80-2-232. Department's duty -- warrants -- transfers to state general fund. (1) The department shall transfer to the state treasurer all money collected under this part for deposit in the enterprise fund. All covered losses must be paid from the fund.
(2) (a) All costs other than covered losses are administrative expenses and must be paid from the enterprise fund.
(b) If registered warrants are presented and there is no money to pay the warrants, the warrants must be registered and bear interest at the rate of 4% a year until called for payment by the state treasurer.
(3) Upon authorization from the board of hail insurance, the department shall transfer from the enterprise fund to the state general fund 1.5% of the hail insurance premiums collected during the calendar year not to exceed $100,000.
History: En. Sec. 4, Ch. 169, L. 1917; amd. Sec. 1, Ch. 183, L. 1921; re-en. Sec. 355, R.C.M. 1921; amd. Sec. 8, Ch. 40, L. 1923; re-en. Sec. 355, R.C.M. 1935; amd. Sec. 1, Ch. 189, L. 1961; amd. Sec. 75, Ch. 147, L. 1963; R.C.M. 1947, 82-1511; amd. Sec. 41, Ch. 281, L. 1983; amd. Sec. 10, Ch. 691, L. 1983; amd. Sec. 3, Ch. 69, L. 1993; amd. Sec. 219, Ch. 574, L. 2001; amd. Sec. 11, Ch. 399, L. 2013.
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