Security for Public Deposits Act; makes several amendments to Act, administered by Treasury Board. (SB456)
Introduced By
Sen. Don McEachin (D-Richmond)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Virginia Security for Public Deposits Act. Makes several amendments to the Virginia Security for Public Deposits Act, which is administered by the Treasury Board. The bill changes the definition of public funds to public deposits and expands the definition to include the various funds that are held by public entities, and requires all of those funds to be collateralized. In addition, the bill allows thrift institutions, including savings banks and savings and loan associations, to participate in the collateral pool, which was previously only available to banks. The bill also (i) clarifies the procedure for payment of losses in the event of a default, (ii) adds definitions for qualified escrow agent, public depositor, pooled method, and dedicated method, and (iii) makes several technical amendments. View Full Text »
