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

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

For failure to comply with the Act or the regulations, the Treasury Board may rescind the authority of a qualified public depository to receive further public deposits 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 A depository that continues to hold public deposits after its authority to do so has been rescinded remains fully subject to the provisions of the Act.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 §§ 2.1-363 and 2.1-363.1 of the Code of Virginia.

Statutory Authority

§ 2.1-364 of the Code of Virginia.

Historical Notes

Derived from VR640-02 § 15, eff. November 18, 1993.

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