Section 80. Approval of banks

Part II. Banks and Depositories

A. The State Treasurer, with the concurrence of the director, and in accordance with applicable Treasury directives, shall approve a bank or banks to provide services to the agency.

B. A bank or banks shall serve as agent or agents for electronic funds transfers between the agency and lottery retailers as required by 11VAC5-20, 11VAC5-31, and 11VAC5-41 and by contracts between the agency, the State Treasury, retailers, and the banks.

Historical Notes

Derived from VR447-01-2 § 2.1, eff. December 1, 1988; amended, Volume 06, Issue 06, eff. January 17, 1990; Volume 07, Issue 13, eff. April 24, 1991; Volume 08, Issue 24, eff. September 24, 1992; Volume 10, Issue 11, eff. March 23, 1994; Volume 13, Issue 03, eff. November 28, 1996; Volume 19, Issue 15, eff. May 7, 2003; Volume 31, Issue 03, eff. November 5, 2014.

Statutory Authority

§ 58.1-4007 of the Code of Virginia.