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

Introduced By

Sen. Phil Puckett (D-Tazewell) with support from co-patron Sen. Roscoe Reynolds (D-Martinsville)

Progress

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

Description

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. Amends § 2.2-4401 (“Definitions.”), of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed
View Bill's History