North Carolina Administrative Code

20 NCAC 03 .1008 RECOMMENDED DECISION The hearing officer shall issue a recommended decision in writing containing findings and conclusions as required under G.S. 159B-25(b). The recommended decision shall be issued within ten days of the completion of the hearing or the preparat…

20 NCAC 03 .1009 FINAL DECISION (a) The Secretary shall call a meeting of the Local Government Commission or its Executive Committee within ten days of the receipt of the recommended decision and the review from the hearing officer. (b) A copy of the final decision shall be serve…

20 NCAC 04 .0206 Who shall hear the case History Note: Authority G.S. 105-241.2; Eff. February 1, 1976; Readopted Eff. September 30, 1977; Repealed Eff. August 1, 1988.

CHAPTER 5 - MUNICIPAL BOARD OF CONTROL Editor's Note: The Municipal Board of Control is abolished by the repeal of Article 1A of Chapter 160A effective October 1, 1982, pursuant to Chapter 1191, Sections 63-65 of the 1981 Session Laws. SECTION .0100 - GENERAL PROVISIONS 20 NCAC 0…

CHAPTER 07 - COLLATERALIZATION OF DEPOSITS SECTION .0100 - GENERAL 20 NCAC 07 .0101 GENERAL INFORMATION (a) This Chapter sets forth the manner in which the official depositories shall provide the collateralization of the uninsured balances on deposit in accordance with provisions…

20 NCAC 07 .0102 DEFINITION OF TERMS The words and phrases defined in this Rule will have the meanings indicated when used in this Chapter, unless the context clearly requires another meaning: (1) "Affiliate" means "affiliate" as defined in 12 USC 371c(b)(1) including subsequent …

20 NCAC 07 .0103 NOTIFICATION BY DEPOSITOR (a) When opening a new deposit account, the public depositor shall provide the depository either written or oral notification that the deposits in said deposit account are public deposits subject to the collateralization rules. (b) As of…

20 NCAC 07 .0104 METHODS OF SECURING DEPOSITS (a) Deposits of Public Depositors. Except for public deposits of housing authorities each depository shall have the following options: (1) Dedicated Method. To secure all uninsured public deposits of each public depositor separately. …

20 NCAC 07 .0105 EXERCISING THE POOLING METHOD (a) Unless and until the requirements of this Rule are met, the depository is considered to be under the Dedicated Method. (b) If the depository selects the Pooling Method, it shall: (1) Submit to the State Treasurer a letter of inte…

20 NCAC 07 .0106 FORMS The following forms shall be promulgated by the State Treasurer and shall be used for the purpose outlined in this Chapter unless specific permission is given to use a substitute: (1) COLL-91 Annual Notification of Accounts by Public Depositor, (2) COLL-92 …

20 NCAC 07 .0107 DUTY OF DEPOSITORY By accepting public deposits, the depository assumes the duty and responsibility of maintaining adequate collateral as provided by law and in accordance with the provisions of this Chapter, for all uninsured deposits in accounts for which the p…

SECTION .0200 - SECURITIES TO BE DEPOSITED 20 NCAC 07 .0201 ELIGIBLE INVESTMENT SECURITIES The following types of investment securities are eligible for pledging as security provided that the securities are currently eligible for investment by the depository and can be included a…

20 NCAC 07 .0202 AMOUNT OF COLLATERAL REQUIRED TO BE PLEDGED (a) Under the Dedicated Method, each depository, which is required to pledge collateral to secure the deposit accounts of a public depositor, shall maintain collateral with an escrow agent equal to or in excess of 100 p…

20 NCAC 07 .0203 SURETY BONDS Surety bonds with a corporate surety may be substituted in lieu of part or all of the collateral required under this Chapter under the following conditions: (1) The company is licensed by the Commissioner of Insurance to conduct the business of suret…

SECTION .0300 - ESCROW OF SECURITIES 20 NCAC 07 .0301 ELIGIBLE ESCROW AGENTS All securities pledged to secure public deposits shall be deposited either: (1) with a Federal Reserve Bank or a Federal Home Loan Bank or a branch thereof pursuant to Rule .0302 of this Section; or (2) …

20 NCAC 07 .0302 ESCROW WITH FEDERAL RESERVE BANK OR FEDERAL HOME LOAN BANK (a) Securities pledged with a Federal Reserve Bank or a branch thereof shall be deposited under Circular 16 of the Federal Reserve Banks in the name of the State Treasurer in the case of the Pooling Metho…

20 NCAC 07 .0303 ESCROW WITH A NATIONAL OR STATE-CHARTERED BANK (a) Any bank or trust company which is not an affiliate of the depository, and which is authorized to conduct a trust business and is chartered by the United States government or any of its fifty states is eligible t…

20 NCAC 07 .0304 PLEDGING AND RELEASING COLLATERAL (a) All pledges and releases of collateral to or from an escrow account shall be initiated by means of Form COLL-95, "Request for Collateral Pledge and/or Release." The form shall require the following: (1) Amount and description…

20 NCAC 07 .0305 SECURITY AGREEMENTS (a) Under the Dedicated Method, each depository which is required to pledge collateral to secure the deposits of a public depositor, shall execute with the public depositor Form COLL-94A, "Security Agreement with Resolution (Dedicated Method).…

SECTION .0400 - DELIVERY AND SALE OF PLEDGED SECURITIES IN THE EVENT OF DEFAULT 20 NCAC 07 .0401 REQUEST FOR DELIVERY OF PLEDGED SECURITIES (a) The State Treasurer shall, upon default of the depository, request delivery of such part of the pledged collateral as may be needed to h…

20 NCAC 07 .0402 SAFEKEEPING OF DELIVERED SECURITIES (a) The State Treasurer may, at his sole discretion, require delivery either to the Investment and Banking Division, Department of State Treasurer, 3200 Atlantic Avenue, Raleigh, North Carolina 27604 or to any duly licensed Sta…

20 NCAC 07 .0403 CERTIFICATION OF DEFAULT BY PUBLIC DEPOSITORS (a) The public depositor shall provide to the State Treasurer a statement of all circumstances which he feels gives rise to a default. Each public depositor is required to discuss with the State Treasurer the need for…

20 NCAC 07 .0404 SALE OF THE DELIVERED SECURITIES (a) The State Treasurer shall canvass its normal buyers for the type of securities which are to be sold and all potential buyers furnished to him by the depository from among licensed dealers who either make a market in the securi…

SECTION .0500 - REPORTING 20 NCAC 07 .0501 QUARTERLY REPORTING (a) In the case of the Dedicated Method, the depository shall report to each public depositor the total par value and market value of securities pledged on the last day of the calendar quarter with the escrow agent(s)…

20 NCAC 07 .0502 ANNUAL REPORTING (a) In the case of the Dedicated Method, on or before July 31 of each year, the depository shall submit to each public depositor Form COLL-98. (b) In the case of the Pooling Method, on or before July 31 of each year, each depository shall submit …

20 NCAC 07 .0503 SPECIAL CALL REPORT Not more often than once in each annual period, the State Treasurer may require each depository to furnish a report in the same detail as the annual report as of any business day not more than 10 calendar days before the date at which the spec…

20 NCAC 07 .0504 SPECIAL REPORTING RULE FOR DEDICATED METHOD DEPOSITORIES A depository which has State funds and which has elected the Dedicated Method shall file, in addition to all forms required under the Dedicated Method, Form COLL-99, "Selected Financial Data Report," referr…

20 NCAC 07 .0505 ADDITIONAL MONTHLY REPORTING REQUIREMENTS In the case of the Pooling Method, the State Treasurer may at any time and at his own discretion direct the depository to file a report in the same format as the Quarterly Report required by Rule .0501(b), but on a monthl…

SECTION .0600 - ENFORCEMENT 20 NCAC 07 .0601 AUDIT The State Treasurer may cause such audits to be performed as he believes necessary, or may request the active assistance of the State Auditor of North Carolina and of all federal and state regulatory agencies to assist him in the…

20 NCAC 07 .0602 REVOCATION The State Treasurer may at any time and at his own discretion revoke the right of a depository to use the Pooling Method pursuant to 20 NCAC 7. An appeal of such an order shall be considered a contested case. During the processing of the contested case…

20 NCAC 07 .0603 ACCELERATION OF MATURITIES (a) Whenever any depository shall fail to correct a deficiency in collateral pursuant to this Chapter, including but not limited to Rule 20 NCAC 7 .0202(e), the State Treasurer or the public depositor of a participating unit, as the cas…

CHAPTER 08 – ESCHEATS AND ABANDONED PROPERTY SECTION .0100 – GENERAL AND ADMINISTRATION 20 ncac 08 .0101 ORGANIZATION AND FUNCTIONS (a) The Escheat Fund is operated by the Escheat and Unclaimed Property Section of the Department of State Treasurer. This section is charged with th…

20 ncac 08 .0102 DEFINITIONS (a) The words defined in G.S. 116B-52 shall have the same meaning when used in this Chapter. (b) The following words and phrases defined in this Rule shall have the meanings indicated when used in this Chapter, unless the context clearly requires anot…

20 ncac 08 .0103 RULE-MAKING PROCEDURES All correspondence shall be addressed to the Escheat Administrator at the mailing address of the fund. History Note: Authority G.S. 116B-80; Eff. February 1, 1982; Amended Eff. April 1, 2001; July 1, 1987; Pursuant to G.S. 150B-21.3A, rule …

20 ncac 08 .0104 DECLARATORY RULES (a) 20 NCAC 01F .0200 shall govern the issuance of declaratory rules by the State Treasurer. (b) All correspondence shall be addressed to the Escheat Administrator at the mailing address of the fund. History Note: Authority G.S. 116B-80; Eff. Fe…

20 ncac 08 .0105 CONTESTED CASE PROCEDURES (a) 20 NCAC 01F .0300 shall govern the hearings and decisions in contested cases. (b) All correspondence shall be directed to the Escheat Administrator at the mailing address of the fund. History Note: Authority G.S. 116B-80; Eff. Februa…

20 ncac 08 .0108 FEES TO BE COLLECTED History Note: Authority G.S. 12-3.1; 116B-80; Eff. February 1, 1982; Amended Eff. April 1, 2001; November 1, 1988; Expired Eff. January 1, 2017 pursuant to G.S. 150B-21.3A.

20 ncac 08 .0109 ANNUAL FILING WITH CLERKS OF SUPERIOR COURT On or before June 30 of each year, the State Treasurer shall deliver to each clerk of Superior Court a listing of the property escheated for each owner whose address of record is within the county for which the clerk se…

20 ncac 08 .0110 EARLY ESCHEATMENT (a) If remitted to the State Treasurer, property subject to the provisions of G.S. 116B but which has not been presumed abandoned under said statute shall be returned to the holder unless the holder has received in writing permission from the St…

20 ncac 08 .0111 REGISTRATION UNDER G.S. 116B-78(f) (a) Registration under G.S. 116B-78(f) shall be for a period of a calendar year. Unless the request states that the request is for a specified calendar year, the registration will be presumed to be for the current calendar year.…

20 ncac 08 .0112 INTEREST RATE DETERMINATION The interest rate charged under G.S. 116B-77(a) shall be at the rate established by the Secretary of Revenue pursuant to G.S. 105-241.1(i). History Note: Authority G.S. 116B-80; 116B-77(a); Temporary Adoption Eff. February 22, 2000; Ef…

SECTION .0200 - INTANGIBLE PERSONAL PROPERTY 20 NCAC 08 .0201 REPORTING OF ESCHEATS BY INSURERS History Note: Authority G.S. 116B-29; 116B-42; Eff. February 1, 1982; Repealed Eff. November 1, 1988.

20 NCAC 08 .0202 REPORTING OF ESCHEATS All persons shall report to the fund directly at the address in 20 NCAC 8.0101 as prescribed by law and by this Chapter. All payments shall be made to the "Department of State Treasurer - Escheat Fund." History Note: Authority G.S. 116B-60; …

20 ncac 08 .0203 ESCHEAT REPORT Each holder shall report intangible personal property to the Escheat Fund on Form ASD-21 together with Form ASD-159 which together shall include as a minimum: (1) Holder's legal name and address; (2) Holder's federal tax identification number; (3) …

20 ncac 08 .0204 PROPERTY CLASSIFICATION CODE The following property classification codes shall be used: Code Description (1) AC01 Checking Accounts; (2) AC02 Savings Accounts; (3) AC03 Matured CD or Sav Cert; (4) AC04 Christmas Club Fund; (5) AC05 Money on Dep to Secure Fund; (6…

20 ncac 08 .0205 LATE FILING OF REPORT (a) Payments on account of property reported to the Escheat Fund as abandoned property after the date which the law requires that the sums of money be paid to the State Treasurer shall be assessed interest as provided in G.S. 116B-77(a). Int…

20 NCAC 08 .0206 REPORTING PROPERTY FOUND ON AUDIT (a) Claims for abandoned property resulting from an audit shall be made on Form ASD-160. (b) The holder shall send the notice required by G.S. 116B-59 unless the Form ASD-160 shows that notice is not required. (c) The holder shal…

SECTION .0300 - TANGIBLE PERSONAL PROPERTY 20 ncac 08 .0301 NOTIFICATION BY HOLDER TO ESCHEAT FUND (a) Each holder shall notify the Escheat Fund of the existence of tangible property when it becomes subject to the custody of the State Treasurer and shall maintain the property in …

20 ncac 08 .0302 NOTIFICATION BY ESCHEAT FUND TO HOLDER The Escheat Fund will provide to the holder a letter which will identify the property to be transferred to the custody of the State Treasurer. The holder may dispose of any property that is not required to be transferred to …

SECTION .0400 – REFUNDS 20 ncac 08 .0401 APPLICATION FOR REFUNDS (a) The following persons may apply for refunds on behalf of an owner of property transferred to the Escheat Fund: (1) the owner or a personal representative of an owner; (2) the holder or a successor to the holder;…