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2008 SESSION

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SB 398 Security of Public Deposits Act; eligible collateral & amends definition of public depository.

Introduced by: Phillip P. Puckett | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Virginia Security of Public Deposits Act; qualified public depository; eligible collateral. Includes as eligible collateral Federal Home Loan Bank letters-of-credit that adhere to the guidelines as promulgated by the Treasury Board. The bill also amends the definition of "qualified public depository" to include banks, trust companies, or savings institutions that are organized under the laws of another state and having a main office or branch office in Virginia where deposits are accepted, checks are paid, and money is lent.


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