---
type: "Bill"
title: "Investment of public funds; qualified public entity allowed to invest in asset-backed securities."
description: "Investment of public funds. Allows any qualified public entity of the Commonwealth to invest in asset-backed securities that are guaranteed by the United States or any agency thereof. This bill is identical to HB 356."
jurisdiction: "us/states/va"
legislature: "Virginia General Assembly"
session: "2024"
identifier: "SB 510"
citation: "Virginia SB 510 (2024)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["William M. Stanley, Jr."]
version_count: 4
action_count: 30
vote_count: 5
first_action: "2024-01-09"
last_action: "2024-03-14"
source: "openstates"
source_identifier: "ocd-bill/dd29b53c-7299-4a64-a026-f772fad54561"
source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+SB510"
source_hash: "34698651464b42539bf5e088fc5fa3b35e2636a1011e29469c9a3615f65015cb"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-va"]
---

# Virginia SB 510 (2024) — Investment of public funds; qualified public entity allowed to invest in asset-backed securities.

Investment of public funds. Allows any qualified public entity of the Commonwealth to invest in asset-backed securities that are guaranteed by the United States or any agency thereof. This bill is identical to HB 356.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **CHAP0066** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+CHAP0066)
2. **Committee substitute printed 24106101D-S1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB510S1)
3. **Prefiled and ordered printed; offered 01/10/24 24102814D** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB510)
4. **SB510ER** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB510ER)

## Votes

- Reported from Appropriations (22-Y 0-N) — **22–0** (pass) · lower
- VOTE: Block Vote Passage (99-Y 0-N) — **98–0** (pass) · lower
- Constitutional reading dispensed (40-Y 0-N) — **40–0** (pass) · upper
- Read third time and passed Senate (40-Y 0-N) — **40–0** (pass) · upper
- Reported from Finance and Appropriations with substitute (14-Y 0-N) — **14–0** (pass) · upper

## Sponsors

- William M. Stanley, Jr. — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2024-01-09** Prefiled and ordered printed; offered 01/10/24 24102814D `filing, introduction`
- **2024-01-09** Referred to Committee on Finance and Appropriations `referral-committee`
- **2024-01-12** Impact statement from DPB (SB510)
- **2024-01-24** Senate committee, floor amendments and substitutes offered
- **2024-01-24** Reported from Finance and Appropriations with substitute (14-Y 0-N) `committee-passage`
- **2024-01-24** Committee substitute printed 24106101D-S1 `substitution`
- **2024-01-25** Constitutional reading dispensed (40-Y 0-N)
- **2024-01-26** Impact statement from DPB (SB510S1)
- **2024-01-26** Read second time `reading-2`
- **2024-01-26** Reading of substitute waived
- **2024-01-26** Committee substitute agreed to 24106101D-S1 `substitution`
- **2024-01-26** Engrossed by Senate - committee substitute SB510S1 `substitution`
- **2024-01-29** Read third time and passed Senate (40-Y 0-N) `passage, reading-3`
- **2024-02-13** Placed on Calendar
- **2024-02-13** Read first time `reading-1`
- **2024-02-13** Referred to Committee on Appropriations `referral-committee`
- **2024-02-19** Reported from Appropriations (22-Y 0-N) `committee-passage`
- **2024-02-21** Read second time `reading-2`
- **2024-02-22** Read third time `reading-3`
- **2024-02-22** Passed House BLOCK VOTE (99-Y -0-N) `passage`
- **2024-02-22** VOTE: Block Vote Passage (99-Y 0-N) `passage`
- **2024-02-27** Enrolled `enrolled`
- **2024-02-27** Bill text as passed Senate and House (SB510ER) `passage`
- **2024-02-27** Signed by Speaker `passage`
- **2024-02-28** Impact statement from DPB (SB510ER)
- **2024-03-01** Signed by President `passage`
- **2024-03-11** Enrolled Bill Communicated to Governor on March 11, 2024 `enrolled`
- **2024-03-11** Governor's Action Deadline 11:59 p.m., April 8, 2024 `executive-receipt`
- **2024-03-14** Approved by Governor-Chapter 66 (effective 7/1/24) `executive-signature`
- **2024-03-14** Acts of Assembly Chapter text (CHAP0066)

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/dd29b53c-7299-4a64-a026-f772fad54561`. Confidence: reported (aggregated from official Virginia legislature records).