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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
11/5/2024

1VAC75-20-150. Suspension of authority to receive public deposits.

For failure to comply with the Virginia Security for Public Deposits Act (the Act) or this chapter, the Treasury Board may rescind the authority of a qualified public depository to open new public deposit accounts, or accept new deposits into existing public deposit accounts in accordance with 1VAC75-20-130. A depository that continues to hold public deposits after its authority to do so has been rescinded remains fully subject to the provisions of the Act. This includes, without limitation, continuing to meet collateralization and reporting requirements and acting as a qualified public depository for purposes of §§ 2.2-4403 and 2.2-4404 of the Code of Virginia.

Statutory Authority

§ 2.2-4405 of the Code of Virginia.

Historical Notes

Derived from VR640-02 § 15, eff. November 18, 1993; amended, Virginia Register Volume 39, Issue 18, eff. July 1, 2023.

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