Security for Public Deposits Act; makes several amendments to Act, administered by Treasury Board. (SB456)

Introduced By

Sen. Don McEachin (D-Richmond)


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 10103653D
01/13/2010Referred to Committee on General Laws and Technology
01/20/2010Reported from General Laws and Technology (15-Y 0-N) (see vote tally)
01/22/2010Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/25/2010Read second time and engrossed
01/26/2010Passed by for the day
01/27/2010Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/03/2010Impact statement from DPB (SB456)
02/08/2010Placed on Calendar
02/08/2010Read first time
02/08/2010Referred to Committee on Commerce and Labor
02/23/2010Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/25/2010Read second time
02/26/2010Read third time
02/26/2010Passed House BLOCK VOTE (96-Y 0-N)
02/26/2010VOTE: BLOCK VOTE PASSAGE (96-Y 0-N) (see vote tally)
03/05/2010Bill text as passed Senate and House (SB456ER)
03/05/2010Signed by Speaker
03/08/2010Signed by President
03/30/2010Impact statement from DPB (SB456ER)
04/12/2010G Approved by Governor-Chapter 674 (effective 7/1/10)
04/12/2010G Acts of Assembly Chapter text (CHAP0674)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 25 seconds.

Duplicate Bills

The following bills are identical to this one: HB1036.