reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part I - Purpose and Definitions › Section 1VAC75-11-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter is to promote public
					 involvement in the development, amendment or repeal of the regulations of the
					 Department of the Treasury and the Treasury Board. This chapter does not apply
					 to regulations, guidelines, or other documents exempted or excluded from the
					 provisions of the Administrative Process Act (§ 2.2-4000 et seq. of the Code of
					 Virginia).
Statutory Authority
§§ 2.2-2416 and 2.2-4007.02 of the Code of
						Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part II - Notification of Interested Persons › Section 1VAC75-11-30 - Notification list

Current through Register Vol. 40, No. 24, July 15, 2024
A. The agency shall
				  maintain a list of persons who have requested to be notified of regulatory
				  actions being pursued by the agency.
B. Any person may request to be placed on a
				  notification list by registering as a public user on the Town Hall or by making
				  a request to the agency. Any person who requests to be placed on a notification
				  list shall elect to be notified either by electronic means or through a postal
				  carrier.
C. The agency may maintain
				  additional lists for persons who have requested to be informed of specific
				  regulatory issues, proposals, or actions.
D. When electronic mail is returned as
				  undeliverable on multiple occasions at least 24 hours apart, that person may be
				  deleted from the list. A single undeliverable message is insufficient cause to
				  delete the person from the list.
E.
				  When mail delivered by a postal carrier is returned as undeliverable on
				  multiple occasions, that person may be deleted from the list.
F. The agency may periodically request those
				  persons on the notification list to indicate their desire to either continue to
				  be notified electronically, receive documents through a postal carrier, or be
				  deleted from the list.
Statutory Authority
§§ 2.2-2416 and 2.2-4007.02 of the Code of
						Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part II - Notification of Interested Persons › Section 1VAC75-11-40 - Information to be sent to persons on the notification list

Current through Register Vol. 40, No. 24, July 15, 2024
A. To persons electing to receive electronic
				  notification or notification through a postal carrier as described in
				  1VAC75-11-30, the agency shall send
				  the following information:
1. A notice of
				  intended regulatory action (NOIRA).
2. A notice of the comment period on a
				  proposed, a reproposed, or a fast-track regulation and hyperlinks to, or
				  instructions on how to obtain, a copy of the regulation and any supporting
				  documents.
3. A notice soliciting
				  comment on a final regulation when the regulatory process has been extended
				  pursuant to § 2.2-4007.06 or 2.2-4013C of the Code of Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part III - Public Participation Procedures › Section 1VAC75-11-50 - Public comment

Current through Register Vol. 40, No. 24, July 15, 2024
A. In
				  considering any nonemergency, nonexempt regulatory action, the agency shall
				  afford interested persons an opportunity to (i) submit data, views, and
				  arguments, either orally or in writing, to the agency; and (ii) be accompanied
				  by and represented by counsel or other representative. Such opportunity to
				  comment shall include an online public comment forum on the Town Hall.
1. To any requesting person, the agency shall
				  provide copies of the statement of basis, purpose, substance, and issues; the
				  economic impact analysis of the proposed or fast-track regulatory action; and
				  the agency's response to public comments received.
2. The agency may begin crafting a regulatory
				  action prior to or during any opportunities it provides to the public to submit
				  comments.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part III - Public Participation Procedures › Section 1VAC75-11-60 - Petition for rulemaking

Current through Register Vol. 40, No. 24, July 15, 2024
A. As
				  provided in § 2.2-4007 of the Code of Virginia, any person may petition the
				  agency to consider a regulatory action.
B. A petition shall include but is not
				  limited to the following information:
1. The
				  petitioner's name and contact information;
2. The substance and purpose of the
				  rulemaking that is requested, including reference to any applicable Virginia
				  Administrative Code sections; and
3. Reference to the legal authority of the
				  agency to take the action requested.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part III - Public Participation Procedures › Section 1VAC75-11-70 - Appointment of regulatory advisory panel

Current through Register Vol. 40, No. 24, July 15, 2024
A. The agency may appoint a regulatory
				  advisory panel (RAP) to provide professional specialization or technical
				  assistance when the agency determines that such expertise is necessary to
				  address a specific regulatory issue or action or when individuals indicate an
				  interest in working with the agency on a specific regulatory issue or
				  action.
B. Any person may request
				  the appointment of a RAP and request to participate in its activities. The
				  agency shall determine when a RAP shall be appointed and the composition of the
				  RAP.
C. A RAP may be dissolved by
				  the agency if:
1. The proposed text of the
				  regulation is posted on the Town Hall, published in the Virginia Register, or
				  such other time as the agency determines is appropriate; or
2. The agency determines that the regulatory
				  action is either exempt or excluded from the requirements of the Administrative
				  Process Act.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part III - Public Participation Procedures › Section 1VAC75-11-80 - Appointment of negotiated rulemaking panel

Current through Register Vol. 40, No. 24, July 15, 2024
A. The agency may appoint a negotiated
				  rulemaking panel (NRP) if a regulatory action is expected to be
				  controversial.
B. An NRP that has
				  been appointed by the agency may be dissolved by the agency when:
1. There is no longer controversy associated
				  with the development of the regulation;
2. The agency determines that the regulatory
				  action is either exempt or excluded from the requirements of the Administrative
				  Process Act; or
3. The agency
				  determines that resolution of a controversy is unlikely.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part III - Public Participation Procedures › Section 1VAC75-11-90 - Meetings

Current through Register Vol. 40, No. 24, July 15, 2024
Notice of any open meeting, including meetings of a RAP or
					 NRP, shall be posted on the Virginia Regulatory Town Hall and Commonwealth
					 Calendar at least seven working days prior to the date of the meeting. The
					 exception to this requirement is any meeting held in accordance with §
					 2.2-3707D of the Code of Virginia allowing for contemporaneous notice to be
					 provided to participants and the public.
Statutory Authority
§§ 2.2-2416 and 2.2-4007.02 of the Code of
						Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part III - Public Participation Procedures › Section 1VAC75-11-100 - Public hearings on regulations

Current through Register Vol. 40, No. 24, July 15, 2024
A. The agency shall indicate in its notice of
				  intended regulatory action whether it plans to hold a public hearing following
				  the publication of the proposed stage of the regulatory action.
B. The agency may conduct one or more public
				  hearings during the comment period following the publication of a proposed
				  regulatory action.
C. An agency is
				  required to hold a public hearing following the publication of the proposed
				  regulatory action when:
1. The agency's basic
				  law requires the agency to hold a public hearing;
2. The Governor directs the agency to hold a
				  public hearing; or
3. The agency
				  receives requests for a public hearing from at least 25 persons during the
				  public comment period following the publication of the notice of intended
				  regulatory action.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 11 - PUBLIC PARTICIPATION GUIDELINES › Part III - Public Participation Procedures › Section 1VAC75-11-110 - Periodic review of regulations

Current through Register Vol. 40, No. 24, July 15, 2024
A. The agency shall conduct a periodic review
				  of its regulations consistent with:
1. An
				  executive order issued by the Governor pursuant to § 2.2-4017 of the
				  Administrative Process Act to receive comment on all existing regulations as to
				  their effectiveness, efficiency, necessity, clarity, and cost of compliance;
				  and
2. The requirements in §
				  2.2-4007.1 of the Administrative Process Act regarding regulatory flexibility
				  for small businesses.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-10 - General

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-30 - Collateral requirements for qualified public depositories

Current through Register Vol. 40, No. 24, July 15, 2024
A. The Treasury Board shall establish the
				required collateral that qualified public depositories must pledge to secure
				public deposit balances in excess of insurance coverage provided by the Federal
				Deposit Insurance Corporation based on resolutions and guidelines approved by
				the Treasury Board. These collateral requirements shall be made available for
				public access. Public depositors and qualified public depositories will be
				notified of changes to the requirements in advance of their effective
				dates.
B. In the event a
				depository's average daily public deposits for the immediately preceding month
				exceed one-fifth of its average daily total deposits for that month, the
				required collateral will be in accordance with the Treasury Board's established
				collateral requirements with the added stipulation that no public deposit be
				collateralized at less than 75% of the actual public deposits held at the close
				of business on the last day of the immediately preceding month, or no public
				deposit be collateralized at less than 75% of the average balance of public
				deposits for the immediately preceding month, whichever is greater.
C. In the event a depository's average daily
				public deposits for the immediately preceding month exceed one-fifth of its
				average daily total deposits and the depository has not been actively engaged
				in the commercial banking business for at least three years, or in the event
				that a depository's average daily public deposits for the immediately preceding
				month exceed one-third of its average daily total deposits, or in the event
				that a depository has not been actively engaged in the commercial banking
				business for at least one year, the required collateral will be no less than
				100% of the actual public deposits held at the close of business on the last
				day of the immediately preceding month, or no less than 100% of the average
				balance of public deposits for the immediately preceding month, whichever is
				greater.
D. In the event a
				depository has violated the Security for Public Deposits Act or this chapter,
				or for other reasons deemed prudent by the Treasury Board, such as the
				deteriorating financial condition of the depository or the failure to meet
				compliance requirements established by the Treasury Board pursuant to
				1VAC75-20-130, the Treasury Board
				may increase the depository's collateral requirement.
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-50 - Average daily balance computation

Current through Register Vol. 40, No. 24, July 15, 2024
A. The average daily balance for any month
				shall be derived by dividing the sum of the daily balances of any item being
				computed by the number of calendar days in the month.
B. In computing the amount of public deposits
				and the average balance of public deposits to be collateralized during any
				month, there shall be excluded the amount of each deposit that is insured by
				the Federal Deposit Insurance Corporation.
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-60 - Eligible collateral

Current through Register Vol. 40, No. 24, July 15, 2024
A. Securities
				eligible for collateral are limited to:
1.
				Obligations of the Commonwealth. Bonds, notes and other evidences of
				indebtedness of the Commonwealth of Virginia, and securities unconditionally
				guaranteed as to the payment of principal and interest by the Commonwealth of
				Virginia.
2. Obligations of the
				United States. Bonds, notes and other obligations of the United States, and
				securities unconditionally guaranteed as to the payment of principal and
				interest by the United States, or any agency thereof.
3. Obligations of Virginia counties, cities,
				and other public bodies. Bonds, notes, and other evidences of indebtedness of
				any county, city, town, district, authority, or other public body of the
				Commonwealth upon which there is no default provided that such bonds, notes,
				and other evidences of indebtedness of any county, city, town, district,
				authority, or other public body are either direct legal obligations of, or
				unconditionally guaranteed as to the payment of principal and interest by, the
				county, city, town, district, authority, or other public body in question and
				revenue bonds issued by agencies or authorities of the Commonwealth or its
				political subdivisions upon which there is no default and that are rated Baa2
				or better by Moody's Investors Service, Inc. or BBB or better by Fitch Ratings,
				Inc. or Standard & Poor's Financial Services LLC.
4. Bonds and other obligations issued,
				guaranteed, or assumed by the International Bank for Reconstruction and
				Development by the African Development Bank, or by the Asian Development
				Bank.
5. Obligations partially
				insured or guaranteed by any U.S. Government Agency.
6. Obligations (including revenue bonds) of
				states, other than Virginia, and their municipalities or political subdivisions
				rated A2 or better by Moody's Investors Service, Inc. or A or better by Fitch
				Ratings, Inc. or Standard & Poor's Financial Services LLC.
7. Any additional securities approved by the
				Treasury Board pursuant to § 2.2-4405.4 of the Code of Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-70 - Valuation of collateral

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each
				qualified public depository shall value its securities for reporting purposes
				at current market value as of the close of business on the last day of the
				immediately preceding month. Weekly, qualified public depositories that have
				elected the dedicated method of collateralization must additionally report
				current market values as of the close of business on Friday of the immediately
				preceding week. At all times the current market value of collateral must be
				equal to or greater than a depository's required collateral as defined in
				1VAC75-20-30 and
				1VAC75-20-80. Current market value
				is defined as the market value of a security priced on a same day basis or no
				older than one business day. Business day is defined as any day other than a
				Saturday, Sunday, a legal holiday, or a day in which banking institutions are
				authorized or required by law or other governmental action to be
				closed.
B. The Treasury Board may
				require that certain securities that are difficult-to-value or subject to rapid
				declines in value or otherwise represent a risk of decrease in value be valued
				at a rate less than 100% of their market value. Accordingly, this shall apply
				to all of the following security types: mortgage-backed securities (MBS) and
				collateralized mortgage obligations (CMO) issued by United States agencies or
				government-sponsored enterprises (GSE) shall be valued at 80% of their market
				value; obligations (bonds, notes, and other evidences of indebtedness) of the
				Commonwealth of Virginia and any Virginia county, city, town, authority, or
				other public body shall be valued at 90% of their market value; and obligations
				(bonds, notes, and other evidences of indebtedness) of other states and their
				municipalities and political subdivisions shall be valued at 80% of their
				market value. Qualified public depositories shall have six months from July 1,
				2023, to adjust their pledged collateral, if necessary.
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-80 - Deposit of collateral

Current through Register Vol. 40, No. 24, July 15, 2024
A. No
				qualified public depository shall accept or retain any public deposit that is
				required to be secured unless it has previously executed a "Public Deposit
				Security Agreement," approved by the depository's Board of Directors or Loan
				Committee, with such approval reflected in the minutes of said board or
				committee. The depository shall maintain the security agreement as an official
				record continuously from the time of its execution. The depository must also
				have deposited eligible collateral, as defined in this chapter, equal to its
				required collateral, determined as provided in this chapter, with an eligible
				escrow agent approved by the State Treasurer. Each depository is responsible
				for providing a written notification and executing new agreements upon its name
				change.
B. Whether or not a
				qualified public depository has eligible collateral deposited as provided at
				the time it receives a public deposit, if such deposit would result in an
				increase in the qualified public depository's required collateral computed as
				of the day on which the deposit is received, such qualified public depository
				shall immediately deposit sufficient securities to increase its collateral to
				an amount equal to that determined pursuant to
				1VAC75-20-30 utilizing the
				qualified public depository's actual public deposits held at the close of
				business on the day such deposit is received. Written notice of deposit of
				collateral shall be submitted to the Treasury Board.
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-90 - Substitution of eligible collateral

Current through Register Vol. 40, No. 24, July 15, 2024
A. A substitution of eligible collateral may
				be made by the qualified public depository at any time provided that the
				current market value of the collateral substituted is equal to or greater than
				the current market value of the collateral withdrawn.
B. At the time of making a collateral
				substitution, the qualified public depository shall prepare a request for the
				substitution upon a form approved by the Treasury Board and provide it to the
				escrow agent and to the Treasury Board. The escrow agent shall not allow a
				collateral substitution unless the current market value of the collateral to be
				substituted is equal to or greater than the current market value of the
				collateral to be withdrawn. Current market value for the escrow agent in
				regards to a substitution is the market value of a security priced on a same
				day basis or no older than one business day prior to the date of the
				substitution. The escrow agent shall calculate adjustments to the current
				market value of collateral that the Treasury Board has identified as
				difficult-to-value or subject to rapid declines in value or otherwise
				represents a risk of decrease in value at the time of substitution to determine
				if the market value is equal to or greater than the value of the collateral to
				be withdrawn in accordance with
				1VAC75-20-70.
C. In the event the current market value of
				the substituted collateral is not equal to or greater than the value of the
				collateral to be withdrawn as determined in accordance with
				1VAC75-20-70, the qualified public
				depository shall obtain written approval of the Treasury Board to substitute
				the collateral.
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-100 - Withdrawal of collateral

Current through Register Vol. 40, No. 24, July 15, 2024
A qualified public depository shall not be permitted to
				  withdraw collateral previously pledged without the prior written approval of
				  the Treasury Board. The Treasury Board may grant such approval only if the
				  qualified public depository certifies in writing that such withdrawal will not
				  reduce the current market value of its pledged collateral below its required
				  collateral as defined by this chapter, and this certification is substantiated
				  by a statement reporting the qualified public depository's current public
				  deposits, which indicates that after withdrawal such deposits will continue to
				  be secured to the full extent required by the law and regulations. Current
				  public deposits for this purpose are the amount of public deposits held at the
				  time of withdrawal of collateral. The escrow agent shall not permit the
				  qualified public depository to withdraw collateral without the prior written
				  approval of the Treasury Board.
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-120 - Reports by State Treasurer

Current through Register Vol. 40, No. 24, July 15, 2024
The State Treasurer shall make available to public depositors
				  and their auditors reports of compliance irregularities of public depositories
				  including undercollateralization and repeated late filings of required
				  compliance reports. The Treasury Board shall be notified of compliance
				  irregularities during the board's regularly scheduled
				  meetings.
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-130 - Eligibility criteria and compliance requirements for qualified public depositories

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to the power granted under § 2.2-4405 of the Code of
				  Virginia, the Treasury Board may establish criteria to become a qualified
				  public depository and compliance requirements for continued eligibility.
1. To become a qualified public depository,
				the minimum qualifications are that a bank:
a. Meet the requirements of a qualified
				public depository as defined in § 2.2-4401 of the Code of Virginia.
b. Have an average or above rating from the
				Treasury Board's designated rating service for the most recent eight calendar
				quarters.
c. Cannot be under a
				formal federal or state bank regulatory enforcement action that would impair
				its ability to serve as a qualified public depository, to be determined on a
				case-by-case basis. Banks will be required to disclose to the Treasury Board
				any such formal enforcement actions currently in force.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-140 - Eligibility criteria and compliance requirements for escrow agents

Current through Register Vol. 40, No. 24, July 15, 2024
All escrow agent requirements shall be outlined under a
				  "Master Custodial Agreement" to be signed by an authorized officer for the
				  escrow agent and the State Treasurer, acting on behalf of the Treasury Board. A
				  depository may have no more than one escrow agreement for Virginia public
				  deposits in effect at any given time period. The escrow agent is responsible
				  for providing a written notification and executing new agreements upon its name
				  change. An escrow agent selected by a qualified public depository for the
				  purpose of holding collateral pledged to the Treasury Board under the Virginia
				  Security for Public Deposits Act (the Act) must meet the following
				  requirements:
1. To become an escrow
				agent, the minimum requirements are that an entity:
a. Be a bank or trust company organized under
				federal law, Virginia law, or under the laws of another state.
b. Be located in Virginia, meaning it has a
				main office or branch office in the Commonwealth where deposits are accepted,
				checks are paid, and money is lent, or where similar services required by an
				escrow agent under the Security for Public Deposits Act Master Custodial
				Agreement are offered. Existing escrow agents not located in Virginia are
				exempt from this requirement.
c.
				Have an Average or above rating from the Treasury Board's designated rating
				service for the most recent eight calendar quarters.
d. Cannot be under a formal federal or state
				bank regulatory enforcement action that would impair its ability to serve as an
				escrow agent, to be determined on a case-by-case basis. Banks will be required
				to disclose to the Treasury Board any such formal enforcement actions currently
				in force.
e. Be an independent
				entity in the performance of its duties on behalf of the Treasury Board. The
				escrow agent may not be the depository itself, its holding company, or any
				affiliate of the depository.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-150 - Suspension of authority to receive public deposits

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Section 1VAC75-20-160 - Exception reportings by public depositors

Current through Register Vol. 40, No. 24, July 15, 2024
Upon receipt of the quarterly public depositor report, as
				  outlined in
				  1VAC75-20-110, public depositors
				  shall notify the State Treasurer of any unresolved discrepancy between the
				  information provided and the public depositors' records. Additionally, public
				  depositors shall verify and confirm to the Department of the Treasury their
				  account balances as reported by the "Public Fund Accounts" search feature on
				  the Department of the Treasury's website after the end of each quarter to
				  ensure their public funds accounts are being properly reported to the Treasury
				  Board by their qualified public depositories.
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS › Form - FORMS (1VAC75-20)

Current through Register Vol. 40, No. 24, July 15, 2024
Master
				  Custodial Agreement (filed 1/2022)
Public
				  Deposit Security Agreement (filed 1/2022)
Statutory Authority: § 2.2-4405 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms, when used in this chapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise:
"Agency" means the Department of the Treasury.
"Escheator" means any individual who has been appointed and
				  qualified, and who continues in service in accordance with §§ 55.1-2401,
				  55.1-2402, and 55.1-2403 of the Code of Virginia.
Statutory Authority: § 55.1-2439 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-40 - Annual reporting requirement for local government treasurers

Current through Register Vol. 40, No. 24, July 15, 2024
An Annual Escheat Report shall be submitted by each local
				  government treasurer, director of finance, or other designated local government
				  official to the appointed escheator for that locality and to the agency by May
				  31 of each year for the calendar year just ended. This report is required even
				  if there are no real property parcels to be reported. The report shall be
				  prepared on the appropriate form, or in an approved format, and shall be
				  submitted on either hard copy or an acceptable diskette in a file layout and
				  format approved by the agency. The report shall be certified as to its accuracy
				  by the commissioner of revenue or designated local official prior to the May 31
				  submission date.
The local government treasurer, director of finance, or other
				  designated local government official shall include in the Annual Escheat Report
				  all real properties pursuant to § 55.1-2404 of the Code of
				  Virginia.
Statutory Authority: § 55.1-2439 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-50 - Annual reporting requirements for escheators

Current through Register Vol. 40, No. 24, July 15, 2024
Escheators shall be required to file a report with the
				  agency by March 1 of each year, for the calendar year just ended, summarizing
				  escheat activity for that period. The required report shall include, but not be
				  limited to, (i) information about any litigation occurring during the period
				  and the status of such litigation, (ii) the status of any collection
				  proceedings, (iii) the status of any real estate parcels removed from the
				  escheat process subsequent to an inquest, (iv) the status of any other real
				  estate parcels under the escheator's control, and (v) any other information
				  which should be brought to the agency's attention that the escheator deems to
				  be relevant to the escheat process. The escheator shall provide, upon written
				  request from the agency, any additional data relating to this report within 30
				  days of such request.
Statutory Authority
§ 55-200.1 of the Code of Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-60 - Required bond for escheators

Current through Register Vol. 40, No. 24, July 15, 2024
Each escheator shall give bond for the judicial circuit for
				  which he is appointed in the circuit court for the locality in which he
				  resides. The bond in the amount of $3,000 shall be obtained within 60 days of
				  confirmation of the appointment and a copy of such bond should be provided to
				  the State Treasurer. This bond shall remain in force as long as the escheator
				  shall continue in office until removed or until a successor is duly appointed
				  and qualified.
If property in another locality within the judicial circuit
				  escheats to the Commonwealth at the inquest hearing, the escheator shall give
				  additional bond pursuant to the requirements in § 55.1-2402 of the Code of
				  Virginia.
Statutory Authority: § 55.1-2439 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-70 - Escheator's responsibility for collection of sale proceeds and remittance to State Treasurer

Current through Register Vol. 40, No. 24, July 15, 2024
The escheator shall be responsible for the collection of all
				  moneys during the escheat process. Any and all moneys collected during the
				  escheat process shall be deposited into the bank account of the escheator no
				  later than the next banking day following the collection date. A check for the
				  full amount collected shall be drawn on this account and made payable to the
				  Treasurer of Virginia no later than 10 banking days following the deposit date.
				  The escheator shall submit the check and complete columns 5, 6, 7, and 8 of the
				  Annual Escheat Report Form received from the local treasurer or submit other
				  supporting documentation for funds collected other than sale proceeds.
The escheator shall be responsible for the collection of any
				  checks relative to the escheat process returned by the bank to the escheator's
				  bank account for insufficient funds or any other reason that makes a check
				  uncollectible. The escheator shall institute procedures for collection of these
				  moneys immediately upon notification from the bank that a check has been
				  returned uncollected. The procedures shall include a written notice to the
				  maker of the returned check advising the maker that payment, with certified
				  funds or cash, be made within five business days of the correspondence date. In
				  regard to a sale transaction, the notice shall state that failure to comply may
				  result in (i) the forfeiture of any deposit and the resale of escheated
				  property pursuant to § 55.1-2425 of the Code of Virginia, (ii) a suit to
				  enforce specific performance of the sale agreement, (iii) resale of the
				  property and suit for any damages resulting from default by the purchaser, or
				  (iv) any other remedy at law or in equity available to a seller against a
				  defaulting purchaser of real estate.
Statutory Authority: § 55.1-2439 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-80 - Defaulting purchasers

Current through Register Vol. 40, No. 24, July 15, 2024
If a sale of escheated property is not consummated for any
				  reason constituting a default by the purchaser pursuant to § 55-187 of the Code
				  of Virginia, the escheator shall notify the purchaser in writing that the
				  purchaser's default may result in (i) the forfeiture of any deposit and the
				  resale of the escheated property at the next sale of escheated property for
				  that locality, (ii) a suit to enforce specific performance of the sale
				  agreement, (iii) resale of the property and a suit for any damages resulting
				  from the subsequent sale at a lesser purchase price, (iv) any other remedy at
				  law or in equity available to a seller against a defaulting purchaser of real
				  estate, and (v) cash or a certified check being required from the purchaser for
				  any future transaction involving the purchase of escheated property. The
				  notification shall also inform the purchaser of the right to have an
				  administrative review of actions taken by the escheator or the agency. Before
				  an escheator may bring a suit against a defaulting purchaser, express authority
				  to do so in each case shall be obtained from the Office of the Attorney General
				  of the Commonwealth of Virginia and approval of anticipated expenses of
				  litigation shall be obtained from the agency.
Statutory Authority
§ 55-200.1 of the Code of Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-90 - Required written disclosures to be made by the escheator at the escheat auction

Current through Register Vol. 40, No. 24, July 15, 2024
The escheator shall provide written information to any and
				  all individuals who register as a bidder for an escheat sale that the grant for
				  the escheated property will be issued in accordance with § 55.1-2422 of the
				  Code of Virginia and that this statutory form of grant contains no warranty of
				  title. In addition, the written information shall instruct any and all bidders
				  seeking a recovery of proceeds from a sale of escheated property that the
				  recovery of proceeds of each sale from the Commonwealth, less the expenses of
				  sale and the escheator's fee, may be obtained if the buyer, pursuant to §
				  55.1-2438 of the Code of Virginia, submits satisfactory evidence to the State
				  Treasurer within 120 days of the sale that the escheated property does not
				  exist or was improperly escheated.
Statutory Authority: § 55.1-2439 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-100 - Commission basis for the escheator and the auctioneer

Current through Register Vol. 40, No. 24, July 15, 2024
The commissions paid to the escheator (10%) and the
				  auctioneer (5.0%) are determined based on the proceeds collected from the sales
				  of escheated property. If a partial payment is collected and the purchaser
				  fails to complete the sales transaction, the purchaser forfeits the partial
				  payment to the State Treasurer and the commissions paid shall be based on the
				  partial payment only. The commissions base does not include recording fees.
				  Reimbursable expenses of the escheator and auctioneer are in addition to the
				  commissions paid.
Statutory Authority
§ 55-200.1 of the Code of Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-110 - Reimbursable expenses and required documents of the auctioneer

Current through Register Vol. 40, No. 24, July 15, 2024
The auctioneer shall submit an expense report with supporting
				  documentation to the State Treasurer within 30 days of the auction to ensure
				  proper reimbursement of the auction expenses pursuant to § 55.1-2421 of the
				  Code of Virginia. Reimbursable expenses shall include: advertisements, postage,
				  payroll, and any other expenses directly related to the auction, but in no case
				  shall the expense reimbursement exceed 5.0% of the proceeds collected. Proceeds
				  do not include recording fees.
Statutory Authority: § 55.1-2439 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 30 - DEFINITIONS › Section 1VAC75-30-120 - Fees charged for requests under the Virginia Freedom of Information Act (section 22-3700 et seq of the Code of Virginia)

Current through Register Vol. 40, No. 24, July 15, 2024
Fees shall be computed on all requests for information under
				  the Virginia Freedom of Information Act, Chapter 37 ( § 2.2-3700 et seq.) of
				  Title 2.2 of the Code of Virginia, related to the escheat process. The fee
				  assessed shall be determined based on the actual time of the employee
				  performing the duties necessary to comply with the request and other costs
				  incurred. Other costs include copies, postage, and any other cost directly
				  associated with providing the requested information.
If there is an amount due the agency and it is in excess of
				  30 days past due, current and future requests for information will be withheld
				  until the outstanding amount is paid to the agency. Continued failure to pay
				  fees when due may result in the agency requesting payment in advance.
Statutory Authority: § 55.1-2439 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 40 - DEFINITIONS › Section 1VAC75-40-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter shall
				  have the following meanings unless the context clearly indicates
				  otherwise.
"Abandoned property" means funds or other property, tangible
				  or intangible, presumed abandoned under the act.
"Act" refers to the Virginia Disposition of Unclaimed
				  Property Act, Chapter 25 (§ 55.1-2500 et seq.) of Title 55.1 of the Code of
				  Virginia.
"Administrator" means the State Treasurer or the State
				  Treasurer's designee.
"Applicant" means any person (i) asserting ownership of
				  property remitted to the Commonwealth under the Virginia Disposition of
				  Unclaimed Property Act, (ii) required to pay or deliver abandoned property
				  pursuant to the Virginia Disposition of Unclaimed Property Act, or (iii)
				  otherwise aggrieved by a decision of the administrator.
"Division of Unclaimed Property" means the Division in the
				  Department of the Treasury of the Commonwealth responsible for administration
				  of the Virginia Disposition of Unclaimed Property Act.
"Holder" means a person, wherever organized or domiciled, who
				  is (i) in possession of property belonging to another, (ii) a trustee in case
				  of a trust, or (iii) indebted to another on an obligation.
Statutory Authority: § 55.1-2541 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 40 - DEFINITIONS › Section 1VAC75-40-20 - Administrator to give written notice to any person asserting ownership of property when payment denied

Current through Register Vol. 40, No. 24, July 15, 2024
The administrator will issue a denial of payment letter to
				  any person asserting ownership of property remitted to the Commonwealth under
				  the act where it is determined that the evidence submitted does not provide
				  sufficient proof of ownership.
Statutory Authority: § 55.1-2541 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 40 - DEFINITIONS › Section 1VAC75-40-30 - Administrator to give written notice for failure to pay or deliver abandoned property

Current through Register Vol. 40, No. 24, July 15, 2024
The administrator shall issue a written notice to any person
				  who the administrator ascertains has failed to pay or deliver abandoned
				  property. The notice will demand the remittance of the property and payment of
				  any penalties and interest. The notice will be accompanied by a detailed
				  explanation of the person's right to administrative or judicial review. The
				  notice will require the holder to remit the demanded property, plus penalties
				  and interest, if any, to the administrator within 90 days from the date the
				  notice is received by the holder unless the holder requests (i) an
				  administrative review in accordance with this regulation, or (ii) a judicial
				  review in accordance with § 55.1-2534 of the Code of
				  Virginia.
Statutory Authority: § 55.1-2541 of the Code of
					 Virginia.
Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 75 - DEPARTMENT OF THE TREASURY › Chapter 40 - DEFINITIONS › Section 1VAC75-40-40 - Request for administrative review

Current through Register Vol. 40, No. 24, July 15, 2024
Any person aggrieved by a decision of the administrator may
				  file a request for administrative review and correction of the administrator's
				  determination.
1. Any person asserting
				ownership of property remitted to the Commonwealth receiving a denial of
				payment letter from the administrator may file an application for
				administrative review within 90 days from the date the notice is received by
				such person.
2. Any person
				receiving a written notice from the administrator demanding the remittance of
				property and the payment of penalties and interest, if any, may file an
				application for administrative review within 90 days after receipt by the
				holder of the written notice.
3.
				Any person otherwise aggrieved by a decision of the administrator may file an
				application for administrative review within 90 days from the date the written
				notice is received by such person.
Statutory Authority: § 55.1-2541 of the Code of
					 Virginia.