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1994 SESSION

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CHAPTER 565 An Act to amend and reenact § 2.1-726 of the Code of Virginia, relating to the Debt Collection Act. [H 887] Approved April 9, 1994

Be it enacted by the General Assembly of Virginia:

1. That § 2.1-726 of the Code of Virginia is amended and reenacted as follows:

§ 2.1-726. Definitions.

As used in this chapter:

"Accounts receivable" refers to the classification of debts due the Commonwealth, including judgments, fines, costs, and penalties imposed upon conviction for criminal and traffic offenses, and as defined in the guidelines promulgated by the State Comptroller.

"Discharge" means the compromise and settlement of disputes, claims, and controversies of the Commonwealth by the office of the Attorney General as authorized by § 2.1-127.

"Past-due" means any account receivable for which payment has not been received by the payment due date.

"State agency and institution" means any authority, board, department, instrumentality, agency or other unit in any branch of state government. The term shall not include any county, city or town, or any local or regional governmental authority or any "nonstate agency" as defined in the Appropriations Act.

"Write-off" means a transaction to remove from an agency's financial accounting records an account receivable that management has determined to be uncollectible.