Sec. 3. The treasurer of state shall be ex officio treasurer and custodian of the fund and shall administer the fund in accordance with the provisions of this article and the directions of the commissioner. All contributions provided for in this article shall be paid to and collected by the department. All contributions and other money payable to the fund as provided in this article upon receipt by the department shall be paid to and deposited in a separate clearing account for the exclusive benefit of the unemployment insurance benefit fund. The commissioner shall forward the money and deposit it, together with any money earned while in the treasurer’s custody and any other money received by the treasurer for the payment of benefits from any source other than the unemployment trust fund, with the Secretary of the Treasury of the United States of America to the credit of the unemployment trust fund. All money belonging to the unemployment insurance benefit fund and not otherwise deposited, invested, or paid over pursuant to the provisions of this article may be deposited by the treasurer of state under the direction of the commissioner in any banks or public depositories in which general funds of the state may be deposited, but no public deposit insurance charge or premium shall be paid out of money in the unemployment insurance benefit fund, any other provisions of law to the contrary notwithstanding. The treasurer of state shall, if required by the Social Security Administration, give a separate bond conditioned upon the faithful performance of the treasurer’s duties as custodian of the fund in an amount and with such sureties as shall be fixed and approved by the governor. Premiums for the bond shall be paid as provided in IC 22-4-24.

Formerly: Acts 1947, c.208, s.2703. As amended by P.L.144-1986, SEC.124; P.L.18-1987, SEC.70; P.L.21-1995, SEC.106; P.L.171-2016, SEC.39; P.L.122-2019, SEC.37.