Wednesday, July 9, 2008
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Search 2008 Bills:

SB398: Security of Public Deposits Act; eligible collateral & amends definition of public depository.

Chief Patron

Sen. Phil Puckett (D-38)

Phil Puckett (D-38)
Served: 1998–

Progress

Yes Introduced
Yes Passed Committee
Yes Passed House
Yes Passed Senate
Yes Signed by Governor
Yes Became Law

Status

02/19/2008: signed by governor

View Entire History

Summary

Virginia Security of Public Deposits Act; qualified public depository; eligible collateral.  Includes as eligible collateral Federal Home Loan Bank letters-of-credit that adhere to the guidelines as promulgated by the Treasury Board.  The bill also amends the definition of “qualified public depository” to include banks or savings institutions that are organized under the laws of another state but have branches in Virginia.

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