Notice to public officials regarding adequacy of collateral

(1) Within three business days after the State Treasurer determines that a qualified depository has failed to increase the value of the depository’s collateral within the time required under ORS 295.015 (3)(b) or receives information from the Director of the Department of Consumer and Business Services or other sources under ORS 295.071 or 295.073, or otherwise receives information that indicates that a qualified depository has failed to pledge adequate securities with the depository’s custodian or otherwise provided adequate collateral, the State Treasurer shall send written notice of the failure to each public official who has uninsured public funds on deposit in the depository. (2) Within five business days after the State Treasurer receives a receipt from a custodian pursuant to ORS 295.013 (1) that indicates that a qualified depository has pledged adequate securities with the depository’s custodian or satisfactory evidence of other adequate collateral, the State Treasurer shall send written notice to each public official who was notified under subsection (1) of this section stating that the depository has adequate collateral.