(1) Whenever the public funds on deposit in a public depositary exceed the limits set forth in RCW 39.58.135, such public depositary shall immediately:

(a) Notify the commission; and

(b) Pledge additional collateral, if necessary, to provide one hundred percent collateralization of such excess deposits.

(2) When a public depositary's net worth position is reduced, such public depositary shall determine if any treasurer's or state treasurer's funds on deposit exceed the revised net worth. If any such excess deposits exist, the public depositary shall immediately notify the commission and provide the commission with a detailed accounting of deposits. The public depositary shall also advise the commission of its intent to:

(a) Provide one hundred percent collateralization of the excess deposits; or

(b) Allow the treasurer to withdraw such deposits in accordance with RCW 39.58.130.