{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-889.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-889.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-889.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-889.html"}],"law_id":81272,"edition_id":1,"section_id":81272,"structure_id":16492,"section_number":"6.2-889","catch_line":"Required reserves","history":"Code 1950, \u00a7 6-52; 1966, c. 584, \u00a7 6.1-69; 1976, c. 658; 1981, c. 65; 2010, c. 794.","full_text":"A\n\nAs used in this section, unless the context requires otherwise:\n\t\t\t“Demand deposits” means all deposits the payment of which can be legally required in less than 30 days.\n\t\t\t“Time deposits” means all deposits the payment of which cannot be legally required in less than 30 days.B\n\nEvery bank shall maintain a reserve related to its demand deposits and to its time deposits. The reserve on:1\n\nDemand deposits shall consist of actual cash on hand and balances payable on demand, due from other solvent banks; and2\n\nTime deposits shall consist of actual cash on hand and balances payable on demand due from other solvent banks; provided that up to 100 percent of such reserve on time deposits may be in the form of short maturity general obligations of the United States, such maximum percentage to be fixed by the Commission.C\n\nThe Commission shall by regulation establish from time to time the reserve requirements within the following limits:1\n\nOn demand deposits: zero to 15 percent; and2\n\nOn time deposits: zero to five percent.D\n\nThe reserves required herein for each day shall be computed on the basis of average daily deposits covering a biweekly period, provided that shorter averaging periods may be fixed by regulation of the Commission.E\n\nNothing herein shall be construed to relieve any bank which is a member of the Federal Reserve System from maintaining a reserve fund in accordance with the requirements applicable to such member banks.","order_by":null,"text":{"0":{"id":291291,"text":"As used in this section, unless the context requires otherwise:\n\t\t\t“Demand deposits” means all deposits the payment of which can be legally required in less than 30 days.\n\t\t\t“Time deposits” means all deposits the payment of which cannot be legally required in less than 30 days.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":291292,"text":"Every bank shall maintain a reserve related to its demand deposits and to its time deposits. The reserve on:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":291293,"text":"Demand deposits shall consist of actual cash on hand and balances payable on demand, due from other solvent banks; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":291294,"text":"Time deposits shall consist of actual cash on hand and balances payable on demand due from other solvent banks; provided that up to 100 percent of such reserve on time deposits may be in the form of short maturity general obligations of the United States, such maximum percentage to be fixed by the Commission.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":291295,"text":"The Commission shall by regulation establish from time to time the reserve requirements within the following limits:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"C1"},"5":{"id":291296,"text":"On demand deposits: zero to 15 percent; and","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"6":{"id":291297,"text":"On time deposits: zero to five percent.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"D"},"7":{"id":291298,"text":"The reserves required herein for each day shall be computed on the basis of average daily deposits covering a biweekly period, provided that shorter averaging periods may be fixed by regulation of the Commission.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"E"},"8":{"id":291299,"text":"Nothing herein shall be construed to relieve any bank which is a member of the Federal Reserve System from maintaining a reserve fund in accordance with the requirements applicable to such member banks.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":16492,"edition_id":1,"name":"Reserves","identifier":"10","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 04:21:02","date_modified":"2026-06-26 04:21:02","permalink":{"id":265101,"object_type":"structure","relational_id":16492,"identifier":"10","token":"6.2\/II\/8\/10","url":"\/6.2\/II\/8\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":81272,"structure_id":16492,"section_number":"6.2-889","catch_line":"Required reserves","url":"\/6.2-889\/","token":"6.2\/II\/8\/10\/6.2-889","metadata":false},{"id":83974,"structure_id":16492,"section_number":"6.2-890","catch_line":"Preferences by pledging assets","url":"\/6.2-890\/","token":"6.2\/II\/8\/10\/6.2-890","metadata":false},{"id":69781,"structure_id":16492,"section_number":"6.2-891","catch_line":"Perfection of certain security interests","url":"\/6.2-891\/","token":"6.2\/II\/8\/10\/6.2-891","metadata":false},{"id":74900,"structure_id":16492,"section_number":"6.2-892","catch_line":"Federal deposit insurance a credit towards certain required bonds","url":"\/6.2-892\/","token":"6.2\/II\/8\/10\/6.2-892","metadata":false}],"next_section":{"id":83974,"structure_id":16492,"section_number":"6.2-890","catch_line":"Preferences by pledging assets","url":"\/6.2-890\/","token":"6.2\/II\/8\/10\/6.2-890","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-889\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1966, chapter 584; in 1976, chapter 658; in 1981, chapter 65; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":265103,"object_type":"law","relational_id":81272,"identifier":"6.2-889","token":"6.2\/II\/8\/10\/6.2-889","url":"\/6.2-889\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-889\/","token":"6.2\/II\/8\/10\/6.2-889","dublin_core":{"Title":"Required reserves","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-889","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, unless the context requires otherwise:\n\t\t\t“Demand deposits<\/span>” means all deposits the payment of which can be legally required in less than 30 days.\n\t\t\t“Time deposits<\/span>” means all deposits the payment of which cannot be legally required in less than 30 days. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Every bank<\/span> shall maintain a reserve related to its demand deposits<\/span> and to its time deposits<\/span>. The reserve on: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Demand deposits<\/span> shall consist of actual cash on hand and balances payable on demand, due from other solvent banks<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Time deposits<\/span> shall consist of actual cash on hand and balances payable on demand due from other solvent banks<\/span>; provided that up to 100 percent of such reserve on time deposits<\/span> may be in the form of short maturity general obligations of the United States, such maximum percentage to be fixed by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> shall by regulation establish from time to time the reserve requirements within the following limits: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> On demand deposits<\/span>: zero to 15 percent; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> On time deposits<\/span>: zero to five percent. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The reserves required herein for each day shall be computed on the basis of average daily deposits covering a biweekly period, provided that shorter averaging periods may be fixed by regulation of the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Nothing herein shall be construed to relieve any bank<\/span> which is a member of the Federal Reserve System from maintaining a reserve fund in accordance with the requirements applicable to such member banks<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREQUIRED RESERVES (\u00a7 6.2-889)\n\nA. As used in this section, unless the context requires otherwise:\n\t\t\t“Demand deposits” means all deposits the payment of which can be\nlegally required in less than 30 days.\n\t\t\t“Time deposits” means all deposits the payment of which cannot be\nlegally required in less than 30 days.\n\nB. Every bank shall maintain a reserve related to its demand deposits and to its\ntime deposits. The reserve on:\n\n 1. Demand deposits shall consist of actual cash on hand and balances payable\n on demand, due from other solvent banks; and\n\n 2. Time deposits shall consist of actual cash on hand and balances payable on\n demand due from other solvent banks; provided that up to 100 percent of such\n reserve on time deposits may be in the form of short maturity general\n obligations of the United States, such maximum percentage to be fixed by the\n Commission.\n\nC. The Commission shall by regulation establish from time to time the reserve\nrequirements within the following limits:\n\n 1. On demand deposits: zero to 15 percent; and\n\n 2. On time deposits: zero to five percent.\n\nD. The reserves required herein for each day shall be computed on the basis of\naverage daily deposits covering a biweekly period, provided that shorter\naveraging periods may be fixed by regulation of the Commission.\n\nE. Nothing herein shall be construed to relieve any bank which is a member of\nthe Federal Reserve System from maintaining a reserve fund in accordance with\nthe requirements applicable to such member banks.\n\nHISTORY: Code 1950, \u00a7 6-52; 1966, c. 584, \u00a7 6.1-69; 1976, c. 658; 1981, c. 65;\n2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}