Administrative Code

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Virginia Administrative Code
Title 1. Administration
Agency 75. Department of The Treasury
Chapter 20. Virginia Security for Public Deposits Act Regulations

1VAC75-20-10. General.

A. The definitions provided by § 2.2-4401 of the Code of Virginia shall be used throughout this chapter unless the context requires otherwise.

B. The Treasury Board has designated the State Treasurer to be the chief administrative officer with respect to the provisions of the Virginia Security for Public Deposits Act (the Act) ( § 2.2-4400 et seq. of the Code of Virginia) and the State Treasurer reserves the right to designate a representative to act on his behalf.

C. The primary responsibility for compliance with the Act rests upon the financial institutions that accept and hold public deposits. If the deposit is a "public deposit," the deposit must be secured pursuant to the Act. If a depositor or a depository is unable to ascertain whether a particular deposit is a "public deposit" for purposes of the Act, they should obtain information about the purpose of the account, the custodian of the account, and under what authority the account was established and communicate with the State Treasurer's office. A final determination will be made by the State Treasurer's office with the assistance of the Office of the Attorney General, if needed.

Statutory Authority

§ 2.2-4405 of the Code of Virginia.

Historical Notes

Derived from VR640-02 § 1, eff. November 18, 1993; amended, Virginia Register Volume 39, Issue 18, eff. July 1, 2023.

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