(1) As used in this section, "agency" means each officer, board, commission, institution, department, division, agency, and other similar instrumentality of the state of Utah.
(2) Except as provided under Section 53H-8-502, or through the receipt of a written variance from the state treasurer, each agency shall deposit daily, if practicable, but no later than once every three banking days, all collections of state money and other public funds with:
(a) the state treasurer; or
(b) a qualified depository for the credit of the state.
(3) The state treasurer may make policies governing the reporting and remitting of these funds.