A. This chapter may be cited as the “Virginia Security for Public Deposits Act.” B. The General Assembly intends by this chapter to establish a single body of law applicable to the pledge of collateral for public deposits in financial institutions so that the procedure for securing public deposits may be uniform throughout the Commonwealth. […]
As used in this chapter, unless the context requires a different meaning: “Dedicated method” or “opt-out method” means the securing of public deposits without accepting the contingent liability for the losses of public deposits of other qualified public depositories, pursuant to § 2.2-4404 and regulations and guidelines promulgated by the Treasury Board. “Defaulting depository” means […]
Qualified public depositories shall elect to secure deposits by either the pooled method or the dedicated method. Every qualified public depository shall deposit with a qualified escrow agent eligible collateral equal to or in excess of the required collateral. Eligible collateral shall be valued as determined by the Treasury Board. Substitutions and withdrawals of eligible […]
When the Treasury Board determines that a qualified public depository securing public deposits in accordance with this section is a defaulting depository, it shall as promptly as practicable take steps to reimburse public depositors for uninsured public deposits using the following procedures: 1. The Treasury Board shall ascertain the amount of uninsured public deposits held […]
When the Treasury Board determines that a qualified public depository securing public deposits in accordance with this section is a defaulting depository, it shall as promptly as practicable take steps to reimburse public depositors of all uninsured public deposits using the following procedures: 1. The Treasury Board shall ascertain the amount of uninsured public deposits […]
The Treasury Board shall have power to: 1. Make and enforce regulations and guidelines necessary and proper to the full and complete performance of its functions under this chapter; 2. Prescribe and enforce regulations and guidelines fixing terms and conditions consistent with this chapter under which public deposits must be secured; 3. Require additional collateral, […]
Upon payment in full to any public depositor on any claim presented pursuant to § 2.2-4403 or 2.2-4404, the Treasury Board shall be subrogated to all of such depositor’s rights, title and interest against the depository in default or insolvent and shall share in any distribution of such defaulting or insolvent depository’s assets ratably with […]
Public deposits required to be secured pursuant to this chapter shall be deposited in a qualified public depository. 1973, c. 172, § 2.1-366; 2001, c. 844; 2010, cc. 640, 674.
A. All public depositors are hereby authorized to make public deposits under their control in qualified public depositories, securing such public deposits pursuant to this chapter. B. Local officials handling public deposits in the Commonwealth may not require from a qualified public depository any pledge of collateral for their deposits in excess of the requirements […]
All qualified public depositories are hereby authorized to secure public deposits in accordance with this chapter and shall be deemed to have accepted the liabilities and duties imposed upon it pursuant to this chapter. 1973, c. 172, § 2.1-368; 2001, c. 844; 2010, cc. 640, 674.
When deposits are made in accordance with this chapter no official of a public depositor shall be personally liable for any loss resulting from the default or insolvency of any qualified public depository in the absence of negligence, malfeasance, misfeasance, or nonfeasance on his part or on the part of his agents. 1973, c. 172, […]
By the tenth day after the end of each calendar reporting month or when requested by the Treasury Board each qualified public depository shall submit to the Treasury Board an electronic report of such data required by the Treasury Board to demonstrate that the current market value of its pledged collateral was equal to or […]
