Security for Public Deposits Act; establish guidleines to permit banks to withdraw from procedures. (HB1761)

Introduced By

Del. Terry Kilgore (R-Gate City)

Progress

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

Description

Virginia Security for Public Deposits Act; assessment by the Treasury Board. Provides that no qualified public depository, other than the defaulting depository, that has deposited eligible collateral in an amount equal to or greater than 100 percent of such depository's actual public deposits not otherwise covered by federal deposit insurance shall be assessed by the Treasury Board. Amends § 2.2-4403 (“Procedure for payment of losses by pooled method.”), of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed
View Bill's History