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2010 SESSION
SB 456 Security for Public Deposits Act; makes several amendments to Act, administered by Treasury Board.
Introduced by: A. Donald McEachin | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia Security for Public Deposits Act. Establishes requirements for banks and savings institutions authorized by the Treasury Board to hold public deposits under the Virginia Security for Public Deposits Act. Qualified public depositories are required to secure deposits either by the pooled method or the dedicated method, and to deposit with a qualified escrow agent eligible collateral that equals or exceeds the required collateral. The measure establishes the procedure for the Treasury Board to recover funds to reimburse public depositors for uninsured public deposits when a qualified public depository is determined to be in default or insolvent. The measure also clarifies that public deposits secured under the Act shall be deposited in a qualified public depository, makes terminology consistent, and clarifies reporting requirements. HB 1036 is identical.
FULL TEXT
- 01/13/10 Senate: Prefiled and ordered printed; offered 01/13/10 10103653D pdf | impact statement
- 03/05/10 Senate: Bill text as passed Senate and House (SB456ER) pdf | impact statement
- 04/12/10 Governor: Acts of Assembly Chapter text (CHAP0674) pdf
HISTORY
- 01/13/10 Senate: Prefiled and ordered printed; offered 01/13/10 10103653D
- 01/13/10 Senate: Referred to Committee on General Laws and Technology
- 01/20/10 Senate: Reported from General Laws and Technology (15-Y 0-N)
- 01/22/10 Senate: Constitutional reading dispensed (39-Y 0-N)
- 01/25/10 Senate: Read second time and engrossed
- 01/26/10 Senate: Passed by for the day
- 01/27/10 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/08/10 House: Placed on Calendar
- 02/08/10 House: Read first time
- 02/08/10 House: Referred to Committee on Commerce and Labor
- 02/23/10 House: Reported from Commerce and Labor (22-Y 0-N)
- 02/25/10 House: Read second time
- 02/26/10 House: Read third time
- 02/26/10 House: Passed House BLOCK VOTE (96-Y 0-N)
- 02/26/10 House: VOTE: BLOCK VOTE PASSAGE (96-Y 0-N)
- 03/05/10 Senate: Enrolled
- 03/05/10 Senate: Bill text as passed Senate and House (SB456ER)
- 03/05/10 House: Signed by Speaker
- 03/08/10 Senate: Signed by President
- 04/12/10 Governor: Approved by Governor-Chapter 674 (effective 7/1/10)
- 04/12/10 Governor: Acts of Assembly Chapter text (CHAP0674)