Virginia Department of the Treasury

4. Public Participation Guidelines (Title 1, Chapter 11) 1VAC75-11-50

Provisions: 13 0 13 0 0 Req: 0

5. Public Participation Guidelines (Title 1, Chapter 11) 1VAC75-11-60

Provisions: 7 0 7 0 0 Req: 0

6. Public Participation Guidelines (Title 1, Chapter 11) 1VAC75-11-70

7. Public Participation Guidelines (Title 1, Chapter 11) 1VAC75-11-80

8. Public Participation Guidelines (Title 1, Chapter 11) 1VAC75-11-90

9. Public Participation Guidelines (Title 1, Chapter 11) 1VAC75-11-100

Provisions: 6 0 6 0 0 Req: 0

10. Public Participation Guidelines (Title 1, Chapter 11) 1VAC75-11-110

11. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-10

Provisions: 3 0 3 0 0 Req: 2

12. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-30

13. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-50

14. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-60

Provisions: 11 0 11 0 0 Req: 5

15. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-70

Provisions: 2 0 2 0 0 Req: 7

16. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-80

Provisions: 2 0 2 0 0 Req: 5

17. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-90

Provisions: 3 0 3 0 0 Req: 3

18. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-100

19. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-110

Provisions: 5 0 5 0 0 Req: 6

20. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-120

21. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-130

Provisions: 14 0 12 2 0 Req: 8

22. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-140

Provisions: 28 0 28 0 0 Req: 10

23. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-150

Provisions: 1 0 1 0 0 Req: 0

24. Virginia Security for Public Deposits Act Regulations (Title 1, Chapter 20) 1VAC75-20-160

25. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-10

Provisions: 1 0 1 0 0 Req: 0

26. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-40

Provisions: 5 0 5 0 0 Req: 4

27. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-50

Provisions: 3 0 3 0 0 Req: 2

28. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-60

29. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-70

Provisions: 8 0 6 2 0 Req: 7

30. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-80

Provisions: 3 0 3 0 0 Req: 1

31. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-90

Provisions: 2 0 2 0 0 Req: 2

32. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-100

Provisions: 4 0 0 0 4 Req: 2

33. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-110

Provisions: 3 0 3 0 0 Req: 2

34. Regulations Governing Escheats (Title 1, Chapter 30) 1VAC75-30-120

Provisions: 6 0 6 0 0 Req: 3

35. Unclaimed Property Administrative Review Process (Title 1, Chapter 40) 1VAC75-40-10

Provisions: 7 0 7 0 0 Req: 0

36. Unclaimed Property Administrative Review Process (Title 1, Chapter 40) 1VAC75-40-20

Provisions: 1 0 1 0 0 Req: 1

37. Unclaimed Property Administrative Review Process (Title 1, Chapter 40) 1VAC75-40-30

38. Unclaimed Property Administrative Review Process (Title 1, Chapter 40) 1VAC75-40-40

39. Unclaimed Property Administrative Review Process (Title 1, Chapter 40) 1VAC75-40-60

Provisions: 7 0 6 0 1 Req: 3

Public Participation Guidelines

1VAC75-11-10

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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).²

Provision-Level Authorization Analysis

Provision 1

"The purpose of this chapter is to promote public involvement in the development,..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

The Board shall have the power and duty to: Exercise general supervision over all investments of state funds Give advice and supervision in the financing of state buildings and make recommendations, as requested, to the Governor on methods by which capital outlay requirements of the Commonwealth, including its agencies and institutions, may be financed Control and manage all sinking funds and other funds in possession of the Commonwealth in a fiduciary capacity Administer the Virginia Security for Public Deposits Act (§ 2.2-4400et seq.) Make recommendations to the Governor, notwithstanding any provisions to the contrary, on proposed bond issues or other financing arrangements Approve the terms and structure of bonds or other financing arrangements executed by or for the benefit of educational institutions and state agencies other than independent state authorities or covered institutions as defined in § 23.1-1000, including bonds, public-private partnerships, or other financing arrangements executed by private foundations for housing or other capital projects with respect to which an educational institution that is not a covered institution as defined in § 23.1-1000 is obligated to provide financial or other types of support, and including bonds or other financing arrangements secured by leases, lease purchase agreements, financing leases, capital leases, or other similar agreements Take or cause to be taken and omit to take all actions as to any tax exempt bonds for which it has issuing authority, either by statute or by act of the General Assembly, the taking or omission of which is necessary on behalf of the Commonwealth to prevent such bonds from being or becoming subject to federal income taxation or being considered to be 'arbitrage bonds' within the meaning of federal tax laws, including compliance with the arbitrage rebate provisions thereof Approve, notwithstanding any provisions to the contrary, the terms and structure of bonds or other financing arrangements executed by or for the benefit of state agencies, boards, and authorities where debt service payments on such bonds or other financing arrangements are expected by such agency, board, or authority to be made, in whole or in part, directly or indirectly, from appropriations of the Commonwealth, including bonds or other financing arrangements secured by leases, lease purchase agreements, financing leases, capital leases or other similar agreements, and agreements relating to the sale of bonds Establish debt structuring guidelines for bonds or other financing arrangements executed by or for the benefit of all state agencies, institutions, boards, and authorities where the debt service payments on such bonds or other financing arrangements are expected to be made, in whole or in part, directly or indirectly, from appropriations of the Commonwealth, in which guidelines the Board may, in its sole discretion, include such items as it deems necessary and appropriate, including, but not limited to, defining terms such as 'terms and structure' and 'bonds and other financing arrangements' and exempting from its review and approval pursuant to subdivision 5 or 7 (i) specific bond issues and other financing arrangements, (ii) certain types or classes of bond issues and other financing arrangements, and (iii) bond issues and other financing arrangements that are below a stated dollar amount Do all acts and things necessary or convenient to efficiently carry out and enforce the powers granted to and duties imposed on it by law, including delegating to the State Treasurer or to a committee composed of not less than three members of the Board such powers and duties, as it deems proper, as permitted by the Board Exercise such other powers and perform such other duties conferred or imposed upon it by law, including the local government investment pool authorized by Chapter 46 (§ 2.2-4600et seq.) Do all acts and things necessary or convenient to wind up the affairs of, and protect the Commonwealth's interests in, such matters that may survive the termination of the State Education Assistance Authority, the Virginia Student Assistance Authorities, and the Virginia Education Loan Authority

ANALYSIS

§ 2.2-2416 specifically grants the Board broad powers to exercise general supervision over state funds, manage investments, and make recommendations regarding financing arrangements, thereby encompassing a wide range of financial activities and oversight responsibilities. This broad authority allows the Board to delegate powers related to public involvement in regulatory processes, as the regulation aims to enhance transparency and stakeholder engagement in the Treasury's operations, which falls within the scope of the Board's supervisory role. The legal significance of this authorization relationship is that it enables the Board to effectively manage its responsibilities while ensuring that public input is considered in the development and amendment of regulations, thereby promoting accountability and responsiveness in government operations.

ADDITIONAL AUTHORITY § 2.2-4000

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 1. General Provisions › § 2.2-4000. Short title; purpose A. This chapter may be cited as the "Administrative Process A...

Provision 2

"This chapter does not apply to regulations, guidelines, or other documents exemp..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over state funds, approve financing arrangements, and delegate powers as deemed proper. This broad grant of authority allows the Board to establish exemptions from the Administrative Process Act, as it encompasses the ability to determine the applicability of regulations and guidelines under its supervision. The legal significance of this authorization relationship is that it enables the Board to operate with flexibility and efficiency in managing state financial matters without being constrained by the procedural requirements typically imposed by the Administrative Process Act.

ADDITIONAL AUTHORITY § 2.2-4000

Explicit Statutory Citations

SEQUENTIAL REFERENCE § 2.2-4000

Citation text: "§ 2.2-4000"

SEQUENTIAL REFERENCE § 2.2-4000

Citation text: "§ 2.2-4000 et seq."

Total: 2 citations to 1 unique statute

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-30

Express

General

Overreach

Unauthorized

Requirements

A. The agency shall maintain a list of persons who have requested to be notified of regulatory actions being pursued by the agency.¹ 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.² C. The agency may maintain additional lists for persons who have requested to be informed of specific regulatory issues, proposals, or actions.³ 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.⁴ E. When mail delivered by a postal carrier is returned as undeliverable on multiple occasions, that person may be deleted from the list.⁵ 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.⁶

Provision-Level Authorization Analysis

Provision 1

"A. The agency shall maintain a list of persons who have requested to be notified..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over state funds, manage various financial arrangements, and perform acts necessary to carry out its duties. This broad authority allows the agency to maintain a list of individuals requesting notifications about regulatory actions, as it falls under the category of necessary acts to ensure transparency and communication regarding the agency's financial oversight responsibilities. The legal significance of this authorization relationship is that it empowers the agency to delegate functions related to regulatory notifications, thereby facilitating efficient governance and public engagement in financial matters.

Provision 2

"B. Any person may request to be placed on a notification list by registering as ..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board broad powers to exercise general supervision over investments, manage funds, and perform acts necessary to carry out its duties. This broad grant of authority allows for GENERAL_DELEGATION because it encompasses the ability to establish procedures for public engagement, such as maintaining a notification list, which is a necessary function for transparency and communication in the Board's operations. The legal significance of this authorization relationship is that it empowers the Board to delegate responsibilities to ensure efficient management and oversight while still adhering to the statutory framework established by the General Assembly.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (persons requesting to be placed on a notification list)

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.

Action: elect to be notified either by electronic means or through a postal carrier

Provision 3

"C. The agency may maintain additional lists for persons who have requested to be..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments of state funds, manage funds in a fiduciary capacity, and perform acts necessary to carry out its duties. This broad grant of authority allows the agency to maintain additional lists for individuals requesting information on regulatory issues, as it falls within the scope of efficiently managing communication and engagement with stakeholders. The legal significance of this authorization relationship is that it enables the agency to act flexibly and responsively in its regulatory functions, ensuring that it can effectively inform and involve the public in matters relevant to state investments and financing.

Provision 4

"D. When electronic mail is returned as undeliverable on multiple occasions at le..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board broad powers to exercise general supervision over state funds, manage various financial arrangements, and delegate responsibilities as deemed appropriate. This broad grant of authority allows the Board to implement regulations concerning the management of communications, such as the handling of undeliverable electronic mail, under its responsibility to efficiently carry out its duties. The legal significance of this authorization relationship is that it empowers the Board to establish operational procedures that ensure effective communication and management of its responsibilities without requiring specific legislative approval for each operational detail.

Discretionary Requirements

1 Discretionary Requirements Identified

"may" (that person)

When electronic mail is returned as undeliverable on multiple occasions at least 24 hours apart, that person may be deleted from the list.

Action: may be deleted from the list

Conditions: electronic mail is returned as undeliverable on multiple occasions, the occasions are at least 24 hours apart

Provision 5

"E. When mail delivered by a postal carrier is returned as undeliverable on multi..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board broad powers to exercise general supervision over state funds, manage various financial arrangements, and take necessary actions to fulfill its duties. This broad grant of authority allows the Board to delegate specific operational tasks, such as managing undeliverable mail, to ensure efficient execution of its responsibilities, which aligns with the regulation's requirement to delete individuals from a list after multiple undeliverable mail attempts. The legal significance of this authorization relationship is that it enables the Board to streamline its processes and delegate tasks while maintaining oversight, thereby enhancing the effectiveness of its governance over state financial matters.

Provision 6

"F. The agency may periodically request those persons on the notification list to..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to do all acts necessary or convenient to efficiently carry out and enforce the powers and duties imposed by law, including the authority to delegate certain powers and duties. This broad grant of authority allows the agency to manage its operations effectively, which includes the ability to request preferences from individuals on a notification list regarding how they wish to receive communications, thereby justifying the GENERAL_DELEGATION level. The legal significance of this authorization relationship is that it empowers the agency to streamline its processes and enhance communication efficiency while remaining within the framework established by the statute.

Discretionary Requirements

1 Discretionary Requirements Identified

"may" (persons on the notification list)

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

Action: indicate their desire to continue to be notified electronically, receive documents through a postal carrier, or be deleted from the list

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-40

Express

General

Overreach

Unauthorized

Requirements

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).¹ 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.² 3. A notice soliciting comment on a final regulation when the regulatory process has been extended pursuant to § 2.2-4007.06 or 2.2-4013 C of the Code of Virginia.³ B. The failure of any person to receive any notice or copies of any documents shall not affect the validity of any regulation or regulatory action.⁴

Provision-Level Authorization Analysis

Provision 1

"A. To persons electing to receive electronic notification or notification throug..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over state funds, manage various financial arrangements, and delegate powers as deemed proper. This broad grant of authority allows the Board to delegate responsibilities related to regulatory notifications, such as sending notices of intended regulatory action, which falls under its duty to efficiently carry out its powers and duties. The legal significance of this authorization relationship is that it enables the Board to ensure compliance with regulatory processes while maintaining oversight and control over the delegation of its responsibilities.

CROSS-REFERENCE § 2.2-4007.06

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007.06. Changes between proposed and final regulations If one or more changes with substantial...

Provision 2

"2. A notice of the comment period on a proposed, a reproposed, or a fast-track r..."

General Delegation

AUTHORIZING STATUTE § 2.2-4007.06

If one or more changes with substantial impact are made to a proposed regulation from the time that it is published as a proposed regulation to the time it is published as a final regulation, any person may petition the agency within 30 days from the publication of the final regulation to request an opportunity for oral and written submittals on the changes to the regulation. the agency shall (i) suspend the regulatory process for 30 days to solicit additional public comment and (ii) file notice of the additional 30-day public comment period with the Registrar of Regulations

ANALYSIS

§ 2.2-4007.06 specifically grants the agency the authority to suspend the regulatory process and solicit additional public comment if substantial changes are made to a proposed regulation after its initial publication. This broad grant of authority encompasses the regulation's requirement to provide notice of the comment period and access to relevant documents, as it aligns with the agency's obligation to ensure public participation and transparency in the regulatory process. The legal significance of this authorization relationship is that it empowers the agency to engage the public effectively, ensuring that stakeholders have the opportunity to contribute to the regulatory process in response to significant changes.

CROSS-REFERENCE § 2.2-4007.06

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007.06. Changes between proposed and final regulations If one or more changes with substantial...

Provision 3

"3. A notice soliciting comment on a final regulation when the regulatory process..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments of state funds, manage various funds in a fiduciary capacity, and perform acts necessary to carry out its duties, including delegating powers as deemed proper. This broad grant of authority allows the Board to implement regulations that facilitate public engagement and transparency in the regulatory process, such as soliciting comments on final regulations, which aligns with its duty to manage state resources effectively. The legal significance of this authorization relationship is that it empowers the Board to ensure compliance with statutory requirements while also allowing for flexibility in its regulatory approach, thereby enhancing governance and accountability.

CROSS-REFERENCE § 2.2-4007.06

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007.06. Changes between proposed and final regulations If one or more changes with substantial...

Explicit Statutory Citations

AUTHORIZING CITATION § 2.2-4007.06

Citation text: "§ 2.2-4007.06"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Provision 4

"B. The failure of any person to receive any notice or copies of any documents sh..."

General Delegation

AUTHORIZING STATUTE § 2.2-4007.06

ANALYSIS

§ 2.2-4007.06 specifically grants the agency the authority to suspend the regulatory process and solicit additional public comments when substantial changes are made to a proposed regulation. This broad grant of authority encompasses the regulation by allowing the agency to establish that the validity of regulatory actions is not contingent on the receipt of notices or documents, thus facilitating a more efficient regulatory process. The legal significance of this authorization relationship is that it ensures the agency can effectively manage public participation while maintaining the integrity of the regulatory framework, thereby supporting the overall regulatory process without being hindered by procedural technicalities.

CROSS-REFERENCE § 2.2-4007.06

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007.06. Changes between proposed and final regulations If one or more changes with substantial...

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-50

Express

General

Overreach

Unauthorized

Requirements

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 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 2. The agency may begin crafting a regulatory action prior to or during any opportunities it provides to the public to submit comments.³ B. The agency shall accept public comments in writing after the publication of a regulatory action in the Virginia Register as follows: 1. For a minimum of 30 calendar days following the publication of the notice of intended regulatory action (NOIRA).⁴ 2. For a minimum of 60 calendar days following the publication of a proposed regulation.⁵ 3. For a minimum of 30 calendar days following the publication of a reproposed regulation.⁶ 4. For a minimum of 30 calendar days following the publication of a final adopted regulation.⁷ 5. For a minimum of 30 calendar days following the publication of a fast-track regulation.⁸ 6. For a minimum of 21 calendar days following the publication of a notice of periodic review.⁹ 7. Not later than 21 calendar days following the publication of a petition for rulemaking.¹⁰ C. The agency may determine if any of the comment periods listed in subsection B of this section shall be extended.¹¹ D. If the Governor finds that one or more changes with substantial impact have been made to a proposed regulation, he may require the agency to provide an additional 30 calendar days to solicit additional public comment on the changes in accordance with § 2.2-4013 C of the Code of Virginia.¹² E. The agency shall send a draft of the agency's summary description of public comment to all public commenters on the proposed regulation at least five days before final adoption of the regulation pursuant to § 2.2-4012 E of the Code of Virginia.¹³

Provision-Level Authorization Analysis

Provision 1

"A. In considering any nonemergency, nonexempt regulatory action, the agency shal..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

all regulations, including those that agencies, pursuant to § § 2.2-4002,2.2-4006, or 2.2-4011, may elect to dispense with the public procedures provided by § § 2.2-4007.01 and 2.2-4009, may be formally and finally adopted by the signed order of the agency so stating No regulation except an emergency regulation or a noncontroversial regulation promulgated pursuant to § 2.2-4012.1 shall be effective until the expiration of the applicable period as provided in § 2.2-4015

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified circumstances. This broad grant of authority encompasses the regulation's requirement to provide opportunities for interested persons to submit data and be represented, as it aligns with the agency's ability to manage its regulatory processes without strict adherence to public procedures. The legal significance of this authorization relationship is that it enables the agency to engage stakeholders effectively while maintaining flexibility in its regulatory actions, thus justifying the GENERAL_DELEGATION status.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 2

"1. To any requesting person, the agency shall provide copies of the statement of..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

all regulations, including those that agencies, pursuant to § 2.2-4002,2.2-4006, or2.2-4011, may elect to dispense with the public procedures provided by § § 2.2-4007.01and2.2-4009, may be formally and finally adopted by the signed order of the agency so stating No regulation except an emergency regulation or a noncontroversial regulation promulgated pursuant to § 2.2-4012.1shall be effective until the expiration of the applicable period as provided in § 2.2-4015

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation's requirement for the agency to provide information to requesting persons, as it falls within the agency's discretion to determine how to communicate regulatory actions and respond to public inquiries. The legal significance of this authorization relationship is that it enables agencies to operate with flexibility in their regulatory processes while still ensuring transparency and accountability to the public.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 3

"2. The agency may begin crafting a regulatory action prior to or during any oppo..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation, which permits the agency to initiate regulatory actions concurrently with public comment opportunities, thereby facilitating a more efficient regulatory process. The legal significance of this relationship is that it empowers agencies to act swiftly and responsively in regulatory matters while still maintaining a degree of public engagement, reflecting the intent of the statute to streamline regulatory procedures.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 4

"B. The agency shall accept public comments in writing after the publication of a..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation requiring the agency to accept public comments for a minimum of 30 calendar days following the publication of a notice of intended regulatory action, as it aligns with the agency's ability to manage its regulatory processes while still allowing for public input. The legal significance of this authorization relationship is that it enables the agency to exercise its regulatory powers flexibly while ensuring that public participation is maintained, thus supporting transparency and accountability in the regulatory process.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 5

"2. For a minimum of 60 calendar days following the publication of a proposed reg..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation requiring a minimum of 60 calendar days following the publication of a proposed regulation, as it falls within the agency's discretion to manage the regulatory process without necessitating additional public procedures. The legal significance of this authorization relationship is that it enables agencies to implement regulations efficiently while maintaining a level of oversight and public engagement as determined by the statutory framework.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 6

"3. For a minimum of 30 calendar days following the publication of a reproposed r..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation's requirement for a minimum of 30 calendar days following the publication of a reproposed regulation, as it falls within the agency's discretion to manage the regulatory process without the need for extensive public procedures. The legal significance of this authorization relationship is that it enables the agency to implement regulations efficiently while still adhering to a defined timeline, thereby balancing regulatory oversight with operational flexibility.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 7

"4. For a minimum of 30 calendar days following the publication of a final adopte..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation's requirement for a minimum of 30 calendar days following the publication of a final adopted regulation, as it aligns with the agency's ability to establish procedural timelines without requiring additional public input. The legal significance of this authorization relationship is that it empowers the agency to implement regulations efficiently while maintaining a degree of oversight through the stipulated waiting period before effectiveness.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 8

"5. For a minimum of 30 calendar days following the publication of a fast-track r..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation's requirement for a minimum of 30 calendar days following the publication of a fast-track regulation, as it aligns with the agency's ability to implement regulations efficiently while still adhering to a defined timeframe. The legal significance of this authorization relationship is that it enables the agency to exercise its regulatory powers with flexibility, ensuring timely implementation of necessary regulations while maintaining a degree of public notice.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 9

"6. For a minimum of 21 calendar days following the publication of a notice of pe..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation's requirement for a minimum notice period following publication, as it aligns with the agency's ability to manage its regulatory processes without the need for extensive public input. The legal significance of this authorization relationship is that it enables the agency to efficiently implement regulations while still providing a structured timeframe for public awareness and engagement, thereby maintaining a balance between regulatory flexibility and transparency.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 10

"7. Not later than 21 calendar days following the publication of a petition for r..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation's requirement for timely action following the publication of a petition for rulemaking, as it falls within the agency's discretion to manage its regulatory processes efficiently. The legal significance of this authorization relationship is that it enables the agency to implement necessary regulatory actions without the constraints of more formal procedural requirements, thereby promoting responsiveness and flexibility in governance.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 11

"C. The agency may determine if any of the comment periods listed in subsection B..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures. This broad grant of authority encompasses the regulation, as it allows the agency to determine the extension of comment periods, which is a procedural aspect of regulation adoption that falls within the agency's discretion. The legal significance of this authorization relationship is that it empowers the agency to manage its regulatory processes efficiently while still adhering to the overarching statutory framework.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Provision 12

"D. If the Governor finds that one or more changes with substantial impact have b..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation because it allows the Governor to mandate additional public comment on substantial changes, thereby ensuring public involvement while still adhering to the streamlined process outlined in the statute. The legal significance of this authorization relationship is that it provides flexibility for agencies to adapt regulations while maintaining accountability and transparency in the regulatory process.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Explicit Statutory Citations

REFERENCE § 2.2-4013

Citation text: "§ 2.2-4013"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Provision 13

"E. The agency shall send a draft of the agency's summary description of public c..."

General Delegation

AUTHORIZING STATUTE § 2.2-4012

ANALYSIS

§ 2.2-4012 specifically grants agencies the authority to adopt regulations through a signed order, allowing them to bypass certain public procedures under specified conditions. This broad grant of authority encompasses the regulation's requirement for the agency to notify public commenters of the summary description of public comments prior to final adoption, as it falls within the agency's discretion to manage its regulatory process. The legal significance of this authorization relationship is that it empowers the agency to streamline its regulatory procedures while ensuring transparency and communication with stakeholders, thus aligning with the statute's intent to facilitate efficient governance.

EXCEPTION § 2.2-4012

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4012. Purpose; adoption; effective date; filing; duties of Registrar of Regulations A. The purp...

ADDITIONAL AUTHORITY § 2.2-4013

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4013. Executive review of proposed and final regulations; changes with substantial impact A. Th...

Explicit Statutory Citations

AUTHORIZING CITATION § 2.2-4012

Citation text: "§ 2.2-4012"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-60

Express

General

Overreach

Unauthorized

Requirements

A. As provided in § 2.2-4007 of the Code of Virginia, any person may petition the agency to consider a regulatory action.¹ B. A petition shall include but is not limited to the following information: 1. The petitioner's name and contact information;² 2. The substance and purpose of the rulemaking that is requested, including reference to any applicable Virginia Administrative Code sections; and³ 3. Reference to the legal authority of the agency to take the action requested.⁴ C. The agency shall receive, consider and respond to a petition pursuant to § 2.2-4007 and shall have the sole authority to dispose of the petition.⁵ D. The petition shall be posted on the Town Hall and published in the Virginia Register.⁶ E. Nothing in this chapter shall prohibit the agency from receiving information or from proceeding on its own motion for rulemaking.⁷

Provision-Level Authorization Analysis

Provision 1

"A. As provided in § 2.2-4007 of the Code of Virginia, any person may petition th..."

General Delegation

AUTHORIZING STATUTE § 2.2-4007

Any person may petition an agency to request the agency to develop a new regulation or amend an existing regulation The agency shall send a notice identifying the petitioner, the nature of the petitioner's request and the agency's plan for disposition of the petition A 21-day period for acceptance of written public comment on the petition shall be provided after publication in the Virginia Register The agency shall issue a written decision to grant or deny the petitioner's request within 90 days following the close of the comment period

ANALYSIS

§ 2.2-4007 specifically grants any person the authority to petition an agency to develop or amend regulations, requiring the agency to provide notice of the petition and a written decision within specified timeframes. This results in GENERAL_DELEGATION because the regulation directly reflects the broad authority established by the statute, allowing any individual to initiate regulatory actions and ensuring public participation in the process. The legal significance of this authorization relationship is that it empowers citizens to influence regulatory development, thereby promoting transparency and responsiveness within the agency's operations.

ADDITIONAL AUTHORITY § 2.2-4007

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007. Petitions for new or amended regulations; opportunity for public comment A. Any person ma...

Explicit Statutory Citations

REFERENCE § 2.2-4007

Citation text: "§ 2.2-4007"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Provision 2

"B. A petition shall include but is not limited to the following information: 1. ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4007

ANALYSIS

§ 2.2-4007 specifically grants any person the authority to petition an agency to develop or amend regulations, requiring the agency to provide notice of the petition and a written decision within specified timeframes. This broad grant of authority allows the agency to establish specific procedural requirements, such as the inclusion of the petitioner's name and contact information, under GENERAL_DELEGATION. The legal significance of this relationship is that it empowers the agency to create regulations that facilitate public participation and ensure transparency in the regulatory process.

ADDITIONAL AUTHORITY § 2.2-4007

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007. Petitions for new or amended regulations; opportunity for public comment A. Any person ma...

Provision 3

"2. The substance and purpose of the rulemaking that is requested, including refe..."

General Delegation

AUTHORIZING STATUTE § 2.2-4007

ANALYSIS

§ 2.2-4007 specifically grants any person the authority to petition an agency to develop or amend regulations, requiring the agency to provide notice, allow for public comment, and issue a decision within a specified timeframe. This broad grant of authority encompasses the regulation by allowing the agency to consider the substance and purpose of rulemaking requests, thereby facilitating a transparent and participatory process in regulatory development. The legal significance of this authorization relationship is that it empowers the agency to engage with the public in a structured manner, ensuring that regulatory changes reflect the interests and concerns of stakeholders while adhering to the procedural requirements established by the statute.

ADDITIONAL AUTHORITY § 2.2-4007

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007. Petitions for new or amended regulations; opportunity for public comment A. Any person ma...

Provision 4

"3. Reference to the legal authority of the agency to take the action requested."

General Delegation

AUTHORIZING STATUTE § 2.2-4007

Any person may petition an agency to request the agency to develop a new regulation or amend an existing regulation The agency shall send a notice identifying the petitioner, the nature of the petitioner's request and the agency's plan for disposition of the petition A 21-day period for acceptance of written public comment on the petition shall be provided The agency shall issue a written decision to grant or deny the petitioner's request within 90 days following the close of the comment period

ANALYSIS

§ 2.2-4007 specifically grants any person the right to petition an agency to develop or amend regulations, requiring the agency to notify the petitioner and provide a public comment period, followed by a written decision within a specified timeframe. This broad grant of authority allows the agency to respond to public needs and adapt regulations accordingly, which aligns with the regulation's requirement to reference the legal authority for such actions. The legal significance of this relationship is that it establishes a framework for public participation in the regulatory process while empowering the agency to take necessary actions based on the petitions received, thus justifying the GENERAL_DELEGATION authorization level.

ADDITIONAL AUTHORITY § 2.2-4007

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007. Petitions for new or amended regulations; opportunity for public comment A. Any person ma...

Provision 5

"C. The agency shall receive, consider and respond to a petition pursuant to § 2...."

General Delegation

AUTHORIZING STATUTE § 2.2-4007

ANALYSIS

§ 2.2-4007 specifically grants the agency the authority to receive petitions from any person to develop or amend regulations, mandates a notice to be sent to the petitioner, and requires the agency to issue a written decision within a specified timeframe. This results in GENERAL_DELEGATION because the statute provides the agency with broad discretion to manage the petition process, including the authority to consider and respond to petitions and to determine the disposition of those petitions. The legal significance of this authorization relationship is that it empowers the agency to act independently in regulatory matters while ensuring public participation through the petition process.

ADDITIONAL AUTHORITY § 2.2-4007

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007. Petitions for new or amended regulations; opportunity for public comment A. Any person ma...

Explicit Statutory Citations

AUTHORIZING CITATION § 2.2-4007

Citation text: "§ 2.2-4007"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Provision 6

"D. The petition shall be posted on the Town Hall and published in the Virginia R..."

General Delegation

AUTHORIZING STATUTE § 2.2-4007

Any person may petition an agency to request the agency to develop a new regulation or amend an existing regulation The agency shall send a notice identifying the petitioner, the nature of the petitioner's request and the agency's plan for disposition of the petition A 21-day period for acceptance of written public comment on the petition shall be provided The agency shall issue a written decision to grant or deny the petitioner's request within 90 days following the close of the comment period

ANALYSIS

§ 2.2-4007 specifically grants an agency the authority to develop new regulations or amend existing ones in response to petitions from any person, requiring the agency to notify the petitioner and provide a public comment period. This results in GENERAL_DELEGATION because the regulation's requirement to post the petition and publish it in the Virginia Register aligns with the statutory mandate for transparency and public engagement in the regulatory process. The legal significance of this authorization relationship is that it allows the agency to implement procedures that enhance public participation and ensure accountability in the regulation-making process, as envisioned by the statute.

ADDITIONAL AUTHORITY § 2.2-4007

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007. Petitions for new or amended regulations; opportunity for public comment A. Any person ma...

Provision 7

"E. Nothing in this chapter shall prohibit the agency from receiving information ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4007

ANALYSIS

§ 2.2-4007 specifically grants the agency the authority to develop new regulations or amend existing ones based on petitions from any person, including a structured process for public comment and a decision timeline. This broad grant of authority allows the agency to receive information and initiate rulemaking on its own, as stated in the regulation, which aligns with the intent of the statute to facilitate regulatory development. The legal significance of this relationship is that it empowers the agency to act proactively in regulation, ensuring responsiveness to emerging issues and stakeholder input while maintaining a structured process for public engagement.

ADDITIONAL AUTHORITY § 2.2-4007

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007. Petitions for new or amended regulations; opportunity for public comment A. Any person ma...

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-70

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.² 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; or³ 2. The agency determines that the regulatory action is either exempt or excluded from the requirements of the Administrative Process Act.⁴

Provision-Level Authorization Analysis

Provision 1

"A. The agency may appoint a regulatory advisory panel (RAP) to provide professio..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to do all acts necessary or convenient to efficiently carry out its duties, including delegating powers and duties as it deems proper. This broad grant of authority allows the agency to appoint a regulatory advisory panel to provide specialized expertise, as it falls within the scope of actions necessary to fulfill its regulatory responsibilities. The legal significance of this authorization relationship is that it enables the agency to effectively address complex regulatory issues by leveraging external expertise, thereby enhancing its capacity to perform its functions under the statute.

Provision 2

"B. Any person may request the appointment of a RAP and request to participate in..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments of state funds, manage funds in a fiduciary capacity, and take necessary actions to carry out its duties, including delegating powers as deemed proper. This broad grant of authority allows the agency to determine the appointment and composition of a RAP, as it falls within the scope of efficiently carrying out its powers and duties, thus justifying a GENERAL_DELEGATION. The legal significance of this authorization relationship is that it enables the agency to adapt its governance structure and engage stakeholders effectively while maintaining oversight within the framework established by the statute.

Provision 3

"C. A RAP may be dissolved by the agency if: 1. The proposed text of the regulati..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over state funds, manage various financial arrangements, and delegate powers as deemed appropriate. This broad grant of authority allows the Board to establish procedures for the dissolution of a RAP, as it falls within the scope of managing state resources and ensuring efficient operations, thereby justifying the GENERAL_DELEGATION level. The legal significance of this authorization relationship is that it empowers the agency to act flexibly and responsively in regulatory matters, ensuring adherence to statutory responsibilities while allowing for efficient governance.

Provision 4

"2. The agency determines that the regulatory action is either exempt or excluded..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board broad powers to exercise general supervision over state funds, approve financing arrangements, and delegate authority as deemed proper. This broad grant of authority allows the agency to determine regulatory actions that are exempt or excluded from the Administrative Process Act, thereby justifying the use of GENERAL_DELEGATION. The legal significance of this relationship is that it enables the agency to efficiently manage its responsibilities without being encumbered by the procedural requirements typically associated with regulatory actions.

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-80

Express

General

Overreach

Unauthorized

Requirements

A. The agency may appoint a negotiated rulemaking panel (NRP) if a regulatory action is expected to be controversial.¹ 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 2. The agency determines that the regulatory action is either exempt or excluded from the requirements of the Administrative Process Act; or³ 3. The agency determines that resolution of a controversy is unlikely.⁴

Provision-Level Authorization Analysis

Provision 1

"A. The agency may appoint a negotiated rulemaking panel (NRP) if a regulatory ac..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to do all acts and things necessary or convenient to efficiently carry out and enforce the powers granted to it by law, including the ability to delegate powers and duties as it deems proper. This broad authority allows the agency to appoint a negotiated rulemaking panel when a regulatory action is expected to be controversial, as it falls within the scope of actions necessary for effective governance and stakeholder engagement. The legal significance of this authorization relationship is that it empowers the agency to manage complex regulatory processes while ensuring that it can adapt to the needs of the Commonwealth and its constituents through delegation.

Provision 2

"B. An NRP that has been appointed by the agency may be dissolved by the agency w..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over state funds, manage various financial arrangements, and delegate powers as deemed appropriate. This broad grant of authority allows the agency to dissolve a Non-Resident Participant (NRP) when there is no longer controversy associated with the regulation's development, demonstrating the agency's discretion in managing its affairs. The legal significance of this authorization relationship is that it empowers the agency to take necessary actions to efficiently carry out its responsibilities, reflecting the intent of the statute to provide flexibility in governance and oversight.

Provision 3

"2. The agency determines that the regulatory action is either exempt or excluded..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board broad powers to exercise general supervision over investments, manage funds, and approve financing arrangements, while also allowing for the delegation of powers and duties as deemed proper. This broad grant of authority encompasses the regulation's provision for determining whether a regulatory action is exempt or excluded from the Administrative Process Act, as it aligns with the Board's ability to make decisions necessary for efficient governance and oversight. The legal significance of this authorization relationship is that it allows the Board to act flexibly and responsively in its regulatory actions, ensuring that it can efficiently manage state funds and financing arrangements without being encumbered by the formalities of the Administrative Process Act.

Provision 4

"3. The agency determines that resolution of a controversy is unlikely."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments, manage funds in a fiduciary capacity, and take necessary actions to carry out its duties, including delegating powers as deemed proper. This broad grant of authority allows the Board to determine the likelihood of resolving controversies, which falls under its responsibility to efficiently manage and supervise state financial matters, thus justifying the regulation's GENERAL_DELEGATION. The legal significance of this authorization relationship is that it empowers the Board to act with flexibility and discretion in managing state funds and addressing issues that arise, ensuring effective governance and oversight.

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-90

Express

General

Overreach

Unauthorized

Requirements

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.¹ The exception to this requirement is any meeting held in accordance with § 2.2-3707 D of the Code of Virginia allowing for contemporaneous notice to be provided to participants and the public.²

Provision-Level Authorization Analysis

Provision 1

"Notice of any open meeting, including meetings of a RAP or NRP, shall be posted ..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over state funds, manage various financial arrangements, and perform acts necessary to carry out its duties. This broad grant of authority allows the Board to establish procedures, such as the requirement for public notice of meetings, which ensures transparency and accountability in its operations, thus resulting in GENERAL_DELEGATION. The legal significance of this authorization relationship is that it empowers the Board to implement regulations that facilitate its oversight responsibilities while maintaining compliance with statutory obligations.

DEFINITION § 2.2-3707

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 37. Virginia Freedom of Information Act › § 2.2-3707. Meetings to be public; notice of meetings; recordings; minutes A. All meetings of public bodies shall be ...

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (organizers or responsible parties for the open meeting)

Action: post notice of the open meeting on specified platforms

Conditions: including meetings of a RAP or NRP, at least seven working days prior to the date of the meeting

Provision 2

"The exception to this requirement is any meeting held in accordance with § 2.2-3..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board broad powers, including the authority to do all acts necessary to efficiently carry out its duties, which encompasses delegating powers as deemed proper. This broad grant of authority allows for GENERAL_DELEGATION because the regulation aligns with the Board's responsibility to ensure transparency and compliance with public meeting requirements while providing flexibility in how meetings are conducted. The legal significance of this authorization relationship is that it empowers the Board to adapt its procedures to meet statutory obligations while maintaining oversight and accountability in its operations.

DEFINITION § 2.2-3707

Explicit Statutory Citations

REFERENCE § 2.2-3707

Citation text: "§ 2.2-3707"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-100

Express

General

Overreach

Unauthorized

Requirements

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.¹ B. The agency may conduct one or more public hearings during the comment period following the publication of a proposed regulatory action.² 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;³ 2. The Governor directs the agency to hold a public hearing; or⁴ 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.⁵ D. Notice of any public hearing shall be posted on the Town Hall and Commonwealth Calendar at least seven working days prior to the date of the hearing. The agency shall also notify those persons who requested a hearing under subdivision C 3 of this section.⁶

Provision-Level Authorization Analysis

Provision 1

"A. The agency shall indicate in its notice of intended regulatory action whether..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments of state funds and to do all acts necessary to efficiently carry out its duties, including delegating powers as deemed proper. This broad authority allows the Board to determine the procedural aspects of its regulatory actions, such as whether to hold a public hearing, which aligns with the regulation's requirement for the agency to indicate its plans in the notice of intended regulatory action. The legal significance of this authorization relationship is that it empowers the Board with flexibility and discretion in its regulatory processes, ensuring that it can adapt its procedures to effectively manage state funds and fulfill its responsibilities.

Provision 2

"B. The agency may conduct one or more public hearings during the comment period ..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments of state funds, administer various financial arrangements, and perform acts necessary to carry out its duties. This broad grant of authority encompasses the regulation allowing the agency to conduct public hearings, as it is a necessary action to ensure transparency and gather stakeholder input on proposed regulatory actions, which aligns with the Board's duty to manage state financial matters effectively. The legal significance of this authorization relationship is that it empowers the agency to engage in public participation, thereby enhancing accountability and informed decision-making in the regulatory process.

Provision 3

"C. An agency is required to hold a public hearing following the publication of t..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over state funds, manage various financial arrangements, and delegate powers as deemed proper. This broad grant of authority allows the Board to establish procedures, such as requiring public hearings for regulatory actions, under the GENERAL_DELEGATION framework, as it encompasses the ability to oversee and ensure compliance with the agency's operational requirements. The legal significance of this authorization relationship is that it enables the Board to effectively manage its responsibilities while allowing for flexibility in governance and adherence to statutory obligations.

Provision 4

"2. The Governor directs the agency to hold a public hearing; or"

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments, manage funds in a fiduciary capacity, and perform acts necessary to carry out its duties, including delegating powers as deemed proper. This broad authority allows the Board to direct actions such as holding public hearings, which aligns with the regulation's requirement for the agency to facilitate public participation in governmental processes. The legal significance of this relationship is that it establishes a framework for the Board to effectively implement its responsibilities while allowing for the delegation of specific tasks to ensure efficient governance.

Provision 5

"3. The agency receives requests for a public hearing from at least 25 persons du..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments of state funds, manage various funds in a fiduciary capacity, and perform acts necessary to carry out its duties. This broad grant of authority allows the Board to establish procedures, such as the requirement for a public hearing upon receiving requests from a specified number of individuals, as it pertains to the efficient management and oversight of state financial matters. The legal significance of this authorization relationship is that it enables the Board to delegate responsibilities and set regulatory processes that align with its overarching mandate to oversee and manage state financial interests effectively.

Provision 6

"D. Notice of any public hearing shall be posted on the Town Hall and Commonwealt..."

General Delegation

AUTHORIZING STATUTE § 2.2-2416

ANALYSIS

§ 2.2-2416 specifically grants the Board the power to exercise general supervision over investments, manage funds, and perform various duties related to financing arrangements and public deposits. This broad grant of authority allows the Board to establish procedures, such as the requirement for public notice of hearings, which is necessary for transparency and public engagement in the decision-making process. The legal significance of this authorization relationship is that it empowers the Board to delegate responsibilities and set regulations that ensure compliance with statutory duties while maintaining oversight and accountability.

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Public Participation Guidelines

1VAC75-11-110

Express

General

Overreach

Unauthorized

Requirements

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; and¹ 2. The requirements in § 2.2-4007.1 of the Administrative Process Act regarding regulatory flexibility for small businesses.² B. A periodic review may be conducted separately or in conjunction with other regulatory actions.³ C. Notice of a periodic review shall be posted on the Town Hall and published in the Virginia Register.⁴

Provision-Level Authorization Analysis

Provision 1

"A. The agency shall conduct a periodic review of its regulations consistent with..."

General Delegation

AUTHORIZING STATUTE § 2.2-4017

The Governor shall mandate through executive order a procedure for periodic review during that Governor's administration of regulations of agencies within the executive branch of state government The Governor may require each agency (i) to review all regulations promulgated by that agency to determine whether new regulations should be adopted and old regulations amended or repealed, and (ii) to prepare a written report summarizing the agency's findings about its regulations, its reasons for its findings and any proposed course of action

ANALYSIS

§ 2.2-4017 specifically grants the Governor the authority to mandate a procedure for periodic review of agency regulations, requiring agencies to assess their regulations and report on their findings. This results in GENERAL_DELEGATION because the statute provides broad authority for the Governor to direct agencies in their review processes, allowing the regulation to establish specific procedures consistent with that overarching mandate. The legal significance of this authorization relationship is that it empowers the agency to implement the Governor's directive while ensuring compliance with the statutory requirement for periodic review, thus maintaining accountability and effectiveness in regulatory oversight.

ADDITIONAL AUTHORITY § 2.2-4017

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4017. Periodic review of regulations Each Governor shall mandate through executive order a proc...

DEFINITION § 2.2-4007.1

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007.1. Regulatory flexibility for small businesses; periodic review of regulations A. As used ...

Explicit Statutory Citations

AUTHORIZING CITATION § 2.2-4017

Citation text: "§ 2.2-4017"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Provision 2

"2. The requirements in § 2.2-4007.1 of the Administrative Process Act regarding ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4017

The Governor shall mandate through executive order a procedure for periodic review during that Governor's administration of regulations of agencies within the executive branch of state government. The Governor may require each agency (i) to review all regulations promulgated by that agency to determine whether new regulations should be adopted and old regulations amended or repealed, and (ii) to prepare a written report summarizing the agency's findings about its regulations, its reasons for its findings and any proposed course of action.

ANALYSIS

§ 2.2-4017 specifically grants the Governor the authority to mandate a procedure for periodic review of regulations by agencies within the executive branch, allowing them to assess the need for new regulations or amendments to existing ones. This broad grant of authority encompasses the regulation concerning regulatory flexibility for small businesses, as it aligns with the agency's responsibility to evaluate and potentially modify regulations to better serve the needs of the public and the business community. The legal significance of this authorization relationship is that it empowers agencies to implement necessary regulatory adjustments while ensuring compliance with the overarching directive from the Governor, thereby facilitating effective governance and responsiveness to stakeholder needs.

ADDITIONAL AUTHORITY § 2.2-4017

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4017. Periodic review of regulations Each Governor shall mandate through executive order a proc...

DEFINITION § 2.2-4007.1

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007.1. Regulatory flexibility for small businesses; periodic review of regulations A. As used ...

Explicit Statutory Citations

REFERENCE § 2.2-4007.1

Citation text: "§ 2.2-4007.1"

Total: 1 citation to 1 unique statute

Provision 3

"B. A periodic review may be conducted separately or in conjunction with other re..."

General Delegation

AUTHORIZING STATUTE § 2.2-4017

The Governor shall mandate through executive order a procedure for periodic review during that Governor's administration of regulations of agencies within the executive branch of state government. The Governor may require each agency (i) to review all regulations promulgated by that agency to determine whether new regulations should be adopted and old regulations amended or repealed, and (ii) to prepare a written report summarizing the agency's findings about its regulations, its reasons for its findings and any proposed course of action.

ANALYSIS

§ 2.2-4017 specifically grants the Governor the authority to mandate a procedure for agencies to periodically review their regulations, including the adoption of new regulations and the amendment or repeal of old ones. This results in GENERAL_DELEGATION because the statute allows agencies the discretion to conduct reviews in a manner they deem appropriate, including the option to combine these reviews with other regulatory actions. The legal significance of this relationship is that it empowers agencies to implement the review process flexibly while remaining aligned with the overarching directive from the Governor.

ADDITIONAL AUTHORITY § 2.2-4017

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4017. Periodic review of regulations Each Governor shall mandate through executive order a proc...

DEFINITION § 2.2-4007.1

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007.1. Regulatory flexibility for small businesses; periodic review of regulations A. As used ...

Provision 4

"C. Notice of a periodic review shall be posted on the Town Hall and published in..."

General Delegation

AUTHORIZING STATUTE § 2.2-4017

The Governor shall mandate through executive order a procedure for periodic review during that Governor's administration of regulations of agencies within the executive branch of state government. The Governor may require each agency (i) to review all regulations promulgated by that agency to determine whether new regulations should be adopted and old regulations amended or repealed, and (ii) to prepare a written report summarizing the agency's findings about its regulations, its reasons for its findings and any proposed course of action.

ANALYSIS

§ 2.2-4017 specifically grants the Governor the authority to mandate a procedure for periodic review of agency regulations and requires agencies to assess their regulations and report their findings. This results in GENERAL_DELEGATION because the statute's broad language allows the Governor to delegate the responsibility of notifying the public about the periodic review process, as outlined in the regulation, without limiting the scope of that delegation. The legal significance of this authorization relationship is that it empowers agencies to implement the Governor's directive while ensuring transparency and public awareness of regulatory reviews.

ADDITIONAL AUTHORITY § 2.2-4017

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4017. Periodic review of regulations Each Governor shall mandate through executive order a proc...

DEFINITION § 2.2-4007.1

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 40. Administrative Process Act › Article 2. Regulations › § 2.2-4007.1. Regulatory flexibility for small businesses; periodic review of regulations A. As used ...

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-10

Express

General

Overreach

Unauthorized

Requirements

A. The definitions provided by § 2.2-4401 of the Code of Virginia shall be used throughout this chapter unless the context requires otherwise.¹ 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.² 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.³

Provision-Level Authorization Analysis

Provision 1

"A. The definitions provided by § 2.2-4401 of the Code of Virginia shall be used ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

The Treasury Board shall have power to: Make and enforce regulations and guidelines necessary and proper to the full and complete performance of its functions under this chapter Prescribe and enforce regulations and guidelines fixing terms and conditions consistent with this chapter under which public deposits must be secured Require additional collateral, in excess of the required collateral of any or all qualified public depositories as it may determine prudent under the circumstances Determine what securities or instruments shall be acceptable as eligible collateral, and fix the percentage of face value or market value of such securities or instruments that can be used to secure public deposits Establish guidelines to permit banks to withdraw from the procedures for the payment of losses under § 2.2-4403 and instead be governed by the procedures for the payment of losses under § 2.2-4404, consistent with the primary purpose of protecting public deposits Require any qualified public depository to provide information concerning its public deposits as requested by the Treasury Board Determine when a default or insolvency has occurred and to take such action as it may deem advisable for the protection, collection, compromise or settlement of any claim arising in case of default or insolvency

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to prescribe terms and conditions for public deposits. This broad grant of authority encompasses the regulation by allowing the agency to adopt definitions from another section of the Code, ensuring consistency and clarity in the application of its regulations. The legal significance of this authorization relationship is that it provides the Treasury Board with the flexibility to implement necessary definitions that support its regulatory framework without needing to seek further specific legislative approval, thereby facilitating effective governance of public deposits.

ADDITIONAL AUTHORITY § 2.2-4400

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4400. Short title; declaration of intent; applicability A. This chapter may be cited as the "Virginia Sec...

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Explicit Statutory Citations

RANGE REFERENCE § 2.2-4401

Citation text: "§ 2.2-4401"

Total: 1 citation to 1 unique statute

Provision 2

"B. The Treasury Board has designated the State Treasurer to be the chief adminis..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to designate individuals for administrative roles and to require information from qualified public depositories. This broad grant of authority allows the Treasury Board to delegate responsibilities, such as designating the State Treasurer as the chief administrative officer, under the general delegation framework, as it aligns with the agency's mandate to ensure the protection and management of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to effectively manage its duties while allowing for flexibility in administration through delegation, thereby enhancing operational efficiency and responsiveness to the needs of public deposit security.

ADDITIONAL AUTHORITY § 2.2-4400

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Explicit Statutory Citations

SEQUENTIAL REFERENCE § 2.2-4400

Citation text: "§ 2.2-4400"

SEQUENTIAL REFERENCE § 2.2-4400

Citation text: "§ 2.2-4400 et seq."

Total: 2 citations to 1 unique statute

Provision 3

"C. The primary responsibility for compliance with the Act rests upon the financi..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the establishment of guidelines for securing public deposits and determining acceptable collateral. This broad grant of authority encompasses the regulation's requirement that financial institutions are primarily responsible for compliance with the Act, as it aligns with the Treasury Board's role in ensuring the security of public deposits and the overall integrity of the financial system. The legal significance of this authorization relationship is that it allows the Treasury Board to effectively oversee and regulate the management of public deposits, ensuring that financial institutions adhere to the established guidelines and maintain the necessary security measures.

ADDITIONAL AUTHORITY § 2.2-4400

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Discretionary Requirements

2 Discretionary Requirements Identified

"must" (financial institutions that accept and hold public deposits)

If the deposit is a "public deposit," the deposit must be secured pursuant to the Act.

Action: secure the deposit pursuant to the Act

Conditions: the deposit is a "public deposit"

"should" (depositor or depository)

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.

Action: obtain information about the purpose of the account, the custodian of the account, and under what authority the account was established and communicat...

Conditions: they are unable to ascertain whether a deposit is a "public deposit"

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-30

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.² 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.³ 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.⁴

Provision-Level Authorization Analysis

Provision 1

"A. The Treasury Board shall establish the required collateral that qualified pub..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including establishing terms and conditions for securing public deposits and determining acceptable collateral. This broad grant of authority encompasses the regulation's requirement for the Treasury Board to establish the required collateral that qualified public depositories must pledge, as it directly relates to the protection of public deposits and aligns with the statutory mandate to fix terms and conditions. The legal significance of this authorization relationship is that it allows the Treasury Board to exercise discretion in implementing regulations that ensure the security of public funds, reflecting the intent of the statute to empower the agency in its oversight role.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depositories)

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 Depo...

Action: pledge collateral to secure public deposit balances in excess of insurance coverage

Conditions: based on resolutions and guidelines approved by the Treasury Board

Provision 2

"B. In the event a depository's average daily public deposits for the immediately..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including fixing terms and conditions for securing public deposits and determining acceptable collateral. This broad grant of authority allows the Treasury Board to establish specific collateral requirements based on the average daily public deposits of depositories, as stated in the regulation, which aligns with the statute's intent to ensure the protection of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to create detailed regulations that adapt to varying circumstances, thereby enhancing the security and management of public funds.

Discretionary Requirements

1 Discretionary Requirements Identified

"may be collateralized at less than 75% (implied discretionary threshold)" (depository)

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 ...

Action: provide collateral in accordance with the established requirements, ensuring collateralization is not less than 75% of specified deposit amounts

Conditions: the depository's average daily public deposits for the immediately preceding month exceed one-fifth of its average daily total deposits for that month

Provision 3

"C. In the event a depository's average daily public deposits for the immediately..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to prescribe terms and conditions for public deposits and require additional collateral as deemed prudent. This broad grant of authority allows the Treasury Board to establish specific criteria for depositories based on their deposit levels and operational history, which aligns with the regulation's focus on managing risks associated with public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement regulations that ensure the security of public funds while maintaining flexibility to respond to varying circumstances in the financial landscape.

Discretionary Requirements

1 Discretionary Requirements Identified

"will be no less than" (depository)

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 ba...

Action: maintain collateral no less than the greater of 100% of the actual public deposits at month-end or 100% of the average public deposits for the precedi...

Conditions: a depository's average daily public deposits for the immediately preceding month exceed one-fifth or one-third of its total deposits, or the depository has not been actively engaged in commercial banking for at least one year

Provision 4

"D. In the event a depository has violated the Security for Public Deposits Act ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, to require additional collateral from public depositories, and to determine acceptable securities for collateral. This broad grant of authority allows the Treasury Board to address violations of the Security for Public Deposits Act and to act prudently in response to a depository's financial condition or compliance failures, thereby justifying the regulation's GENERAL_DELEGATION status. The legal significance of this authorization relationship is that it empowers the Treasury Board to take necessary actions to protect public deposits, ensuring the integrity and security of public funds.

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-50

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.²

Provision-Level Authorization Analysis

Provision 1

"A. The average daily balance for any month shall be derived by dividing the sum ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to establish terms and conditions for securing public deposits. This broad grant of authority allows the regulation concerning the calculation of average daily balances to fall under GENERAL_DELEGATION, as it is necessary for implementing the agency's responsibilities related to public deposits and ensuring compliance with the established guidelines. The legal significance of this relationship is that it empowers the Treasury Board to create detailed operational procedures that support its overarching mandate without requiring additional specific legislative approval for each regulation.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (financial institutions or account holders (implied))

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.

Action: derive the average daily balance by dividing the sum of daily balances by the number of days

Provision 2

"B. In computing the amount of public deposits and the average balance of public ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining terms and conditions for securing public deposits and requiring information from qualified public depositories. This broad grant of authority encompasses the regulation that excludes federally insured deposits from collateral calculations, as it aligns with the Board's responsibility to establish guidelines that protect public deposits while allowing for prudent financial management. The legal significance of this authorization relationship is that it empowers the Treasury Board to create regulations that adapt to changing financial circumstances, ensuring effective oversight and protection of public funds.

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-60

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.² 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.³ 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.⁴ 5. Obligations partially insured or guaranteed by any U.S. Government Agency.⁵ 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.⁶ 7. Any additional securities approved by the Treasury Board pursuant to § 2.2-4405.4 of the Code of Virginia.⁷ B. Federal Home Loan Bank letters of credit issued in accordance with the Security for Public Deposits Act are eligible as collateral.⁸ C. No security that is in default as to principal or interest shall be acceptable as collateral.⁹ D. No qualified public depository shall utilize securities issued by itself, its holding company, or any affiliate for purposes of collateralizing its public deposits.¹⁰ E. Securities excluded by action of the Treasury Board pursuant to § 2.2-4405.4 of the Code of Virginia shall not be acceptable.¹¹

Provision-Level Authorization Analysis

Provision 1

"A. Securities eligible for collateral are limited to: 1. Obligations of the Comm..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining acceptable securities for collateral and fixing terms and conditions for public deposits. This broad grant of authority allows the Treasury Board to establish specific requirements for eligible collateral, such as limiting it to obligations of the Commonwealth, thereby aligning the regulation with the statutory mandate to ensure the security of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement detailed regulations that are essential for the effective management and protection of public funds, reflecting the intent of the statute to safeguard public deposits through prudent financial practices.

CROSS-REFERENCE § 2.2-4405.4

Discretionary Requirements

1 Discretionary Requirements Identified

"limited to" (entities offering or providing collateral securities)

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...

Action: must only use securities that are obligations of the Commonwealth, bonds, notes, or other evidences of indebtedness of the Commonwealth of Virginia, o...

Provision 2

"2. Obligations of the United States. Bonds, notes, and other obligations of the ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including determining acceptable securities for public deposits. This broad authority to prescribe regulations and guidelines allows the Treasury Board to include obligations of the United States as eligible collateral, as it aligns with the agency's responsibility to ensure the security of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to establish comprehensive guidelines that directly support its mandate to protect public funds, thus justifying the GENERAL_DELEGATION designation.

CROSS-REFERENCE § 2.2-4405.4

Provision 3

"3. Obligations of Virginia counties, cities, and other public bodies. Bonds, not..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including the authority to prescribe terms and conditions for public deposits and determine acceptable collateral. This broad grant of authority encompasses the regulation concerning the obligations of Virginia counties, cities, and other public bodies, as it falls within the Treasury Board's mandate to ensure the security and management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement regulations that are essential for safeguarding public funds, thereby fulfilling its statutory responsibilities effectively.

CROSS-REFERENCE § 2.2-4405.4

Provision 4

"4. Bonds and other obligations issued, guaranteed, or assumed by the Internation..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining acceptable securities for public deposits and fixing terms and conditions for their security. This broad language allows the Treasury Board to encompass a wide range of financial instruments, including bonds and obligations from international financial institutions, under its regulatory framework, resulting in GENERAL_DELEGATION. The legal significance of this authorization relationship is that it empowers the Treasury Board to adapt its regulations to include diverse financial instruments, thereby enhancing the security and management of public deposits.

CROSS-REFERENCE § 2.2-4405.4

Provision 5

"5. Obligations partially insured or guaranteed by any U.S. Government Agency."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations and guidelines necessary for the performance of its functions, including determining acceptable securities and fixing terms for securing public deposits. This broad grant of authority allows the Treasury Board to establish regulations that encompass various financial instruments, such as obligations partially insured or guaranteed by U.S. Government Agencies, under the umbrella of securing public deposits. The legal significance of this authorization relationship is that it enables the Treasury Board to adapt its regulatory framework to ensure the safety and security of public funds, reflecting the flexibility needed to respond to changing financial circumstances.

CROSS-REFERENCE § 2.2-4405.4

Provision 6

"6. Obligations (including revenue bonds) of states, other than Virginia, and the..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including determining acceptable securities for public deposits and requiring information from qualified public depositories. This broad grant of authority allows the regulation to establish specific criteria for acceptable obligations of states and municipalities, as it falls within the agency's power to fix terms and conditions consistent with securing public deposits. The legal significance of this authorization relationship is that it enables the Treasury Board to exercise discretion in determining the eligibility of securities, thereby ensuring the protection of public funds while adhering to the overarching statutory framework.

CROSS-REFERENCE § 2.2-4405.4

Discretionary Requirements

1 Discretionary Requirements Identified

"implied obligation" (states (other than Virginia), municipalities, or political subdivisions)

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 R...

Action: maintain obligations (including revenue bonds) that are rated A2 or better by Moody's or A or better by Fitch or S&P

Conditions: the entity is a state other than Virginia, or a municipality or political subdivision, the obligations include revenue bonds

Provision 7

"7. Any additional securities approved by the Treasury Board pursuant to § 2.2-44..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board broad powers to make and enforce regulations and guidelines necessary for the performance of its functions, including the authority to determine acceptable securities and collateral for public deposits. This results in GENERAL_DELEGATION because the regulation allows for the approval of additional securities by the Treasury Board, which is directly aligned with the agency's statutory authority to fix terms and conditions for securing public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to adapt and expand the scope of acceptable collateral, ensuring the protection of public deposits while maintaining compliance with the overarching statutory framework.

CROSS-REFERENCE § 2.2-4405.4

Explicit Statutory Citations

AUTHORIZING CITATION § 2.2-4405.4

Citation text: "§ 2.2-4405.4"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Provision 8

"B. Federal Home Loan Bank letters of credit issued in accordance with the Securi..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including determining acceptable collateral for public deposits. This broad grant of authority allows the regulation to include Federal Home Loan Bank letters of credit as eligible collateral, as it falls within the Treasury Board's discretion to establish guidelines regarding what constitutes acceptable collateral. The legal significance of this authorization relationship is that it empowers the Treasury Board to adapt its regulations to include various forms of collateral, ensuring the protection of public deposits while maintaining flexibility in response to changing financial circumstances.

CROSS-REFERENCE § 2.2-4405.4

Discretionary Requirements

1 Discretionary Requirements Identified

"are eligible" (regulated entities (e.g., financial institutions or entities accepting collateral))

Federal Home Loan Bank letters of credit issued in accordance with the Security for Public Deposits Act are eligible as collateral.

Action: accept Federal Home Loan Bank letters of credit issued in accordance with the Security for Public Deposits Act as collateral

Conditions: issued in accordance with the Security for Public Deposits Act

Provision 9

"C. No security that is in default as to principal or interest shall be acceptabl..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining acceptable collateral for public deposits. This broad grant of authority allows the Treasury Board to establish that no security in default is acceptable as collateral, as it directly relates to the prudent management of public deposits and the protection of public funds. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement regulations that ensure the integrity and security of public deposits, thereby fulfilling its statutory mandate.

CROSS-REFERENCE § 2.2-4405.4

Provision 10

"D. No qualified public depository shall utilize securities issued by itself, its..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining acceptable collateral and fixing terms and conditions for public deposits. This broad grant of authority allows the Treasury Board to regulate the types of securities that can be used as collateral, thereby justifying the regulation that prohibits qualified public depositories from using their own securities or those of affiliates as collateral. The legal significance of this authorization relationship is that it empowers the Treasury Board to establish regulations that ensure the integrity and security of public deposits, thereby protecting public funds from potential conflicts of interest.

CROSS-REFERENCE § 2.2-4405.4

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depository)

No qualified public depository shall utilize securities issued by itself, its holding company, or any affiliate for purposes of collateralizing its public deposits.

Action: not utilize securities issued by itself, its holding company, or any affiliate for collateralizing public deposits

Provision 11

"E. Securities excluded by action of the Treasury Board pursuant to § 2.2-4405.4 ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including determining acceptable securities and instruments for public deposits. This broad authority allows the Treasury Board to exclude certain securities from being acceptable as collateral, which directly supports the regulation that states securities excluded by the Treasury Board's action are not acceptable. The legal significance of this relationship is that it empowers the Treasury Board to exercise discretion in managing public deposits, ensuring that only appropriate securities are used, thereby protecting public funds.

CROSS-REFERENCE § 2.2-4405.4

Explicit Statutory Citations

AUTHORIZING CITATION § 2.2-4405.4

Citation text: "§ 2.2-4405.4"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"shall not be acceptable" (issuers or entities seeking acceptance of securities)

Securities excluded by action of the Treasury Board pursuant to § 2.2-4405.4 of the Code of Virginia shall not be acceptable.

Action: not accept securities

Conditions: securities are excluded by action of the Treasury Board pursuant to § 2.2-4405.4 of the Code of Virginia, References other regulatory requirements

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-70

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.²

Provision-Level Authorization Analysis

Provision 1

"A. Each qualified public depository shall value its securities for reporting pur..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to prescribe guidelines for public deposits and determine acceptable collateral. This broad grant of authority encompasses the regulation requiring qualified public depositories to value their securities at current market value, as it directly relates to the Board's responsibility to ensure the security and proper management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement detailed operational standards through regulations, thereby ensuring compliance with the overarching statutory framework designed to protect public funds.

Discretionary Requirements

2 Discretionary Requirements Identified

"shall" (qualified public depository)

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.

Action: 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

"must" (qualified public depository)

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 immediatel...

Action: report current market values as of the close of business on Friday of the immediately preceding week

Conditions: t, h...

Provision 2

"B. The Treasury Board may require that certain securities that are difficult-to-..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining acceptable collateral and fixing the percentage of value that can secure public deposits. This broad grant of authority allows the Treasury Board to establish guidelines regarding the valuation of securities, as it is prudent to assess the risks associated with certain securities that may not maintain their full market value. The legal significance of this authorization relationship is that it empowers the Treasury Board to adapt its regulatory framework to ensure the protection of public deposits by addressing specific risks associated with collateral valuation.

Discretionary Requirements

5 Discretionary Requirements Identified

"may require" (Treasury Board)

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 tha...

Action: impose valuation requirements on certain securities

Conditions: securities are difficult-to-value, securities are subject to rapid declines in value...

"shall be valued at 80%" (issuers or holders of MBS and CMO issued by US agencies or GSE)

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

Action: value securities at 80% of their market value

Conditions: securities are issued by US agencies or GSE

"shall be valued at 90%" (holders of obligations of Virginia state and local entities)

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 mar...

Action: value obligations at 90% of their market value

Conditions: obligations are issued by Virginia state or local entities

"shall be valued at 80%" (holders of obligations of other states and their municipalities and political subdivisions)

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

Action: value obligations at 80% of their market value

Conditions: obligations are issued by other states or their municipalities or political subdivisions

"shall have six months to adjust" (qualified public depositories)

Qualified public depositories shall have six months from July 1, 2023, to adjust their pledged collateral, if necessary

Action: adjust pledged collateral if necessary

Conditions: timeframe is six months from July 1, 2023

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-80

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.²

Provision-Level Authorization Analysis

Provision 1

"A. No qualified public depository shall accept or retain any public deposit that..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including fixing terms and conditions under which public deposits must be secured. This broad grant of authority encompasses the regulation requiring qualified public depositories to execute a "Public Deposit Security Agreement," as it directly relates to the security of public deposits and aligns with the Treasury Board's responsibility to ensure proper safeguarding of such funds. The legal significance of this authorization relationship is that it allows the Treasury Board to establish necessary guidelines and requirements to protect public deposits, thus ensuring compliance with the statutory mandate while maintaining flexibility in regulatory implementation.

Discretionary Requirements

4 Discretionary Requirements Identified

"shall" (qualified public depository)

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 deposit...

Action: execute a "Public Deposit Security Agreement" approved by the Board of Directors or Loan Committee

Conditions: deposit is required to be secured

"shall" (depository)

The depository shall maintain the security agreement as an official record continuously from the time of its execution.

Action: maintain the security agreement as an official record

Conditions: from the time of its execution

"must" (depository)

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 approve...

Action: deposit eligible collateral equal to its required collateral with an eligible escrow agent approved by the State Treasurer

Conditions: as defined in this chapter, determined as provided in this chapter

"is responsible for" (depository)

Each depository is responsible for providing a written notification and executing new agreements upon its name change.

Action: provide a written notification and execute new agreements upon its name change

Conditions: upon its name change

Provision 2

"B. Whether or not a qualified public depository has eligible collateral deposite..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including fixing terms and conditions for public deposits and determining acceptable collateral. This broad authority allows the regulation to address the circumstances under which a qualified public depository must manage its collateral requirements when receiving public deposits, thereby aligning with the statute's intent to protect public funds. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement flexible and responsive regulations that ensure the security of public deposits while adhering to the overarching statutory framework.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depository)

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 publi...

Action: immediately deposit sufficient securities to increase its collateral to an amount equal to that determined pursuant to 1VAC75-20-30

Conditions: 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, References other regulatory requirements

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-90

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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 .² 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.³

Provision-Level Authorization Analysis

Provision 1

"A. A substitution of eligible collateral may be made by the qualified public dep..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining acceptable collateral and fixing terms and conditions for public deposits. This broad grant of authority encompasses the regulation allowing qualified public depositories to substitute eligible collateral, as it aligns with the Treasury Board's responsibility to ensure that collateral remains adequate to secure public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement flexible and responsive regulations that protect public funds while maintaining the integrity of the collateralization process.

Discretionary Requirements

1 Discretionary Requirements Identified

"may" (qualified public depository)

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 cu...

Action: may make a substitution of eligible collateral

Conditions: the substitution is made at any time, the current market value of the collateral substituted is equal to or greater than the current market value of the collateral withdrawn

Provision 2

"B. At the time of making a collateral substitution, the qualified public deposit..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the establishment of guidelines for public deposits and collateral requirements. This broad grant of authority encompasses the regulation's requirement for qualified public depositories to prepare a request for collateral substitution, as it falls within the Treasury Board's responsibility to ensure the security and management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement detailed procedures that support its overarching mandate to protect public funds, thereby justifying the regulation's classification under GENERAL_DELEGATION.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depository)

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

Action: prepare a request for the substitution on an approved form and provide it to the escrow agent and Treasury Board

Provision 3

"C. In the event the current market value of the substituted collateral is not eq..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining acceptable collateral and fixing terms and conditions for public deposits. This broad grant of authority encompasses the regulation requiring written approval from the Treasury Board for the substitution of collateral, as it aligns with the Board's responsibility to ensure the adequacy and security of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to exercise discretion in managing public deposit security, thereby ensuring compliance with the statutory framework while maintaining the integrity of public funds.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depository)

the qualified public depository shall obtain written approval of the Treasury Board to substitute the collateral

Action: obtain written approval of the Treasury Board to substitute the collateral

Conditions: if 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

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-100

Express

General

Overreach

Unauthorized

Requirements

A qualified public depository shall not be permitted to withdraw collateral previously pledged without the prior written approval of the Treasury Board.¹ 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.² Current public deposits for this purpose are the amount of public deposits held at the time of withdrawal of collateral.³ The escrow agent shall not permit the qualified public depository to withdraw collateral without the prior written approval of the Treasury Board.⁴

Provision-Level Authorization Analysis

Provision 1

"A qualified public depository shall not be permitted to withdraw collateral prev..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to require additional collateral and to determine acceptable securities for public deposits. This broad grant of authority encompasses the regulation that prohibits qualified public depositories from withdrawing collateral without prior written approval, as it aligns with the Treasury Board's responsibility to ensure the security of public deposits and manage collateral requirements prudently. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary safeguards to protect public funds, reflecting the intent of the statute to maintain the integrity of public deposit security.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall not be permitted" (qualified public depository)

A qualified public depository shall not be permitted to withdraw collateral previously pledged without the prior written approval of the Treasury Board.

Action: not withdraw collateral previously pledged

Conditions: without the prior written approval of the Treasury Board

Provision 2

"The Treasury Board may grant such approval only if the qualified public deposito..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to establish guidelines related to public deposits and collateral requirements. This broad language allows the Treasury Board to implement regulations that ensure the protection of public deposits, such as requiring a qualified public depository to certify that its collateral remains sufficient, thereby aligning with the statutory intent to safeguard public funds. The legal significance of this authorization relationship is that it empowers the Treasury Board to exercise discretion in managing public deposits while ensuring compliance with the overarching statutory framework, thus facilitating effective oversight and risk management.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depository)

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, a...

Action: certify in writing that the withdrawal will not reduce the collateral value below the required level and provide a supporting statement reporting curr...

Conditions: the approval is granted only if the certification and statement are provided

Provision 3

"Current public deposits for this purpose are the amount of public deposits held ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to require information from qualified public depositories and determine the terms under which public deposits must be secured. This broad grant of authority encompasses the regulation, as it establishes the definition of current public deposits in relation to collateral withdrawal, which is essential for the Treasury Board's oversight and management of public funds. The legal significance of this authorization relationship is that it allows the Treasury Board to implement regulations that ensure the protection and proper management of public deposits, thereby fulfilling its statutory responsibilities effectively.

Provision 4

"The escrow agent shall not permit the qualified public depository to withdraw co..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to prescribe terms and conditions for securing public deposits. This broad grant of authority encompasses the regulation requiring prior written approval from the Treasury Board for a qualified public depository to withdraw collateral, as it directly relates to the Board's responsibility to ensure the security of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement specific oversight measures that protect public funds, ensuring compliance with the established guidelines and maintaining the integrity of the public deposit system.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall not" (escrow agent)

The escrow agent shall not permit the qualified public depository to withdraw collateral without the prior written approval of the Treasury Board.

Action: not permit the qualified public depository to withdraw collateral

Conditions: without the prior written approval of the Treasury Board

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-110

Express

General

Overreach

Unauthorized

Requirements

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 report shall include the total amount of public deposits held by it at the close of business on the last day in the immediately preceding month; the average daily balance for such month of all public deposits held by it during the immediately preceding month; the average daily balance of all bank deposits for the immediately preceding month; the total required collateral; the total par value and the total current market value of collateral at the close of business on the last day in the immediately preceding month; and the average daily collateral balance. Included with this report shall be a detailed schedule of pledged collateral to include the security description, coupon rate, CUSIP (Committee on Uniform Securities Identification Procedures) number, maturity date, debt rating by Moody's Investors Service, Inc., Fitch Ratings, Inc. or Standard & Poor's Financial Services LLC, par value amount, book or principal value amount, and current market value amount, determined pursuant to 1VAC75-20-70 .¹ B. Qualified public depositories selecting the dedicated method to collateralize their public deposit balances shall also submit reports similar to those outlined in subsection A of this section each week for the immediately preceding week.² C. At the request of a public depositor for which a qualified public depository holds deposits, within 10 calendar days after the end of a month, the qualified public depository shall submit a statement indicating the total public deposits in each account to the credit of such depositor on the last banking day in the immediately preceding month and the total amount of all public deposits held by it upon such date.³ D. Within the first 10 calendar days of each quarter, qualified public depositories shall submit to the Treasury Board an electronic report by public deposit account to include the account number, type of account (demand or savings), full name of account, name of public entity, custodian name and title, federal tax identification number, amount on deposit in the account, amount on deposit secured by federal deposit insurance, and amount of deposit secured by pledged collateral. Qualified public depositories shall also within the first 10 calendar days of each quarter provide to each public depositor for whom it holds public deposits, a schedule detailing the public deposit accounts reported to the Treasury Board for that depositor, indicating the account name and number, type of account, amount on deposit secured by federal deposit insurance, and total account amount to be secured by its pledged collateral.⁴ E. By the 10th calendar day of July, qualified public depositories shall submit an annual certification from an independent certified public accountant or their internal audit department, attesting to the accuracy of the public deposit balances reported to the Treasury Board during their previous fiscal year in accordance with the instructions issued by the Treasury Board.⁵

Provision-Level Authorization Analysis

Provision 1

"A. Within 10 calendar days after the end of the month, each qualified public dep..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including requiring qualified public depositories to provide information as requested. This broad grant of authority encompasses the regulation's requirement for qualified public depositories to submit electronic reports, as it is a necessary step for the Treasury Board to monitor and ensure the security of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement regulations that facilitate oversight and compliance, thereby promoting the protection of public funds.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depository)

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 t...

Action: submit an electronic report of specified data to the Treasury Board

Conditions: report must be submitted within 10 calendar days after the end of the month, report must be certified as to its accuracy by an authorized official

Provision 2

"B. Qualified public depositories selecting the dedicated method to collateralize..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to require qualified public depositories to provide information concerning their public deposits. This broad grant of authority encompasses the regulation requiring qualified public depositories to submit weekly reports, as it falls within the agency's mandate to ensure the security and proper management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary oversight measures to protect public funds, reflecting a general delegation of authority to regulate the reporting requirements for depositories.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depositories)

Qualified public depositories selecting the dedicated method to collateralize their public deposit balances shall also submit reports similar to those outlined in subsection A of this section each wee...

Action: submit reports similar to those outlined in subsection A of this section each week for the immediately preceding week

Conditions: selecting the dedicated method to collateralize their public deposit balances, References other regulatory requirements

Provision 3

"C. At the request of a public depositor for which a qualified public depository ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including requiring qualified public depositories to provide information concerning public deposits. This broad grant of authority encompasses the regulation, as it mandates qualified public depositories to submit statements of total public deposits, thereby ensuring transparency and accountability in the management of public funds. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary oversight mechanisms to protect public deposits while maintaining flexibility in how those mechanisms are operationalized.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depository)

the qualified public depository shall submit a statement indicating the total public deposits in each account to the credit of such depositor on the last banking day in the immediately preceding month...

Action: submit a statement indicating the total public deposits in each account to the credit of the depositor on the last banking day in the immediately prec...

Conditions: at the request of a public depositor for which a qualified public depository holds deposits

Provision 4

"D. Within the first 10 calendar days of each quarter, qualified public depositor..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the full performance of its functions, including requiring qualified public depositories to provide information concerning their public deposits. This broad grant of authority encompasses the regulation's requirement for qualified public depositories to submit detailed electronic reports about their public deposit accounts, as it aligns with the agency's responsibility to oversee and ensure the security of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary reporting measures to fulfill its mandate, thereby enhancing the oversight and protection of public funds.

Discretionary Requirements

2 Discretionary Requirements Identified

"shall" (qualified public depositories)

qualified public depositories shall submit to the Treasury Board an electronic report by public deposit account to include the account number, type of account (demand or savings), full name of account...

Action: submit an electronic report to the Treasury Board including specified account information

Conditions: within the first 10 calendar days of each quarter

"shall" (qualified public depositories)

qualified public depositories shall also within the first 10 calendar days of each quarter provide to each public depositor for whom it holds public deposits, a schedule detailing the public deposit a...

Action: provide a schedule to each public depositor with specified account details

Conditions: within the first 10 calendar days of each quarter

Provision 5

"E. By the 10th calendar day of July, qualified public depositories shall submit ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the requirement for qualified public depositories to provide information as requested. This broad grant of authority encompasses the regulation requiring annual certification from independent accountants, as it directly relates to ensuring the accuracy of public deposit balances, which is essential for the Treasury Board's oversight responsibilities. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary measures to safeguard public deposits, thereby fulfilling its statutory mandate effectively.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depositories)

qualified public depositories shall submit an annual certification from an independent certified public accountant or their internal audit department, attesting to the accuracy of the public deposit b...

Action: submit an annual certification from an independent certified public accountant or their internal audit department, attesting to the accuracy of the pu...

Conditions: by the 10th calendar day of July

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-120

Express

General

Overreach

Unauthorized

Requirements

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.¹ The Treasury Board shall be notified of compliance irregularities during the board's regularly scheduled meetings.²

Provision-Level Authorization Analysis

Provision 1

"The State Treasurer shall make available to public depositors and their auditors..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to require information from public depositories and to determine prudent actions for the protection of public deposits. This broad grant of authority encompasses the regulation requiring the State Treasurer to provide reports on compliance irregularities, as it directly relates to the oversight and enforcement of public deposit security measures. The legal significance of this authorization relationship is that it allows for a flexible and responsive regulatory framework that can adapt to the needs of public depositors while ensuring compliance with established guidelines.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (public depositors and their auditors)

make available to public depositors and their auditors reports of compliance irregularities of public depositories including undercollateralization and repeated late filings of required compliance rep...

Action: review and access reports of compliance irregularities of public depositories, including undercollateralization and repeated late filings of required ...

Provision 2

"The Treasury Board shall be notified of compliance irregularities during the boa..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations and guidelines necessary for the performance of its functions, including the authority to require information from qualified public depositories and establish procedures for compliance. This broad grant of authority allows the Treasury Board to implement a regulation that mandates notification of compliance irregularities during meetings, as it falls within the scope of ensuring oversight and protection of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to effectively monitor and enforce compliance, thereby fulfilling its statutory mandate to safeguard public funds.

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-130

Express

General

Overreach

Unauthorized

Requirements

Meet the requirements of a qualified public depository as defined in § 2.2-4401 of the Code of Virginia. b.¹ Have an average or above rating from the Treasury Board's designated rating service for the most recent eight calendar quarters. c.² 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.³ Banks will be required to disclose to the Treasury Board any such formal enforcement actions currently in force. 2.⁴ For continued eligibility, compliance requirements are: a.⁵ Sufficient collateralization, pooled method.⁶ If a qualified public depository using the pooled method of collateralization is undercollateralized three months in a rolling 12-month period, the Treasury Board may take action, including the following, as it deems appropriate: (1) Increase the depository's collateral requirement. (2) Prohibit the depository from opening any new public deposit accounts. (3) Restrict the types of securities the depository may pledge as collateral. b.⁷ Sufficient collateralization, dedicated method.⁸ If a qualified public depository using the dedicated method of collateralization is undercollateralized for weekly reporting, it may be penalized accordingly. c.⁹ Timely monitoring and collateralization of public deposit balances.¹⁰ Failing to monitor public deposit balances daily and pledge additional collateral when necessary may result in the Treasury Board taking action, including the actions outlined in subdivisions 2 a (1), 2 a (2), and 2 a (3) of this section. d.¹¹ If a qualified public depository reports late or otherwise fails to report when required, the Treasury Board may take action as it deems necessary. e.¹² Rating from Treasury Board's designated rating service. (1) Pooled method: If the depository's rating should fall below average, the collateral requirement will increase to at least 100% of public deposits, net of Federal Deposit Insurance Corporation coverage, until the rating is again average or above for two consecutive quarters.¹³ If the depository's rating should fall into the rating service's lowest rating tier, the Treasury Board may restrict the types of securities the depository may pledge as eligible collateral, or require securities be valued at less than 100%, or both. (2) Dedicated method: If the depository's rating should fall from one category to another, the collateral requirement will be increased accordingly.¹⁴

Provision-Level Authorization Analysis

Provision 1

"Meet the requirements of a qualified public depository as defined in § 2.2-4401 ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to prescribe terms and conditions for public deposits and determine acceptable collateral. This broad grant of authority encompasses the regulation requiring that entities meet the qualifications of a public depository, as it falls within the Board's mandate to establish guidelines that ensure the security and management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement regulations that are essential for safeguarding public funds, thereby fulfilling its statutory responsibilities effectively.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Explicit Statutory Citations

REFERENCE § 2.2-4401

Citation text: "§ 2.2-4401"

Total: 1 citation to 1 unique statute

Provision 2

"Have an average or above rating from the Treasury Board's designated rating serv..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including determining acceptable collateral and requiring information from qualified public depositories. This broad grant of authority encompasses the regulation requiring an average or above rating from the Treasury Board's designated rating service, as it falls within the agency's responsibility to ensure the prudence and security of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to establish standards that enhance the safety and reliability of public depositories, thereby fulfilling its statutory mandate to protect public funds.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Discretionary Requirements

1 Discretionary Requirements Identified

"may" (regulated entities (e.g., organizations subject to rating requirements))

Have an average or above rating from the Treasury Board's designated rating service for the most recent eight calendar quarters.

Action: obtain an average or above rating from the designated rating service for the most recent eight calendar quarters

Conditions: rating must be from the Treasury Board's designated rating service, rating applies to the most recent eight calendar quarters

Provision 3

"Cannot be under a formal federal or state bank regulatory enforcement action tha..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining the conditions under which public deposits must be secured and assessing the prudence of qualified public depositories. This broad grant of authority allows the regulation to establish criteria regarding the eligibility of public depositories, including the stipulation that they cannot be under formal regulatory enforcement actions that could impair their ability to serve, thus falling within the agency's mandate to ensure the security of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to set flexible and case-by-case standards that align with its overarching responsibility to protect public funds, thereby justifying the GENERAL_DELEGATION status of the regulation.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Provision 4

"Banks will be required to disclose to the Treasury Board any such formal enforce..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including requiring qualified public depositories to provide information as requested. This broad grant of authority allows the regulation to require banks to disclose formal enforcement actions, as it falls within the agency's power to enforce guidelines and obtain information pertinent to the protection of public deposits. The legal significance of this authorization relationship is that it establishes the Treasury Board's ability to implement regulations that ensure transparency and accountability among public depositories, thereby safeguarding public funds.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Provision 5

"For continued eligibility, compliance requirements are: a."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including prescribing terms and conditions for securing public deposits and determining acceptable collateral. This broad grant of authority allows the regulation to establish compliance requirements for continued eligibility, as it falls within the scope of ensuring the protection and management of public deposits as outlined in the statute. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement necessary regulations that support its overarching mandate to safeguard public funds, thereby justifying the GENERAL_DELEGATION level.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Provision 6

"Sufficient collateralization, pooled method."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including fixing terms and conditions for public deposits and determining acceptable collateral. This broad language allows the Treasury Board to implement a regulation regarding sufficient collateralization using a pooled method, as it falls within the scope of ensuring the security of public deposits and managing collateral requirements. The legal significance of this authorization relationship is that it empowers the Treasury Board to create flexible regulations that adapt to varying circumstances while maintaining the overarching goal of protecting public funds.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Provision 7

"If a qualified public depository using the pooled method of collateralization is..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to require additional collateral and to determine acceptable securities for public deposits. This broad grant of authority encompasses the regulation's provisions for addressing undercollateralization by allowing the Treasury Board to take appropriate actions, such as increasing collateral requirements, to ensure the security of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to adapt its regulatory framework to changing circumstances, thereby enhancing the protection of public funds.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Discretionary Requirements

3 Discretionary Requirements Identified

"may" (qualified public depository using the pooled method of collateralization)

Increase the depository's collateral requirement.

Action: increase the depository's collateral requirement

Conditions: if the depository is undercollateralized three months in a rolling 12-month period

"may" (qualified public depository using the pooled method of collateralization)

Prohibit the depository from opening any new public deposit accounts.

Action: not open any new public deposit accounts

Conditions: if the depository is undercollateralized three months in a rolling 12-month period

"may" (qualified public depository using the pooled method of collateralization)

Restrict the types of securities the depository may pledge as collateral.

Action: restrict the types of securities pledged as collateral

Conditions: if the depository is undercollateralized three months in a rolling 12-month period

Provision 8

"Sufficient collateralization, dedicated method."

Potential Overreach

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including fixing terms and conditions for public deposit security and determining acceptable collateral. The regulation's requirement for "sufficient collateralization" and a "dedicated method" may exceed the statutory language, as it introduces additional criteria not explicitly outlined in the statute, potentially imposing stricter standards than those authorized. This relationship indicates that while the Treasury Board has broad regulatory powers, the specific requirements of the regulation could overstep the limits set by the statute, leading to potential legal challenges regarding its enforceability.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Provision 9

"If a qualified public depository using the dedicated method of collateralization..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to prescribe terms and conditions for public deposits and to require information from qualified public depositories. This broad grant of authority encompasses the regulation regarding penalties for undercollateralization, as it aligns with the Board's responsibility to ensure the security of public deposits and enforce compliance with collateralization requirements. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary measures to protect public funds, thereby ensuring the integrity and stability of the public deposit system.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Discretionary Requirements

1 Discretionary Requirements Identified

"may" (qualified public depository using the dedicated method of collateralization)

If a qualified public depository using the dedicated method of collateralization is undercollateralized for weekly reporting, it may be penalized accordingly.

Action: be penalized accordingly

Conditions: being undercollateralized for weekly reporting

Provision 10

"Timely monitoring and collateralization of public deposit balances."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the requirement for public deposits to be secured and the ability to determine acceptable collateral. This broad grant of authority encompasses the regulation on timely monitoring and collateralization of public deposit balances, as it directly relates to the agency's responsibility to ensure that public deposits are adequately secured and managed. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary measures to protect public funds, ensuring compliance with the statutory requirements while maintaining flexibility in its regulatory approach.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Provision 11

"Failing to monitor public deposit balances daily and pledge additional collatera..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to require additional collateral and to determine acceptable securities for public deposits. This results in GENERAL_DELEGATION because the regulation addresses the need for daily monitoring of public deposit balances and the requirement for additional collateral, which falls within the broad powers granted to the Treasury Board to ensure the protection of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary measures to safeguard public funds without needing to seek further specific legislative approval for each regulatory action.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Provision 12

"If a qualified public depository reports late or otherwise fails to report when ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to require information from qualified public depositories and to take actions deemed necessary in cases of default or insolvency. This broad grant of authority encompasses the regulation, as it allows the Treasury Board to take necessary actions when a qualified public depository fails to report as required, thereby ensuring compliance and protecting public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board with the discretion to enforce compliance and safeguard public funds, reflecting a general delegation of authority to act in the interest of public financial security.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Provision 13

"Rating from Treasury Board's designated rating service. (1) Pooled method: If th..."

Potential Overreach

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including fixing terms and conditions for securing public deposits and determining acceptable collateral. The regulation requiring an increase in collateral to at least 100% of public deposits based solely on a depository's rating falling below average appears to exceed the statute's authorization, as it imposes a rigid collateral requirement not explicitly outlined in the statute and does not consider the broader context of prudence or circumstances as allowed by the statutory language. The legal significance of this relationship is that the regulation may impose stricter requirements than the statute permits, potentially undermining the intended flexibility and discretion granted to the Treasury Board in managing public deposit security.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Discretionary Requirements

1 Discretionary Requirements Identified

"will increase" (depository)

the collateral requirement will increase to at least 100% of public deposits, net of Federal Deposit Insurance Corporation coverage, until the rating is again average or above for two consecutive quar...

Action: increase collateral requirement to at least 100% of public deposits, net of FDIC coverage

Conditions: if the depository's rating should fall below average, until the rating is again average or above for two consecutive quarters

Provision 14

"If the depository's rating should fall into the rating service's lowest rating t..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to prescribe terms for public deposits and determine acceptable collateral. This broad language allows the Treasury Board to implement regulations that address varying circumstances, such as adjusting collateral requirements based on a depository's rating, which aligns with its responsibility to protect public deposits. The legal significance of this relationship is that it empowers the Treasury Board to adapt its regulatory framework to ensure the security of public funds, reflecting a general delegation of authority to respond to changing financial conditions.

DEFINITION § 2.2-4401

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4401. Definitions As used in this chapter, unless the context requires a different meaning: "Dedicated me...

Discretionary Requirements

2 Discretionary Requirements Identified

"may" (depository)

the Treasury Board may restrict the types of securities the depository may pledge as eligible collateral, or require securities be valued at less than 100%, or both

Action: comply with restrictions on types of securities pledged as collateral and/or ensure securities are valued at less than 100%

Conditions: if the depository's rating should fall into the rating service's lowest rating tier

"will" (depository)

the collateral requirement will be increased accordingly

Action: adjust collateral requirements (increase them)

Conditions: if the depository's rating should fall from one category to another

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-140

Express

General

Overreach

Unauthorized

Requirements

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.¹ A depository may have no more than one escrow agreement for Virginia public deposits in effect at any given time period.² The escrow agent is responsible for providing a written notification and executing new agreements upon its name change.³ 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: 1.⁴ To become an escrow agent, the minimum requirements are that an entity: a.⁵ Be a bank or trust company organized under federal law, Virginia law, or under the laws of another state. b.⁶ 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.⁷ Existing escrow agents not located in Virginia are exempt from this requirement. c.⁸ Have an Average or above rating from the Treasury Board's designated rating service for the most recent eight calendar quarters. d.⁹ 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.¹⁰ Banks will be required to disclose to the Treasury Board any such formal enforcement actions currently in force. e.¹¹ Be an independent entity in the performance of its duties on behalf of the Treasury Board.¹² The escrow agent may not be the depository itself, its holding company, or any affiliate of the depository. 2.¹³ For continued eligibility, compliance requirements are: a.¹⁴ The escrow agent shall hold in a separate account for the Treasury Board eligible collateral pledged under the provisions of the Act and, if acting as escrow for more than one public depository, a separate account must be opened for each depository.¹⁵ The escrow shall hold the eligible collateral in a section of the institution that is separate from daily activities performed by that institution , such as its trust department , and be held accountable for the regulatory requirements of such department. b.¹⁶ The escrow agent must be able to ascertain whether pledged collateral is eligible collateral in accordance with 1VAC75-20-60 .The escrow agent shall distribute all interest, dividends, or other income for the pledged securities to the depository and such income shall be payable thereto provided the escrow agent has not received written notice from the Treasury Board that the depository is in a condition of "default or insolvency" as defined in the Act, in which event the escrow agent shall hold such income subject to the order of the Treasury Board. c.¹⁷ The escrow agent shall price securities held as collateral at a current market value no older than one business day from the date of a substitution of collateral, as of the close of business on the last day of the month for monthly reporting purposes, and as of the close of business Friday for weekly reporting purposes for depositories using the dedicated method. d.¹⁸ The escrow agent shall adhere to the reporting requirements as detailed in the "Master Custodial Agreement" and the "Public Deposit Security Agreement." e.¹⁹ The escrow agent shall allow substitutions in accordance with 1VAC75-20-90 . f.²⁰ The escrow agent shall ensure that withdrawals of collateral will be in accordance with 1VAC75-20-100 .²¹ The State Treasurer, acting on behalf of the Treasury Board, will determine that an escrow agent is eligible based upon the criteria established under this section prior to executing the "Master Custodial Agreement" and the "Public Deposit Security Agreement." The State Treasurer may request information from an escrow agent to substantiate its ability to meet the aforementioned criteria.²² In the event an escrow agent violates the requirements of the "Master Custodial Agreement" or the "Public Deposit Security Agreement," the State Treasurer shall notify the escrow agent and applicable public depositories of the violation and require the escrow agent to comply with all terms of the agreements.²³ The escrow agent must provide the State Treasurer and public depositories a written statement, within 30 days of the notification, outlining how and when the violations will be remedied.²⁴ This statement must be acceptable to the State Treasurer, who will monitor adherence to it.²⁵ If the escrow agent fails to provide a statement or adhere to its remediation plan or continues to violate the agreements, the Treasury Board may take disciplinary action, up to and including termination of the "Master Custodial Agreement".²⁶ Qualified public depositories shall select a new escrow agent after such a disqualification in accordance with Treasury Board instructions.²⁷ After "disqualification," an escrow agent may request approval from the Treasury Board to be reinstated as an eligible escrow agent if correction of prior deficiencies is demonstrated.²⁸

Provision-Level Authorization Analysis

Provision 1

"All escrow agent requirements shall be outlined under a "Master Custodial Agreem..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to prescribe terms and conditions for securing public deposits. This broad grant of authority allows the Treasury Board to establish requirements for escrow agents through a "Master Custodial Agreement," as it falls within the scope of ensuring the security and management of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement necessary regulations without needing further legislative approval, thereby facilitating effective oversight and protection of public funds.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (escrow agent)

Action: outline all escrow agent requirements under a "Master Custodial Agreement"

Provision 2

"A depository may have no more than one escrow agreement for Virginia public depo..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including prescribing terms and conditions for public deposits and determining acceptable collateral. This broad grant of authority allows the regulation limiting depositories to one escrow agreement to fall within the agency's discretion to establish guidelines that ensure the security and management of public deposits. The legal significance of this relationship is that it empowers the Treasury Board to implement regulations that directly support its mandate to protect public funds, thereby ensuring compliance and effective oversight in the management of public deposits.

Discretionary Requirements

1 Discretionary Requirements Identified

"may" (depository)

A depository may have no more than one escrow agreement for Virginia public deposits in effect at any given time period.

Action: not have more than one escrow agreement for Virginia public deposits in effect at any given time period

Conditions: at any given time period

Provision 3

"The escrow agent is responsible for providing a written notification and executi..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to require information and establish terms and conditions for public deposits. This broad grant of authority encompasses the regulation regarding the escrow agent's responsibility for providing written notification and executing new agreements upon a name change, as it aligns with the Treasury Board's role in overseeing and ensuring the proper management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary procedures and requirements to maintain the integrity and security of public funds, thereby fulfilling its statutory mandate.

Provision 4

"An escrow agent selected by a qualified public depository for the purpose of hol..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to prescribe terms and conditions for securing public deposits. This broad grant of authority encompasses the regulation requiring specific qualifications for escrow agents, as it directly relates to the management and safeguarding of collateral pledged under the Act. The legal significance of this authorization relationship is that it allows the Treasury Board to establish detailed operational standards, ensuring the effective implementation of statutory provisions aimed at protecting public deposits.

Discretionary Requirements

1 Discretionary Requirements Identified

"must" (escrow agent)

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 th...

Action: meet the following requirements

Conditions: 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

Provision 5

"To become an escrow agent, the minimum requirements are that an entity: a."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including setting terms and conditions for public deposits and determining acceptable collateral. This broad authority encompasses the regulation regarding the minimum requirements for becoming an escrow agent, as it falls within the Treasury Board's mandate to establish guidelines that ensure the security and management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary regulations without needing specific legislative approval for each individual regulation, thereby facilitating effective governance and oversight of public financial practices.

Provision 6

"Be a bank or trust company organized under federal law, Virginia law, or under t..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including prescribing terms and conditions for public deposits and determining acceptable collateral. This broad authority allows the Treasury Board to establish criteria for qualified public depositories, such as requiring them to be organized under specific laws, which aligns with the regulation's requirement for banks or trust companies. The legal significance of this relationship is that it empowers the Treasury Board to set comprehensive standards for public deposits, ensuring the protection and security of public funds under its oversight.

Provision 7

"Be located in Virginia, meaning it has a main office or branch office in the Com..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including determining terms and conditions for public deposits and requiring information from qualified public depositories. This broad grant of authority encompasses the regulation's requirement that a depository be located in Virginia, as it relates to the essential conditions under which public deposits must be secured and the operational standards for qualified public depositories. The legal significance of this authorization relationship is that it allows the Treasury Board to establish necessary operational criteria to ensure the security and management of public deposits, thereby fulfilling its statutory mandate effectively.

Provision 8

"Existing escrow agents not located in Virginia are exempt from this requirement..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations and guidelines necessary for the full performance of its functions, including the authority to determine terms and conditions for public deposits and to require information from qualified public depositories. This broad grant of authority allows the Treasury Board to establish exemptions, such as the regulation that exempts existing escrow agents not located in Virginia, as it falls within the agency's discretion to determine prudent conditions for public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to tailor regulations to address specific circumstances while ensuring the overarching goal of protecting public deposits is met.

Provision 9

"Have an Average or above rating from the Treasury Board's designated rating serv..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including fixing terms and conditions for securing public deposits and determining acceptable collateral. This broad authority allows the Treasury Board to establish criteria, such as requiring an average or above rating from a designated rating service, as it falls within the scope of ensuring the security and prudence of public deposits. The legal significance of this relationship is that the regulation is supported by the statute's expansive language, enabling the Treasury Board to implement necessary guidelines without exceeding its delegated powers.

Provision 10

"Cannot be under a formal federal or state bank regulatory enforcement action tha..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining the conditions under which public deposits must be secured and assessing the prudence of collateral requirements. This broad grant of authority allows the Treasury Board to establish regulations that ensure the integrity and reliability of public depositories, which encompasses the regulation's requirement that a qualified public depository must not be under a formal enforcement action that could impair its ability to function as an escrow agent. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement flexible and case-by-case assessments, ensuring that public deposits are adequately protected while allowing for necessary regulatory discretion.

Provision 11

"Banks will be required to disclose to the Treasury Board any such formal enforce..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including requiring qualified public depositories to provide information as requested. This broad language allows the regulation requiring banks to disclose formal enforcement actions to fall under the general delegation of authority, as it is consistent with the Board's role in overseeing public deposits and ensuring their security. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement necessary oversight measures, thereby enhancing the protection of public deposits without needing specific legislative approval for each regulatory requirement.

Provision 12

"Be an independent entity in the performance of its duties on behalf of the Treas..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations and guidelines necessary for the performance of its functions, including determining the terms and conditions under which public deposits must be secured. This broad authority allows the Treasury Board to delegate responsibilities, such as ensuring independence in the performance of duties, which aligns with the need for flexibility and adaptability in managing public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement regulations that enhance operational efficiency while maintaining oversight and accountability in the management of public funds.

Discretionary Requirements

1 Discretionary Requirements Identified

"imperative statement" (the entity performing its duties on behalf of the Treasury Board)

Be an independent entity in the performance of its duties on behalf of the Treasury Board.

Action: be independent in the performance of its duties

Provision 13

"The escrow agent may not be the depository itself, its holding company, or any a..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including establishing guidelines and fixing terms and conditions related to public deposits. This broad grant of authority encompasses the regulation that prohibits the escrow agent from being the depository itself or its affiliates, as it falls under the agency's responsibility to ensure the security and integrity of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary safeguards to protect public funds, reflecting its mandate to oversee and regulate qualified public depositories effectively.

Provision 14

"For continued eligibility, compliance requirements are: a."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to require information from qualified public depositories and to establish terms and conditions for securing public deposits. This broad authority allows the Treasury Board to implement compliance requirements that ensure continued eligibility for public depositories, as the regulation aligns with the statutory mandate to enforce guidelines that protect public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to create regulations that are essential for the effective management and security of public funds, thereby fulfilling its statutory responsibilities.

Provision 15

"The escrow agent shall hold in a separate account for the Treasury Board eligibl..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including the ability to prescribe terms and conditions for securing public deposits and determining acceptable collateral. This broad authority encompasses the regulation requiring escrow agents to hold eligible collateral in separate accounts, as it directly relates to the Treasury Board's responsibility to ensure the security of public deposits and manage collateral effectively. The legal significance of this authorization relationship is that it allows the Treasury Board to implement detailed operational procedures, such as the regulation in question, to fulfill its statutory mandate while maintaining flexibility in its regulatory framework.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (escrow agent)

The escrow agent shall hold in a separate account for the Treasury Board eligible collateral pledged under the provisions of the Act and, if acting as escrow for more than one public depository, a sep...

Action: hold in a separate account for the Treasury Board eligible collateral pledged under the provisions of the Act and open a separate account for each dep...

Conditions: if acting as escrow for more than one public depository

Provision 16

"The escrow shall hold the eligible collateral in a section of the institution t..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 grants the Treasury Board broad authority to make and enforce regulations necessary for the performance of its functions, including the establishment of terms and conditions for securing public deposits and determining acceptable collateral. This broad grant of authority encompasses the regulation's requirement for the escrow to hold eligible collateral in a separate section of the institution, ensuring accountability and compliance with regulatory standards. The legal significance of this authorization relationship is that it allows the Treasury Board to implement detailed operational guidelines that are essential for safeguarding public deposits, reflecting the statute's intent to provide comprehensive oversight and protection in financial matters.

Provision 17

"The escrow agent must be able to ascertain whether pledged collateral is eligibl..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including determining acceptable collateral and requiring information from qualified public depositories. This broad grant of authority encompasses the regulation's requirement for the escrow agent to ascertain the eligibility of pledged collateral, as it falls within the Treasury Board's mandate to establish guidelines for securing public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement regulations that ensure the protection and proper management of public funds, thereby fulfilling its statutory responsibilities effectively.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (escrow agent)

The escrow agent shall distribute all interest, dividends, or other income for the pledged securities to the depository and such income shall be payable thereto provided the escrow agent has not recei...

Action: distribute all interest, dividends, or other income for the pledged securities to the depository

Conditions: the escrow agent has not received written notice from the Treasury Board that the depository is in a condition of "default or insolvency"

Provision 18

"The escrow agent shall price securities held as collateral at a current market v..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including determining acceptable collateral and fixing terms and conditions for securing public deposits. This broad authority allows the Treasury Board to establish specific requirements, such as the pricing of securities held as collateral, which aligns with its responsibility to ensure the protection of public deposits and manage risks associated with collateral valuation. The legal significance of this authorization relationship is that it enables the Treasury Board to implement detailed operational guidelines under the umbrella of its statutory powers, ensuring effective oversight and management of public funds.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (escrow agent)

The escrow agent shall price securities held as collateral at a current market value no older than one business day from the date of a substitution of collateral, as of the close of business on the la...

Action: price securities held as collateral at a current market value no older than one business day from the date of a substitution of collateral, as of the ...

Conditions: for depositories using the dedicated method

Provision 19

"The escrow agent shall adhere to the reporting requirements as detailed in the "..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to require information from qualified public depositories and establish terms for securing public deposits. This broad grant of authority encompasses the regulation requiring escrow agents to adhere to specific reporting requirements, as it falls within the Treasury Board's mandate to ensure proper management and security of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement detailed operational standards, like those in the regulation, to effectively safeguard public funds while maintaining flexibility in its regulatory approach.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (escrow agent)

The escrow agent shall adhere to the reporting requirements as detailed in the "Master Custodial Agreement" and the "Public Deposit Security Agreement."

Action: adhere to the reporting requirements

Provision 20

"The escrow agent shall allow substitutions in accordance with 1VAC75-20-90 . f."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including determining terms and conditions for securing public deposits and requiring information from qualified public depositories. This broad grant of authority encompasses the regulation regarding substitutions by allowing the Treasury Board to establish guidelines that govern the management of collateral, which is essential for the protection of public deposits. The legal significance of this authorization relationship is that it enables the Treasury Board to implement flexible and adaptive regulatory measures that ensure the security and integrity of public funds while maintaining oversight over qualified public depositories.

Provision 21

"The escrow agent shall ensure that withdrawals of collateral will be in accordan..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to prescribe terms and conditions for securing public deposits. This broad grant of authority encompasses the regulation requiring the escrow agent to ensure that withdrawals of collateral comply with established guidelines, as it aligns with the Treasury Board's responsibility to enforce regulations that protect public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary operational procedures through regulations, ensuring the security and management of public funds in a manner consistent with its statutory mandate.

Provision 22

"The State Treasurer, acting on behalf of the Treasury Board, will determine that..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the determination of acceptable collateral and the establishment of guidelines for public deposits. This broad grant of authority allows the State Treasurer to determine the eligibility of an escrow agent based on established criteria, which aligns with the Treasury Board's responsibility to ensure the security of public deposits. The legal significance of this authorization relationship is that it empowers the State Treasurer to act with discretion in implementing regulations that protect public funds, reflecting the intent of the statute to provide comprehensive oversight and management of public deposits.

Provision 23

"In the event an escrow agent violates the requirements of the "Master Custodial ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including the authority to require information from qualified public depositories and to take actions in cases of default or insolvency. This broad grant of authority encompasses the regulation, as it allows the Treasury Board to enforce compliance with agreements related to public deposits, thereby ensuring the protection of public funds. The legal significance of this authorization relationship is that it empowers the Treasury Board to act decisively in overseeing compliance and safeguarding public deposits, reflecting the necessity of regulatory oversight in financial matters.

Provision 24

"The escrow agent must provide the State Treasurer and public depositories a writ..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to require public depositories to provide information as requested. This broad grant of authority allows the regulation requiring escrow agents to provide a written statement to the State Treasurer and public depositories about violations to fall under GENERAL_DELEGATION, as it directly relates to the oversight and protection of public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to establish necessary guidelines and requirements to ensure compliance and safeguard public funds effectively.

Discretionary Requirements

1 Discretionary Requirements Identified

"must" (escrow agent)

The escrow agent must provide the State Treasurer and public depositories a written statement, within 30 days of the notification, outlining how and when the violations will be remedied.

Action: provide a written statement

Conditions: within 30 days of the notification

Provision 25

"This statement must be acceptable to the State Treasurer, who will monitor adher..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations and guidelines necessary for the performance of its functions, including the ability to require information from qualified public depositories and to determine acceptable collateral. This broad grant of authority allows the regulation, which requires a statement to be acceptable to the State Treasurer and mandates monitoring for adherence, to fall under GENERAL_DELEGATION as it aligns with the Treasury Board's role in overseeing public deposits and ensuring compliance with established guidelines. The legal significance of this authorization relationship is that it empowers the Treasury Board to implement necessary oversight measures while maintaining flexibility in its regulatory approach to safeguard public funds.

Provision 26

"If the escrow agent fails to provide a statement or adhere to its remediation pl..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to require information from qualified public depositories and to take action in cases of default or insolvency. This broad grant of authority encompasses the regulation's provision for disciplinary action against an escrow agent for failure to comply with agreements, as it aligns with the Treasury Board's responsibility to ensure the protection and proper management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to enforce compliance and maintain the integrity of public deposit security measures, thereby fulfilling its statutory mandate effectively.

Provision 27

"Qualified public depositories shall select a new escrow agent after such a disq..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including the authority to prescribe guidelines and determine conditions for public deposits. This broad grant of authority encompasses the regulation requiring qualified public depositories to select a new escrow agent after disqualification, as it falls within the scope of the Treasury Board's responsibility to ensure compliance and protect public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary operational procedures, ensuring that public funds are managed securely and effectively under its regulatory framework.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (qualified public depositories)

Qualified public depositories shall select a new escrow agent after such a disqualification in accordance with Treasury Board instructions.

Action: select a new escrow agent after disqualification

Conditions: after such a disqualification, in accordance with Treasury Board instructions

Provision 28

"After "disqualification," an escrow agent may request approval from the Treasury..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to determine terms and conditions for public deposits and to require information from qualified public depositories. This broad language allows for the regulation concerning the reinstatement of escrow agents, as it falls within the agency's purview to establish guidelines that ensure compliance and protect public deposits. The legal significance of this authorization relationship is that it empowers the Treasury Board to regulate the eligibility of escrow agents, thereby safeguarding the integrity of public deposit security mechanisms.

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-150

Express

General

Overreach

Unauthorized

Requirements

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.¹

Provision-Level Authorization Analysis

Provision 1

"This includes, without limitation, continuing to meet collateralization and repo..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the ability to prescribe terms and conditions for public deposits and to require information from qualified public depositories. This broad grant of authority allows the regulation to encompass ongoing requirements such as collateralization and reporting, as it aligns with the Treasury Board's mandate to ensure the security and proper management of public deposits. The legal significance of this relationship is that it provides the Treasury Board with the flexibility to implement necessary guidelines and requirements, ensuring compliance and protection of public funds under its oversight.

DEFINITION § 2.2-4404

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4404. Procedure for payment of losses by dedicated method When the Treasury Board determines that a quali...

DEFINITION § 2.2-4403

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 44. Virginia Security for Public Deposits Act › § 2.2-4403. Procedure for payment of losses by pooled method When the Treasury Board determines that a qualifie...

Explicit Statutory Citations

MULTIPLE CITATIONS § 2.2-4403

Citation text: "§§ 2.2-4403"

MULTIPLE CITATIONS § 2.2-4403

Citation text: "§§ 2.2-4403 and 2.2-4404"

MULTIPLE CITATIONS § 2.2-4404

Citation text: "§§ 2.2-4403 and 2.2-4404"

Total: 3 citations to 2 unique statutes

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Virginia Security for Public Deposits Act Regulations

1VAC75-20-160

Express

General

Overreach

Unauthorized

Requirements

Treasurer of any unresolved discrepancy between the information provided and the public depositors' records.¹ 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.²

Provision-Level Authorization Analysis

Provision 1

"Treasurer of any unresolved discrepancy between the information provided and the..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the power to make and enforce regulations necessary for the performance of its functions, including the authority to require qualified public depositories to provide information concerning their public deposits. This broad language encompasses the regulation requiring the Treasurer to address discrepancies between the information provided by public depositories and the records of public depositors, as it falls within the agency's mandate to ensure accurate and secure management of public deposits. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary oversight measures, thereby enhancing the protection of public funds and ensuring compliance with established guidelines.

Provision 2

"Additionally, public depositors shall verify and confirm to the Department of th..."

General Delegation

AUTHORIZING STATUTE § 2.2-4405

ANALYSIS

§ 2.2-4405 specifically grants the Treasury Board the authority to make and enforce regulations necessary for the performance of its functions, including the requirement for public depositories to provide information concerning their public deposits. This broad grant of authority encompasses the regulation requiring public depositors to verify and confirm their account balances, as it aligns with the Treasury Board's responsibility to ensure the proper safeguarding and management of public funds. The legal significance of this authorization relationship is that it allows the Treasury Board to implement necessary measures to protect public deposits, thereby fulfilling its statutory mandate while maintaining flexibility in regulatory oversight.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (public depositors)

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...

Action: verify and confirm their account balances as reported by the "Public Fund Accounts" search feature on the Department of the Treasury's website after t...

Conditions: after the end of each quarter

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-10

Express

General

Overreach

Unauthorized

Requirements

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.¹

Provision-Level Authorization Analysis

Provision 1

"The following words and terms, when used in this chapter, shall have the followi..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, in accordance with the Administrative Process Act. This broad grant of authority allows the agency to define key terms and establish operational definitions, which is essential for the effective administration of the chapter's provisions, thus resulting in GENERAL_DELEGATION. The legal significance of this relationship is that it empowers the agency to create regulations that facilitate the execution of its statutory responsibilities, ensuring clarity and consistency in the application of the law.

CROSS-REFERENCE § 55.1-2401

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 24. Escheats › § 55.1-2401. Appointment of escheators The Governor shall appoint one escheator for every judicial circuit as set forth in § 17.1-506, to serve at the pleasure of the Governor. Such escheator shall reside withi...

CROSS-REFERENCE § 55.1-2403

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 24. Escheats › § 55.1-2403. Increase or reduction of penalty of escheator's bond; effect The court may, at any time, with reasonable notice to the escheator, increase or reduce the penalty of the bond, provided that in no cas...

Explicit Statutory Citations

MULTIPLE CITATIONS § 55.1-2401

Citation text: "§§ 55.1-2401"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-40

Express

General

Overreach

Unauthorized

Requirements

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.¹ This report is required even if there are no real property parcels to be reported.² 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.³ 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.⁴ 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.⁵

Provision-Level Authorization Analysis

Provision 1

"An Annual Escheat Report shall be submitted by each local government treasurer, ..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, following the Administrative Process Act. This broad grant of authority allows the regulation to require local government officials to submit an Annual Escheat Report, as it falls within the scope of carrying out the chapter's provisions regarding escheatment processes. The legal significance of this authorization relationship is that it empowers the State Treasurer to establish regulations that facilitate the effective management and oversight of escheatment, ensuring compliance at the local level.

CROSS-REFERENCE § 55.1-2404

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 24. Escheats › § 55.1-2404. Annual report to escheator; lands not liable Each treasurer shall, every May, furnish to the escheator of his county or city a list of all lands within his district owned by any person who has died...

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (local government treasurer, director of finance, or other designated local government official)

Action: submit the Annual Escheat Report

Conditions: by May 31 of each year, for the calendar year just ended

Provision 2

"This report is required even if there are no real property parcels to be reporte..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority allows for the regulation to require a report even in the absence of real property parcels, as it falls within the necessary actions to fulfill the statutory mandate. The legal significance of this authorization relationship is that it empowers the agency to create regulations that ensure comprehensive compliance with the statute, thereby supporting effective administration and oversight.

CROSS-REFERENCE § 55.1-2404

Provision 3

"The report shall be prepared on the appropriate form, or in an approved format, ..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, in accordance with the Administrative Process Act. This broad grant of authority allows for the establishment of detailed procedural requirements, such as the format and submission method for reports, which are essential for effective administration and compliance. The legal significance of this relationship is that it enables the agency to create regulations that operationalize the statutory mandate, ensuring that the provisions of the chapter are carried out efficiently and consistently.

CROSS-REFERENCE § 55.1-2404

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (reporting entities)

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.

Action: prepare the report on the appropriate form or approved format and submit it on either hard copy or an acceptable diskette in an approved file layout a...

Conditions: using the appropriate form or approved format, submitting on either hard copy or an acceptable diskette...

Provision 4

"The report shall be certified as to its accuracy by the commissioner of revenue ..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, in accordance with the Administrative Process Act. This broad grant of authority allows for the establishment of regulations that ensure compliance with the chapter's requirements, including the stipulation that reports be certified for accuracy by designated officials, which falls within the scope of necessary regulatory actions. The legal significance of this authorization relationship is that it empowers the agency to delegate responsibilities to local officials, thereby facilitating the effective administration of the statutory provisions without requiring further legislative action.

CROSS-REFERENCE § 55.1-2404

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (commissioner of revenue or designated local official)

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.

Action: certify the report as to its accuracy

Conditions: prior to the May 31 submission date

Provision 5

"The local government treasurer, director of finance, or other designated local g..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter in accordance with the Administrative Process Act. This broad grant of authority allows for GENERAL_DELEGATION because it enables the State Treasurer to delegate responsibilities to local officials, such as including real properties in the Annual Escheat Report, which aligns with the overarching goal of managing escheat property effectively. The legal significance of this authorization relationship is that it empowers local government officials to fulfill specific regulatory requirements, thereby facilitating the efficient administration of state laws at the local level.

CROSS-REFERENCE § 55.1-2404

Explicit Statutory Citations

AUTHORIZING CITATION § 55.1-2404

Citation text: "§ 55.1-2404"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (local government treasurer, director of finance, or other designated local government official)

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...

Action: include in the Annual Escheat Report all real properties

Conditions: pursuant to § 55.1-2404 of the Code of Virginia, References other regulatory requirements

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-50

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.² The escheator shall provide, upon written request from the agency, any additional data relating to this report within 30 days of such request.³

Provision-Level Authorization Analysis

Provision 1

"Escheators shall be required to file a report with the agency by March 1 of each..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad and flexible mandate. This broad grant of authority encompasses the regulation requiring escheators to file annual reports, as it is a necessary action to carry out the oversight and management of escheat activities. The legal significance of this authorization relationship is that it allows the agency to establish detailed operational procedures without needing further specific legislative approval, thereby facilitating efficient regulatory enforcement.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall be required" (Escheators)

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.

Action: file a report with the agency by March 1 of each year, summarizing escheat activity for that period

Conditions: for the calendar year just ended

Provision 2

"The required report shall include, but not be limited to, (i) information about ..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This results in GENERAL_DELEGATION because the regulation outlines specific reporting requirements related to litigation and collection proceedings, which are essential for the effective administration of the statutory provisions, thus falling within the broad authority granted by the statute. The legal significance of this authorization relationship is that it allows the agency to create detailed regulations that operationalize the statute, ensuring compliance and effective governance without the need for further legislative action.

Discretionary Requirements

1 Discretionary Requirements Identified

"shall include" (the escheator)

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 proceedi...

Action: include specific types of information in the report

Provision 3

"The escheator shall provide, upon written request from the agency, any additiona..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority allows for GENERAL_DELEGATION because it enables the escheator to respond to requests for additional data, which is essential for the effective execution of the Treasurer's regulatory responsibilities. The legal significance of this authorization relationship is that it empowers the escheator to act on behalf of the State Treasurer in fulfilling regulatory obligations, thereby ensuring efficient administration of the statute's provisions.

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-60

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.² 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.³ 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.⁴

Provision-Level Authorization Analysis

Provision 1

"Each escheator shall give bond for the judicial circuit for which he is appointe..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, in accordance with the Administrative Process Act. This broad grant of authority allows the State Treasurer to establish regulations that detail procedural requirements, such as the bonding of escheators, which is essential for the proper functioning of the judicial circuit. The legal significance of this relationship is that it enables the State Treasurer to exercise discretion in regulatory matters, ensuring that the administration of escheat laws is effectively managed while remaining within the framework established by the statute.

CROSS-REFERENCE § 55.1-2402

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 24. Escheats › § 55.1-2402. Bond of escheator 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, in the penalty of $3,000, without sure...

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (escheator)

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.

Action: give bond for the judicial circuit for which he is appointed in the circuit court for the locality in which he resides

Provision 2

"The bond in the amount of $3,000 shall be obtained within 60 days of confirmatio..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically states that the State Treasurer has the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad grant of regulatory power. This broad language allows for the establishment of specific requirements, such as the bond amount and timeline for its acquisition, as they are necessary for the effective administration of the statutory provisions. The legal significance of this relationship is that it empowers the State Treasurer to create detailed regulations that ensure compliance and operational effectiveness within the framework established by the statute.

CROSS-REFERENCE § 55.1-2402

Discretionary Requirements

2 Discretionary Requirements Identified

"shall" (regulated entities (e.g., appointees or licensees responsible for obtaining bonds))

The bond in the amount of $3,000 shall be obtained within 60 days of confirmation of the appointment

Action: obtain a bond in the amount of $3,000 within 60 days of confirmation of the appointment

Conditions: confirmation of the appointment

"should" (regulated entities (e.g., appointees or licensees responsible for providing the bond copy))

a copy of such bond should be provided to the State Treasurer

Action: provide a copy of the bond to the State Treasurer

Provision 3

"This bond shall remain in force as long as the escheator shall continue in offic..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority allows the State Treasurer to establish regulations, such as the one concerning the duration of a bond related to the escheator's office, under the general delegation framework without needing further specification in the statute. The legal significance of this authorization relationship is that it empowers the agency to create regulations that are essential for the effective administration of its duties, ensuring flexibility and responsiveness to operational needs.

CROSS-REFERENCE § 55.1-2402

Provision 4

"If property in another locality within the judicial circuit escheats to the Comm..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This results in GENERAL_DELEGATION because the regulation addresses the procedural requirements for handling property that escheats to the Commonwealth, which falls within the overarching authority granted by the statute to ensure effective administration of escheat laws. The legal significance of this authorization relationship is that it allows the State Treasurer to create regulations that are essential for the proper execution of statutory duties, thereby ensuring compliance with the law and effective governance.

CROSS-REFERENCE § 55.1-2402

Explicit Statutory Citations

AUTHORIZING CITATION § 55.1-2402

Citation text: "§ 55.1-2402"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-70

Express

General

Overreach

Unauthorized

Requirements

The escheator shall be responsible for the collection of all moneys during the escheat process.¹ 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.² 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.³ 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.⁴ 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.⁵ The escheator shall institute procedures for collection of these moneys immediately upon notification from the bank that a check has been returned uncollected.⁶ 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.⁷ 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.⁸

Provision-Level Authorization Analysis

Provision 1

"The escheator shall be responsible for the collection of all moneys during the e..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority allows for GENERAL_DELEGATION because it empowers the State Treasurer to delegate responsibilities, such as the collection of moneys during the escheat process, to the escheator without needing further specific authorization. The legal significance of this authorization relationship is that it enables efficient administration of the escheat process by allowing designated officials to carry out essential functions under the overarching authority of the State Treasurer.

CROSS-REFERENCE § 55.1-2425

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 24. Escheats › § 55.1-2425. Resale in case of default If the purchaser does not pay the purchase money into the state treasury within a reasonable time, any deposit is forfeited, and the State Treasurer may rescind the contra...

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (the escheator)

The escheator shall be responsible for the collection of all moneys during the escheat process.

Action: be responsible for the collection of all moneys during the escheat process

Provision 2

"Any and all moneys collected during the escheat process shall be deposited into ..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority allows for GENERAL_DELEGATION because it enables the State Treasurer to create regulations that address various operational aspects, such as the timely deposit of collected moneys, which are essential for the effective administration of the escheat process. The legal significance of this authorization relationship is that it empowers the State Treasurer to ensure compliance and operational efficiency within the framework established by the statute, thereby facilitating the proper management of escheated funds.

CROSS-REFERENCE § 55.1-2425

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (the escheator)

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.

Action: deposit collected moneys into the bank account of the escheator

Conditions: no later than the next banking day following the collection date

Provision 3

"A check for the full amount collected shall be drawn on this account and made pa..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically states that the State Treasurer has the authority to adopt necessary regulations to implement the provisions of the chapter in accordance with the Administrative Process Act. This broad grant of authority allows the State Treasurer to establish regulations, such as the requirement for checks to be drawn and payable within a specified timeframe, as it directly relates to the management and oversight of funds. The legal significance of this authorization relationship is that it empowers the State Treasurer to create operational procedures essential for effective financial administration, ensuring compliance with statutory mandates.

CROSS-REFERENCE § 55.1-2425

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (the entity responsible for making the check)

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.

Action: draw a check for the full amount collected on this account and make it payable to the Treasurer of Virginia

Conditions: no later than 10 banking days following the deposit date

Provision 4

"The escheator shall submit the check and complete columns 5, 6, 7, and 8 of the ..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This results in GENERAL_DELEGATION because the regulation falls within the necessary actions to fulfill the statutory mandate, as it outlines specific procedural requirements for the escheator in reporting and documenting funds, which is essential for the effective administration of escheat laws. The legal significance of this authorization relationship is that it allows the agency to create detailed regulations that operationalize the statute, ensuring compliance and proper management of escheat processes.

CROSS-REFERENCE § 55.1-2425

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (the escheator)

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 collecte...

Action: submit the check and complete columns 5, 6, 7, and 8 of the Annual Escheat Report Form or submit other supporting documentation for funds collected ot...

Conditions: received from the local treasurer

Provision 5

"The escheator shall be responsible for the collection of any checks relative to ..."

Potential Overreach

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically states that the State Treasurer has the authority to adopt necessary regulations to carry out the provisions of the chapter, implying a limited scope focused on the administration of escheat processes. The regulation's requirement that the escheator be responsible for collecting checks returned for insufficient funds or other reasons may exceed this authority, as it imposes additional responsibilities not explicitly outlined in the statute, which primarily addresses the adoption of regulations rather than operational duties of the escheator. The legal significance of this relationship is that the regulation could be seen as overstepping the boundaries of the statutory authority granted to the State Treasurer, potentially leading to challenges regarding the validity of the regulation.

CROSS-REFERENCE § 55.1-2425

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (the escheator)

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...

Action: be responsible for the collection of checks related to the escheat process that are returned by the bank and are uncollectible

Conditions: checks are related to the escheat process, checks are returned by the bank...

Provision 6

"The escheator shall institute procedures for collection of these moneys immediat..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, in accordance with the Administrative Process Act. This broad grant of authority allows the escheator to establish procedures for the immediate collection of returned checks, as it falls within the necessary actions to carry out the financial responsibilities outlined in the statute. The legal significance of this authorization relationship is that it empowers the agency to effectively manage and enforce the collection process, ensuring compliance with the statutory framework without requiring further specific legislative approval.

CROSS-REFERENCE § 55.1-2425

Provision 7

"The procedures shall include a written notice to the maker of the returned check..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, in accordance with the Administrative Process Act. This broad grant of authority allows for the establishment of procedures, such as the written notice requirement for returned checks, which falls within the scope of actions needed to effectively manage the financial responsibilities outlined in the statute. The legal significance of this authorization relationship is that it empowers the State Treasurer to create regulations that ensure compliance and facilitate the enforcement of statutory provisions, thereby enhancing the overall effectiveness of the chapter's implementation.

CROSS-REFERENCE § 55.1-2425

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (procedures implementers or responsible entities within the regulated organization)

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 ...

Action: 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 busines...

Provision 8

"In regard to a sale transaction, the notice shall state that failure to comply m..."

Potential Overreach

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically states that the State Treasurer has the authority to adopt necessary regulations to carry out the provisions of the chapter, but it does not explicitly grant the power to impose penalties or enforce compliance through legal actions. The regulation's stipulation that failure to comply may lead to forfeiture of deposits and enforcement actions, such as suits for specific performance, extends beyond merely carrying out the provisions of the chapter and introduces punitive measures not mentioned in the statute. This authorization relationship is legally significant because it highlights a potential overreach where the regulation imposes additional consequences that are not explicitly authorized by the statutory text, potentially infringing on the limits of the agency's regulatory power.

CROSS-REFERENCE § 55.1-2425

Explicit Statutory Citations

AUTHORIZING CITATION § 55.1-2425

Citation text: "§ 55.1-2425"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"may result in" (seller or other party involved in the sale transaction)

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 t...

Action: not to fail to comply with the notice

Conditions: failure to comply with the notice, References other regulatory requirements

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-80

Express

General

Overreach

Unauthorized

Requirements

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.¹ The notification shall also inform the purchaser of the right to have an administrative review of actions taken by the escheator or the agency.² 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.³

Provision-Level Authorization Analysis

Provision 1

"If a sale of escheated property is not consummated for any reason constituting a..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This results in GENERAL_DELEGATION because the regulation addresses the procedural aspects of handling defaults in property sales, which falls within the necessary actions to carry out the statutory provisions regarding escheated property. The legal significance of this authorization relationship is that it allows the agency to create detailed regulations that facilitate the effective administration of the statutory framework, ensuring compliance and clarity in the management of escheated property transactions.

CROSS-REFERENCE § 55-187

Explicit Statutory Citations

AUTHORIZING CITATION § 55-187

Citation text: "§ 55-187"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (purchaser)

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 ...

Action: be notified in writing that the purchaser's default may result in specific consequences including forfeiture, resale, legal actions, damages, and paym...

Conditions: if a sale of escheated property is not consummated for any reason constituting a default by the purchaser

Provision 2

"The notification shall also inform the purchaser of the right to have an adminis..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority allows for GENERAL_DELEGATION because it encompasses the need for regulations that inform purchasers of their rights, including the right to administrative review, which is essential for the effective administration of the escheat process. The legal significance of this authorization relationship is that it empowers the agency to create regulations that ensure transparency and due process for individuals affected by the agency's actions, thereby fulfilling the statutory mandate.

CROSS-REFERENCE § 55-187

Provision 3

"Before an escheator may bring a suit against a defaulting purchaser, express aut..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority allows for GENERAL_DELEGATION because it empowers the agency to establish procedures, such as obtaining express authority from the Attorney General and approval for litigation expenses, which are essential for carrying out its responsibilities effectively. The legal significance of this authorization relationship is that it ensures the agency can operate within the framework of the law while maintaining accountability and oversight through required approvals, thereby promoting efficient governance.

CROSS-REFERENCE § 55-187

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Regulations Governing Escheats

1VAC75-30-90

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.²

Provision-Level Authorization Analysis

Provision 1

"The escheator shall provide written information to any and all individuals who r..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad and flexible mandate. This results in GENERAL_DELEGATION because the regulation falls within the scope of actions necessary to inform bidders about the nature of the escheated property grants, which is essential for the proper administration of the escheat process as outlined in the statute. The legal significance of this authorization relationship is that it allows the agency to create regulations that effectively facilitate the execution of its statutory duties without requiring further legislative approval for each specific action taken.

CROSS-REFERENCE § 55.1-2438

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 24. Escheats › § 55.1-2438. How money paid into state treasury from escheats may be recovered A. If within 120 days from the date of sale, a purchaser submits evidence satisfactory to the State Treasurer that the property des...

CROSS-REFERENCE § 55.1-2422

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 24. Escheats › § 55.1-2422. Form of grant of escheated property A grant of escheated property shall be without warranty and to the following effect: "In consideration of the sum of $____ paid by ________, the Purchaser, into ...

Explicit Statutory Citations

MULTIPLE CITATIONS § 55.1-2422

Citation text: "§ 55.1-2422"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (individuals who register as a bidder for an escheat sale)

Action: provide written information about the grant issuance and warranty of title

Conditions: individuals register as a bidder for an escheat sale, References other regulatory requirements

Provision 2

"In addition, the written information shall instruct any and all bidders seeking ..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, following the Administrative Process Act. This broad grant of authority allows for the creation of regulations that provide detailed instructions to bidders regarding the recovery of proceeds from escheated property, thereby aligning with the statutory intent to facilitate the management of such property. The legal significance of this relationship is that it empowers the State Treasurer to establish regulations that operationalize the statutory framework, ensuring clarity and guidance for stakeholders involved in the escheat process.

CROSS-REFERENCE § 55.1-2438

CROSS-REFERENCE § 55.1-2422

Explicit Statutory Citations

AUTHORIZING CITATION § 55.1-2438

Citation text: "§ 55.1-2438"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"may" (buyer)

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 s...

Action: submit satisfactory evidence to the State Treasurer within 120 days of the sale that the escheated property does not exist or was improperly escheated

Conditions: pursuant to § 55.1-2438 of the Code of Virginia, References other regulatory requirements

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-100

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.² The commissions base does not include recording fees.³ Reimbursable expenses of the escheator and auctioneer are in addition to the commissions paid.⁴

Provision-Level Authorization Analysis

Provision 1

"The commissions paid to the escheator (10%) and the auctioneer (5.0%) are determ..."

Unauthorized

AUTHORIZATION ANALYSIS

§ 55-200.1 does not explicitly grant the agency the authority to set specific commission rates for the escheator and auctioneer, only addressing the general process of handling escheated property. The regulation's stipulation of a 10% commission for the escheator and a 5% commission for the auctioneer exceeds the limits of the agency's authority as defined in the statute, which does not provide for the establishment of such specific financial terms. The legal significance of this relationship is that without explicit statutory authority, the regulation is deemed unauthorized and cannot be enforced.

CROSS-REFERENCE § 55-200.1

Discretionary Requirements

1 Discretionary Requirements Identified

"are determined based on" (escheator and auctioneer)

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.

Action: receive commissions based on proceeds from sales of escheated property

Conditions: sales of escheated property

Provision 2

"If a partial payment is collected and the purchaser fails to complete the sales ..."

Unauthorized

AUTHORIZATION ANALYSIS

§ 55-200.1 specifically outlines the powers and responsibilities of the agency but does not grant authority to impose a forfeiture of partial payments to the State Treasurer or to base commissions on those partial payments. The regulation requires purchasers to forfeit their partial payments if they do not complete the transaction, which is not addressed or authorized by the statute, leading to an unauthorized regulation. The legal significance of this relationship is that without explicit statutory authority, the regulation cannot impose penalties or conditions that are not provided for in the statute, rendering it unenforceable.

CROSS-REFERENCE § 55-200.1

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (purchaser)

the commissions paid shall be based on the partial payment only

Action: forfeit the partial payment to the State Treasurer

Conditions: a partial payment is collected, the purchaser fails to complete the sales transaction

Provision 3

"The commissions base does not include recording fees."

Unauthorized

AUTHORIZATION ANALYSIS

§ 55-200.1 specifically grants the agency authority to regulate certain aspects of commissions but does not mention recording fees as part of that authority. The regulation stating that "the commissions base does not include recording fees" extends beyond the scope of the statute, which does not provide any explicit power to regulate or exclude recording fees from commission calculations. The legal significance of this relationship is that the regulation is invalid because it attempts to impose a restriction not authorized by the statute, thereby exceeding the agency's granted powers.

CROSS-REFERENCE § 55-200.1

Provision 4

"Reimbursable expenses of the escheator and auctioneer are in addition to the com..."

Unauthorized

AUTHORIZATION ANALYSIS

§ 55-200.1 specifically grants the agency authority to set commissions for the escheator and auctioneer but does not mention reimbursable expenses. The regulation's inclusion of reimbursable expenses as an additional cost exceeds the scope of authority provided by the statute, which does not authorize the agency to impose such expenses. The legal significance of this relationship is that regulations must strictly adhere to the authority granted by the statute, and any deviation renders the regulation unauthorized.

CROSS-REFERENCE § 55-200.1

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-110

Express

General

Overreach

Unauthorized

Requirements

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.¹ 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.² Proceeds do not include recording fees.³

Provision-Level Authorization Analysis

Provision 1

"The auctioneer shall submit an expense report with supporting documentation to t..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, in accordance with the Administrative Process Act. This broad grant of authority allows the State Treasurer to establish regulations that ensure proper procedures, such as requiring auctioneers to submit expense reports for reimbursement, which directly relates to the execution of the statutory provisions. The legal significance of this authorization relationship is that it empowers the State Treasurer to create regulations that facilitate the effective administration of the statutory framework, thereby ensuring compliance and accountability in the reimbursement process.

CROSS-REFERENCE § 55.1-2421

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 24. Escheats › § 55.1-2421. When grant to issue to purchaser; reimbursable expenses A. When the escheator sells for cash, he shall certify the purchase and the price to the State Treasurer, who, after determining that such pr...

Explicit Statutory Citations

AUTHORIZING CITATION § 55.1-2421

Citation text: "§ 55.1-2421"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (auctioneer)

Action: submit an expense report with supporting documentation to the State Treasurer within 30 days of the auction

Conditions: within 30 days of the auction, References other regulatory requirements

Provision 2

"Reimbursable expenses shall include: advertisements, postage, payroll, and any o..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter in accordance with the Administrative Process Act. This broad grant of authority allows for the establishment of regulations that detail operational aspects, such as defining reimbursable expenses related to auctions, which are essential for carrying out the statutory mandate. The legal significance of this authorization relationship is that it empowers the agency to create specific guidelines within the framework of the statute, ensuring effective administration and compliance without the need for further legislative action.

CROSS-REFERENCE § 55.1-2421

Discretionary Requirements

1 Discretionary Requirements Identified

"shall include; shall not exceed" (the entity responsible for expense reimbursement)

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 proceed...

Action: Include advertisements, postage, payroll, and other directly related expenses in reimbursable expenses; ensure reimbursement does not exceed 5.0% of p...

Conditions: Expenses are directly related to the auction

Provision 3

"Proceeds do not include recording fees."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter in accordance with the Administrative Process Act. This broad grant of authority allows the State Treasurer to define terms and clarify provisions, such as specifying that "proceeds do not include recording fees," which is essential for the proper administration of the chapter. The legal significance of this authorization relationship is that it empowers the agency to create regulations that ensure effective implementation and enforcement of statutory provisions, thereby promoting clarity and consistency in the application of the law.

CROSS-REFERENCE § 55.1-2421

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Regulations Governing Escheats

1VAC75-30-120

Express

General

Overreach

Unauthorized

Requirements

Fees charged for requests under the Virginia Freedom of Information Act ( § 2.2-3700 et seq. of the Code of Virginia).¹ 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.² 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.³ Other costs include copies, postage, and any other cost directly associated with providing the requested information.⁴ 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.⁵ Continued failure to pay fees when due may result in the agency requesting payment in advance.⁶

Provision-Level Authorization Analysis

Provision 1

"Fees charged for requests under the Virginia Freedom of Information Act ( § 2.2-..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority encompasses the regulation regarding fees for requests under the Virginia Freedom of Information Act, as it falls within the Treasurer's responsibility to manage financial aspects related to public access to information. The legal significance of this authorization relationship is that it allows the State Treasurer to establish regulations that facilitate transparency and accountability in government operations, ensuring compliance with statutory mandates.

EXCEPTION § 2.2-3700

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 37. Virginia Freedom of Information Act › § 2.2-3700. Short title; policy A. This chapter may be cited as "The Virginia Freedom of Information Act." B. By enac...

Explicit Statutory Citations

AUTHORIZING CITATION § 2.2-3700

Citation text: "§ 2.2-3700"

✓ Suggests authorization

AUTHORIZING CITATION § 2.2-3700

Citation text: "§ 2.2-3700 et seq."

✓ Suggests authorization

Total: 2 citations to 1 unique statute

Provision 2

"Fees shall be computed on all requests for information under the Virginia Freedo..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority encompasses the regulation concerning the computation of fees for information requests under the Virginia Freedom of Information Act, as it is necessary for the State Treasurer to manage the escheat process effectively. The legal significance of this authorization relationship is that it allows the State Treasurer to establish regulations that facilitate the administration of statutory duties without requiring further legislative approval, thereby ensuring efficient governance.

EXCEPTION § 2.2-3700

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 37. Virginia Freedom of Information Act › § 2.2-3700. Short title; policy A. This chapter may be cited as "The Virginia Freedom of Information Act." B. By enac...

Explicit Statutory Citations

SEQUENTIAL REFERENCE § 2.2-3700

Citation text: "§ 2.2-3700"

SEQUENTIAL REFERENCE § 2.2-3700

Citation text: "§ 2.2-3700 et seq."

Total: 2 citations to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (regulated entities (those making requests for information under the Virginia FOIA))

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 proc...

Action: compute fees on all requests for information under the specified act

Conditions: requests are made 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...

Provision 3

"The fee assessed shall be determined based on the actual time of the employee pe..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter in accordance with the Administrative Process Act. This broad grant of authority allows for the establishment of regulations that detail the assessment of fees based on the actual time and costs incurred, which aligns with the Treasurer's responsibility to manage financial aspects effectively. The legal significance of this relationship is that it empowers the agency to create flexible and responsive regulations that can adapt to the operational realities of fulfilling its statutory obligations.

EXCEPTION § 2.2-3700

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 37. Virginia Freedom of Information Act › § 2.2-3700. Short title; policy A. This chapter may be cited as "The Virginia Freedom of Information Act." B. By enac...

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (regulated entities (e.g., applicants or requesters))

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.

Action: pay a fee determined based on actual time and costs

Conditions: when a fee is assessed

Provision 4

"Other costs include copies, postage, and any other cost directly associated with..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad and flexible mandate. This broad grant of authority allows for the regulation to encompass various costs associated with providing requested information, as it falls under the necessary regulations that facilitate the chapter's objectives. The legal significance of this authorization relationship is that it enables the agency to effectively manage operational costs while ensuring compliance with statutory requirements, thereby promoting efficient governance.

EXCEPTION § 2.2-3700

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 37. Virginia Freedom of Information Act › § 2.2-3700. Short title; policy A. This chapter may be cited as "The Virginia Freedom of Information Act." B. By enac...

Provision 5

"If there is an amount due the agency and it is in excess of 30 days past due, cu..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of discretion in regulatory matters. This results in GENERAL_DELEGATION because the regulation addresses the management of agency debts, which falls within the Treasurer's responsibility to ensure effective financial administration as outlined in the statute. The legal significance of this authorization relationship is that it empowers the agency to enforce compliance with financial obligations while maintaining the flexibility to establish procedures that align with the overarching goals of the statutory framework.

EXCEPTION § 2.2-3700

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 37. Virginia Freedom of Information Act › § 2.2-3700. Short title; policy A. This chapter may be cited as "The Virginia Freedom of Information Act." B. By enac...

Discretionary Requirements

1 Discretionary Requirements Identified

"will be withheld" (regulated entities (those making requests for information))

current and future requests for information will be withheld until the outstanding amount is paid to the agency

Action: pay the outstanding amount to the agency

Conditions: there is an amount due the agency, the amount is in excess of 30 days past due

Provision 6

"Continued failure to pay fees when due may result in the agency requesting payme..."

General Delegation

AUTHORIZING STATUTE § 55.1-2439

The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000et seq.) to carry out the provisions of this chapter.

ANALYSIS

§ 55.1-2439 specifically grants the State Treasurer the authority to adopt necessary regulations to implement the provisions of the chapter, indicating a broad scope of regulatory power. This broad grant of authority allows for the establishment of regulations that address various operational aspects, such as the agency's ability to request payment in advance for fees, which falls within the necessary actions to ensure compliance and financial responsibility. The legal significance of this relationship is that it empowers the agency to effectively manage its financial operations and enforce compliance without requiring further specific legislative approval for each regulatory action.

EXCEPTION § 2.2-3700

Title 2.2. Administration of Government › Subtitle II. Administration of State Government › Part B. Transaction of Public Business › Chapter 37. Virginia Freedom of Information Act › § 2.2-3700. Short title; policy A. This chapter may be cited as "The Virginia Freedom of Information Act." B. By enac...

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Unclaimed Property Administrative Review Process

1VAC75-40-10

Express

General

Overreach

Unauthorized

Requirements

The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise.¹ "Abandoned property" means funds or other property, tangible or intangible, presumed abandoned under the act.² "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.³ "Administrator" means the State Treasurer or the State Treasurer's designee.⁴ "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.⁵ "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.⁶ "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.⁷

Provision-Level Authorization Analysis

Provision 1

"The following words and terms when used in this chapter shall have the following..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

The administrator may adopt necessary regulations to carry out the provisions of this chapter The administrator shall promulgate regulations pursuant to which any person ... may file an application for administrative appeal and correction of the administrator's determination

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the provisions of the chapter and requires the promulgation of regulations for administrative appeals and corrections. This broad grant of authority allows the administrator to define terms and establish foundational elements essential for understanding and applying the regulations, which is why the regulation falls under GENERAL_DELEGATION. The legal significance of this relationship is that it empowers the administrator to create a clear framework for the application of the statute, ensuring that all parties have a consistent understanding of key terms and processes involved in administrative appeals.

DEFINITION § 55.1-2500

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 25. Virginia Disposition of Unclaimed Property Act › Article 1. Definitions; Property Abandoned or Assumed Abandoned › § 55.1-2500. Definitions As used in this chapter, unless the context requires a different meaning: "Act" m...

Provision 2

""Abandoned property" means funds or other property, tangible or intangible, pres..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the provisions of the chapter and requires the promulgation of regulations for administrative appeals and corrections. This broad grant of authority allows the administrator to define key terms, such as "abandoned property," which is essential for the effective administration of the statute's provisions. The legal significance of this authorization relationship is that it empowers the administrator to create regulations that facilitate the enforcement and operationalization of the statute, ensuring clarity and consistency in its application.

DEFINITION § 55.1-2500

Provision 3

""Act" refers to the Virginia Disposition of Unclaimed Property Act, Chapter 25 (..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the provisions of the chapter and mandates the promulgation of regulations for administrative appeals and corrections of determinations. This broad grant of authority allows the administrator to define terms and establish procedures relevant to the administration of the chapter, which is reflected in the regulation's definition of the "Act." The legal significance of this authorization relationship is that it enables the administrator to exercise discretion in creating regulations that facilitate the effective administration and enforcement of the statutory provisions.

DEFINITION § 55.1-2500

Explicit Statutory Citations

SEQUENTIAL REFERENCE § 55.1-2500

Citation text: "§ 55.1-2500"

SEQUENTIAL REFERENCE § 55.1-2500

Citation text: "§ 55.1-2500 et seq."

Total: 2 citations to 1 unique statute

Provision 4

""Administrator" means the State Treasurer or the State Treasurer's designee."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the chapter's provisions and requires the promulgation of regulations for administrative appeals and corrections. This broad grant of authority allows the administrator to define key terms, such as "administrator," which encompasses the State Treasurer and their designee, thereby facilitating the execution of the regulatory framework. The legal significance of this relationship is that it establishes a flexible delegation of authority, enabling the administrator to effectively manage and implement the statutory provisions through designated representatives.

DEFINITION § 55.1-2500

Provision 5

""Applicant" means any person (i) asserting ownership of property remitted to the..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

The administrator may adopt necessary regulations to carry out the provisions of this chapter. The administrator shall promulgate regulations pursuant to which any person ... may file an application for administrative appeal and correction of the administrator's determination.

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the chapter's provisions and mandates the promulgation of regulations for administrative appeals related to the administrator's determinations. This broad grant of authority encompasses the regulation defining "Applicant," as it directly relates to the process of filing applications for appeals and corrections concerning property remitted to the Commonwealth under the specified act. The legal significance of this authorization relationship is that it allows the administrator to create regulations that facilitate the administrative process, ensuring that individuals with a vested interest in unclaimed property can seek redress and clarification of their rights.

DEFINITION § 55.1-2500

Provision 6

""Division of Unclaimed Property" means the Division in the Department of the Tre..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the provisions of the chapter and mandates the promulgation of regulations for administrative appeals and corrections of determinations. This broad grant of authority allows for the establishment of a division within the Department of the Treasury to manage unclaimed property, as it falls under the necessary regulations to carry out the statute's provisions. The legal significance of this authorization relationship is that it empowers the administrator to create a regulatory framework that facilitates the administration and enforcement of the unclaimed property act, ensuring compliance and operational efficiency.

DEFINITION § 55.1-2500

Provision 7

""Holder" means a person, wherever organized or domiciled, who is (i) in possessi..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically states that the administrator has the authority to adopt necessary regulations to implement the provisions of the chapter and to establish procedures for administrative appeals and corrections of determinations. This broad grant of authority allows for the creation of definitions and classifications, such as the term "Holder," which is essential for the administration of the chapter's provisions regarding property and obligations. The legal significance of this relationship is that it empowers the administrator to define key terms and establish regulatory frameworks necessary for effective governance and enforcement of the statute's objectives.

DEFINITION § 55.1-2500

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Unclaimed Property Administrative Review Process

1VAC75-40-20

Express

General

Overreach

Unauthorized

Requirements

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.¹

Provision-Level Authorization Analysis

Provision 1

"The administrator will issue a denial of payment letter to any person asserting ..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the chapter's provisions and requires the promulgation of regulations for administrative appeals regarding determinations made by the administrator. This broad grant of authority encompasses the regulation as it establishes a process for issuing denial of payment letters based on the evidence of ownership submitted, which is a necessary step in carrying out the administrator's responsibilities under the statute. The legal significance of this authorization relationship is that it allows the administrator to exercise discretion in determining ownership claims, ensuring that the regulatory framework aligns with the statutory intent to manage property remittance effectively.

Discretionary Requirements

1 Discretionary Requirements Identified

"will" (person asserting ownership of property)

Action: not explicitly required to do anything; the agency will issue a denial letter

Conditions: 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

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Unclaimed Property Administrative Review Process

1VAC75-40-30

Express

General

Overreach

Unauthorized

Requirements

The administrator shall issue a written notice to any person who the administrator ascertains has failed to pay or deliver abandoned property.¹ The notice will demand the remittance of the property and payment of any penalties and interest.² The notice will be accompanied by a detailed explanation of the person's right to administrative or judicial review.³ 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.⁴

Provision-Level Authorization Analysis

Provision 1

"The administrator shall issue a written notice to any person who the administrat..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the chapter's provisions and requires the promulgation of regulations for individuals to file applications for administrative appeal and correction of determinations. This broad grant of authority allows the administrator to issue written notices regarding the failure to pay or deliver abandoned property, as it falls within the scope of necessary actions to enforce compliance and facilitate the administrative process. The legal significance of this authorization relationship is that it empowers the administrator to effectively manage and regulate the handling of abandoned property, ensuring that individuals are informed of their obligations and can respond appropriately.

ADDITIONAL AUTHORITY § 55.1-2534

Title 55.1. Property and Conveyances › Subtitle V. Miscellaneous › Chapter 25. Virginia Disposition of Unclaimed Property Act › Article 3. Procedural and Administrative Matters › § 55.1-2534. Judicial review of decision of administrator Any person aggrieved by an act or decision of the administrator...

Discretionary Requirements

1 Discretionary Requirements Identified

"shall" (person who the administrator ascertains has failed to pay or deliver abandoned property)

The administrator shall issue a written notice to any person who the administrator ascertains has failed to pay or deliver abandoned property.

Action: issue a written notice

Conditions: the administrator ascertains that the person has failed to pay or deliver abandoned property

Provision 2

"The notice will demand the remittance of the property and payment of any penalti..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the chapter's provisions and requires the promulgation of regulations for administrative appeals and corrections. This broad grant of authority allows the administrator to establish regulations that encompass various aspects of property management, including the demand for remittance of property and the collection of penalties and interest, thereby justifying the GENERAL_DELEGATION. The legal significance of this relationship is that it empowers the administrator to effectively enforce compliance and manage administrative processes related to property, ensuring that the regulatory framework operates within the scope of the statutory authority.

ADDITIONAL AUTHORITY § 55.1-2534

Discretionary Requirements

1 Discretionary Requirements Identified

"will demand" (the recipient of the notice)

The notice will demand the remittance of the property and payment of any penalties and interest.

Action: remit the property and pay any penalties and interest

Provision 3

"The notice will be accompanied by a detailed explanation of the person's right t..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the chapter's provisions and mandates the promulgation of regulations for individuals to file applications for administrative appeals and corrections. This broad grant of authority allows for the establishment of procedures, such as providing notice and detailed explanations of rights to review, which are essential for ensuring that individuals understand their options following the administrator's determinations. The legal significance of this authorization relationship is that it empowers the administrator to create comprehensive regulations that facilitate transparency and due process in administrative proceedings.

ADDITIONAL AUTHORITY § 55.1-2534

Provision 4

"The notice will require the holder to remit the demanded property, plus penaltie..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the provisions of the chapter and mandates the promulgation of regulations for administrative appeals and corrections of determinations. This broad grant of authority allows for the establishment of procedures, such as the requirement for holders to remit property and the option for administrative review, which aligns with the administrator's role in managing appeals and ensuring compliance. The legal significance of this authorization relationship is that it empowers the administrator to create regulations that facilitate the enforcement of statutory provisions while providing a mechanism for individuals to contest determinations, thus ensuring due process and administrative efficiency.

ADDITIONAL AUTHORITY § 55.1-2534

Explicit Statutory Citations

REFERENCE § 55.1-2534

Citation text: "§ 55.1-2534"

✓ Suggests authorization

Total: 1 citation to 1 unique statute

Discretionary Requirements

1 Discretionary Requirements Identified

"will require" (holder)

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 th...

Action: remit the demanded property, plus penalties and interest, to the administrator within 90 days

Conditions: unless the holder requests an administrative review or judicial review, References other regulatory requirements

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Delegation Mismatch Improper Analysis Incorrect Citations Other

Unclaimed Property Administrative Review Process

1VAC75-40-40

Express

General

Overreach

Unauthorized

Requirements

Any person aggrieved by a decision of the administrator may file a request for administrative review and correction of the administrator's determination. 1.¹ 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. 2.² 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. 3.³ 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.⁴

Provision-Level Authorization Analysis

Provision 1

"Any person aggrieved by a decision of the administrator may file a request for a..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically states that the administrator may adopt necessary regulations to implement the chapter's provisions and must create regulations allowing individuals to file applications for administrative appeal and correction of determinations. This broad grant of authority allows the regulation to encompass any person aggrieved by the administrator's decision, aligning with the statute's intent to facilitate administrative appeals and corrections. The legal significance of this authorization relationship is that it empowers the administrator to establish a framework for addressing grievances, ensuring that individuals have a formal mechanism to challenge decisions made by the agency.

Provision 2

"Any person asserting ownership of property remitted to the Commonwealth receivin..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the chapter's provisions and mandates the promulgation of regulations for individuals to file applications for administrative appeal and correction of determinations. This broad grant of authority encompasses the regulation, as it allows any person asserting ownership of property remitted to the Commonwealth to seek administrative review, aligning with the statute's intent to facilitate appeals and corrections. The legal significance of this authorization relationship is that it empowers the administrator to create a regulatory framework that ensures individuals have a clear process for contesting decisions, thereby promoting fairness and transparency in administrative actions.

Provision 3

"Any person receiving a written notice from the administrator demanding the remit..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the provisions of the chapter and mandates the promulgation of regulations that allow individuals to file applications for administrative appeal and correction of the administrator's determinations. This broad grant of authority encompasses the regulation because it establishes a clear framework for individuals to seek administrative review of the administrator's decisions, thereby fulfilling the statutory requirement for procedural recourse. The legal significance of this authorization relationship is that it empowers the administrator to create a structured process for appeals, ensuring that individuals have a defined mechanism to contest determinations made under the statute.

Provision 4

"Any person otherwise aggrieved by a decision of the administrator may file an ap..."

General Delegation

AUTHORIZING STATUTE § 55.1-2541

ANALYSIS

§ 55.1-2541 specifically grants the administrator the authority to adopt necessary regulations to implement the provisions of the chapter and mandates the promulgation of regulations for administrative appeals and corrections of determinations. This broad grant of authority allows for the establishment of a regulation that permits any aggrieved person to file for administrative review, as it aligns with the statutory intent to provide a mechanism for addressing grievances related to the administrator's decisions. The legal significance of this authorization relationship is that it empowers the administrator to create a structured process for appeals, ensuring that individuals have a clear and defined method to contest decisions, thereby promoting transparency and accountability in administrative actions.

Think we missed something? Let us know.

Delegation Mismatch Improper Analysis Incorrect Citations Other

Unclaimed Property Administrative Review Process

1VAC75-40-60

Express

General

Overreach

Unauthorized

Requirements