Virginia HB 69: Credit unions; authorizes localities and political subdivisions to hold public deposits.

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2021 SESSION

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20100837D

HOUSE BILL NO. 69 

Offered January 8, 2020 

Prefiled December 5, 2019 

A BILL to amend and reenact �� 2.2-4401, 6.2-1302, 6.2-1327, 
 and 58.1-3149 of the Code of Virginia, relating to depositories of a locality's 
 public deposits; credit unions. 
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Patron-- Carter 

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Referred to Committee on Labor and Commerce 

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Be it enacted by the General Assembly of Virginia:

1. That �� 2.2-4401, 6.2-1302, 6.2-1327, and 58.1-3149 of the 
 Code of Virginia are amended and reenacted as follows:

� 2.2-4401. Definitions.

As used in this chapter, unless the context requires a 
 different meaning:

"Dedicated method" or "opt-out method" 
 means the securing of public deposits without accepting the contingent 
 liability for the losses of public deposits of other qualified public 
 depositories, pursuant to � 2.2-4404 and regulations and guidelines promulgated 
 by the Treasury Board.

"Defaulting depository" means any qualified public 
 depository determined to be in default or insolvent.

"Default or insolvency" includes, but shall not be 
 limited to, the failure or refusal of any qualified public depository to return 
 any public deposit upon demand or at maturity and the issuance of an order of 
 supervisory authority restraining such depository from making payments of 
 deposit liabilities or the appointment of a receiver for such depository.

"Eligible collateral" means securities or 
 instruments authorized as legal investments under the laws of the Commonwealth 
 for public sinking funds or other public funds as well as Federal Home Loan 
 Bank letters of credit issued in accordance with guidelines promulgated by the 
 Treasury Board.

"Located in Virginia" means having a main office or 
 branch office in the Commonwealth where deposits are accepted, checks are paid, 
 and money is lent.

"Pooled method" means securing public deposits by 
 accepting the contingent liability for the losses of public deposits of other 
 qualified public depositories choosing this method, pursuant to � 2.2-4403 and 
 regulations and guidelines promulgated by the Treasury Board.

"Public deposit" means moneys held by a public 
 depositor who is charged with the duty to receive or administer such moneys and 
 is acting in an official capacity, such moneys being deposited in any of the 
 following types of accounts: nonnegotiable time deposits, demand deposits, 
 savings deposits, or any other transaction accounts.

"Public depositor" means the Commonwealth or any 
 county, city, town or other political subdivision thereof, including any 
 commission, institution, committee, board, or officer of the foregoing and any 
 state court.

"Qualified escrow agent" means the State Treasurer 
 or any bank or trust company approved by t