§ 6.1-250. Certain persons ineligible as licensees; exemptions
A. No person doing business under the authority of any law of this Commonwealth or of the United States relating to banks, savings institutions, trust companies, building and loan associations, industrial loan associations, or credit unions shall be eligible to become a licensee under this chapter nor shall this chapter apply to any business transacted by any person under the authority of and as permitted by any such law, nor to any bona fide pawnbroking business transacted under pawnbroker's license, nor to anyone operating in accordance with the specific provisions of any other law heretofore or hereafter enacted.
B. Nothing contained in subsection A or any other section of this title shall be construed to prevent a subsidiary of a bank or savings institution from becoming a licensee under this chapter. A licensee that is a subsidiary or affiliate of a bank or savings institution shall be governed by the provisions of this chapter, and all regulations promulgated hereunder, as fully as if such licensee were not such a subsidiary or affiliate.
(Code 1950, § 6-280; 1966, c. 584; 1996, c. 16; 2000, c. 192.)
Sections: Previous 6.1-244 6.1-245 6.1-246 6.1-247 6.1-248 6.1-249 6.1-250 6.1-251 6.1-252 6.1-253 6.1-254 6.1-255 6.1-256 6.1-256.1 6.1-257 NextLast modified: April 2, 2009