Security for Public Deposits Act; makes several amendments to Act, administered by Treasury Board. (HB1036)

Introduced By

Del. Kathy Byron (R-Lynchburg)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


Bill Has Passed


01/13/2010Prefiled and ordered printed; offered 01/13/10 10103657D
01/13/2010Referred to Committee on General Laws
01/25/2010Assigned GL sub: #2 FOIA/Procurement
02/02/2010Referred from General Laws
02/02/2010Referred to Committee on Commerce and Labor
02/03/2010Impact statement from DPB (HB1036)
02/09/2010Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
02/09/2010Committee substitute printed 10105240D-H1
02/11/2010Read first time
02/12/2010Read second time
02/12/2010Committee substitute agreed to 10105240D-H1
02/12/2010Engrossed by House - committee substitute HB1036H1
02/15/2010Impact statement from DPB (HB1036H1)
02/15/2010Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/15/2010VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/16/2010Constitutional reading dispensed
02/16/2010Referred to Committee on General Laws and Technology
02/24/2010Reported from General Laws and Technology (13-Y 0-N) (see vote tally)
02/26/2010Constitutional reading dispensed (38-Y 0-N) (see vote tally)
03/01/2010Read third time
03/01/2010Passed Senate (40-Y 0-N) (see vote tally)
03/09/2010Bill text as passed House and Senate (HB1036ER)
03/09/2010Signed by Speaker
03/11/2010Signed by President
03/30/2010Impact statement from DPB (HB1036ER)
04/11/2010G Approved by Governor-Chapter 640 (effective 7/1/10)
04/11/2010G Acts of Assembly Chapter text (CHAP0640)

Duplicate Bills

The following bills are identical to this one: SB456.