§ 6.1-194.95. Prohibitions on conduct of savings institution business; use of certain terms prohibited; exception...
A. No person shall engage in the savings institution business in the Commonwealth except entities which are state associations, federal savings institutions authorized to transact business in the Commonwealth or foreign savings institutions which have been authorized to transact a savings institution business in the Commonwealth pursuant to the provisions of Article 5 (§ 6.1-194.41 et seq.) or Article 11 (§ 6.1-194.96 et seq.) of this chapter. However, nothing in this chapter shall prevent any person who is not authorized to engage in the savings institution business from lending money on real estate or personal security or collateral, or from guaranteeing the payment of bonds, notes, bills or other obligations, or from purchasing or selling stocks and bonds, so long as such person does not hold himself out as being engaged in the savings institution business.
B. No person not engaged in the business of a savings institution in the Commonwealth under the provisions of this chapter shall use any sign having thereon any assumed or corporate name containing the words "savings and loan," "building and loan," "savings bank," or other words indicating that its office is the office of a savings institution; nor shall any such person use or circulate any written or printed material having thereon any assumed or corporate name or word or words indicating that the business of such person is that of a savings institution. However, the use of any of these terms in the name of any other corporation or in connection with any other business is not prohibited when additional words show clearly and definitely that the corporation is not, and that the business is not that of, a savings institution.
C. Any person violating the provisions of this section shall be guilty of a Class 6 felony.
D. The provisions of this section as to the use of a corporate name shall not apply to any industrial loan association which was authorized to do business in this Commonwealth on January 1, 1960, and which on that date had the words "savings and loan" or "building and loan" as part of its corporate name.
(1985, c. 425; 1986, c. 509; 1992, c. 136.)
Sections: Previous 6.1-194.89 6.1-194.90 6.1-194.91 6.1-194.92 6.1-194.93 6.1-194.93:1 6.1-194.94 6.1-194.95 6.1-194.96 6.1-194.97 6.1-194.98 6.1-194.99 6.1-194.100 6.1-194.102 6.1-194.103 NextLast modified: April 16, 2009