claims from rightful owners. The Treasurer's Office actively works to reunite individuals and businesses with their lost assets.
Rule R966 - Unclaimed Property (Rule R966-1): This specific rule within the Utah Administrative Code would provide the detailed operational regulations for the Unclaimed Property Division, covering everything from dormancy periods for different property types to the claim process and advertising requirements.
Financial Education: Promoting financial literacy and education within Utah. The State Treasurer often chairs or supports councils and initiatives aimed at improving financial education for citizens.
Warrant Payment and Reconciliation: Paying warrants drawn by the Division of Finance and reconciling redeemed warrants.
While specific "R" numbers directly under the "Treasurer" topic might primarily focus on Unclaimed Property (like R966), the Treasurer's duties are heavily influenced by and interact with other parts of the Utah Code, particularly the State Money Management Act and statutes related to state finance and debt.
For the most precise and current administrative rules, one would refer to the official Utah Administrative Code, typically maintained by the Utah Division of Administrative Rules and accessible through the Utah Legislature's website or the Utah State Treasurer's Office website.
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