Virginia Administrative Code

A. An agency must file all regulations, including materials incorporated by reference and forms used in administering the regulation, with the registrar. The regulations shall be filed through the Regulatory Information System or as directed by the registrar. B. The agency shall …

(Repealed.)

(Repealed.)

(Repealed.)

(Repealed.)

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 t…

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 t…

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,…

The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise: "Administrative Process Act" means Chapter 40 (§ 2.2-4000 et seq.) of Title 2.2 of the Code of Virginia. "Agency" means the Department of the …

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.…

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 …

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 represen…

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…

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 work…

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 regu…

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 § …

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 Vir…

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 wi…

A. Within 10 calendar days after the end of the month, each qualified public depository shall submit to the Treasury Board an electronic report of such data required by the Treasury Board, certified as to its accuracy by an authorized official of the qualified public depository. …

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 complian…

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 …

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 pu…

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 a…

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 …

(Repealed.)

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…

(Repealed.)

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 collaterali…

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 o…

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 collateral…

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 t…

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 co…

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 …

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 parti…

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: advertisem…

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 employ…

(Repealed.)

(Repealed.)

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 i…

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 t…

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 prov…

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 ch…

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…

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 n…

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 Dis…

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…

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 deta…