63B-1b-202. Custodial officer -- Powers and duties.

340 words·~2 min read·/ut/title-63b/chapter-1b/63b-1b-202

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 7/1/2026

(a)There is created within the Division of Finance an officer responsible for the care, custody, safekeeping, collection, and accounting of all bonds, notes, contracts, trust documents, and other evidences of indebtedness:

(i)owned or administered by the state or an agency of the state; and

(ii)except as provided in Subsection (1)(b) , relating to revolving loan funds.

(b)Notwithstanding Subsection (1)(a) , the officer described in Subsection (1)(a) is not responsible for the care, custody, safekeeping, collection, and accounting of a bond, note, contract, trust document, or other evidence of indebtedness relating to the:

(i)Agriculture Resource Development Fund, created in Section 4-18-106 ;

(ii)Utah Rural Rehabilitation Fund, created in Section 4-19-105 ;

(iii)Petroleum Storage Tank Fund, created in Section 19-6-409 ;

(iv)Olene Walker Housing Loan Fund, created in Section 63N-24-302 ;

(v)Brownfields Fund, created in Section 19-8-120 ; and

(vi)Rural Opportunity Fund, created in Section 63N-4-805 .

(a)Each authorizing agency shall deliver to the officer for the officer's care, custody, safekeeping, collection, and accounting all bonds, notes, contracts, trust documents, and other evidences of indebtedness:

(i)owned or administered by the state or an agency of the state; and

(ii)except as provided in Subsection (1)(b) , relating to revolving loan funds.

(b)The officer shall:

(i)establish systems, programs, and facilities for the care, custody, safekeeping, collection, and accounting for the bonds, notes, contracts, trust documents, and other evidences of indebtedness submitted to the officer under this Subsection

(2); and

(ii)make available updated reports to each authorizing agency as to the status of loans under each authorizing agency's authority.

(3)The officer described in Section 63B-1b-201 shall deliver to the officer described in Subsection (1)(a) for the care, custody, safekeeping, collection, and accounting by the officer described in Subsection (1)(a) of all bonds, notes, contracts, trust documents, and other evidences of indebtedness closed as provided in Subsection 63B-1b-201(2)(b) .

Amended by Chapter 393 , 2026 General Session