39-51-402. Unemployment insurance fund -- custodian -- accounts and deposits.
225 words·~1 min read·
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39-51-402 . Unemployment insurance fund -- custodian -- accounts and deposits.
(1)The commissioner of labor and industry is the ex officio treasurer and custodian of the unemployment insurance fund and shall administer that fund in accordance with this chapter. The commissioner shall maintain within the fund three separate accounts:
(a)a clearing account;
(b)an unemployment trust fund account; and
(c)a benefit account.
(2)All money payable to the unemployment insurance fund, upon receipt by the department, must be immediately deposited in the clearing account. Refunds payable pursuant to 39-51-1110 may be paid from the clearing account. After clearance, all other money in the clearing account must be immediately deposited with the secretary of the treasury of the United States to the credit of the account of this state in the unemployment trust fund, established and maintained pursuant to section 904 of the Social Security Act (42 U.S.C. 1104), as amended.
(3)The benefit account consists of all money requisitioned for the payment of benefits from this state's account in the unemployment trust fund.
(4)Except as otherwise provided, money in the clearing and benefit accounts may be deposited in any bank or public depository in which general funds of the state may be deposited, but a public deposit insurance charge or premium may not be paid out of the unemployment insurance fund.