§ 6.1-394.1. Examination and supervision
Any credit card bank formed pursuant to this chapter for the purpose of being acquired by a general business corporation shall file with the Commissioner a copy of periodic reports of examination conducted by the federal insuring agency and shall file annually with the Commissioner audited financial statements pertaining to the credit card bank, the general business corporation and all of the subsidiaries and affiliates of such corporation. In lieu of separate financial statements, the general business corporation may annually file an audited consolidated financial statement for itself and all of its affiliates and subsidiaries. Such audited financial statements shall be filed within 120 days of the completion of the fiscal years of the credit card bank, the general business corporation and all of the subsidiaries and affiliates of such corporation. The State Corporation Commission shall have authority to take such action as it may deem necessary to require and enforce compliance with the provisions of this chapter by a credit card bank, including the authority to supervise and examine such bank and the authority to promulgate standards to govern the examination and supervision of such bank; but otherwise shall have no duty or authority to supervise or examine the general business corporation or any other affiliates or subsidiaries thereof and may include in its reports of examination a statement consistent with this provision. The Commissioner may rely upon a determination by the federal insuring agency that the credit card bank is operating in compliance with the provisions and restrictions of this chapter.
(1989, c. 751; 1989, Sp. Sess., cc. 4, 7.)
Sections: Previous 6.1-390 6.1-391 6.1-392 6.1-392.1 6.1-393 6.1-394 6.1-394.1 6.1-395 6.1-396 6.1-397 NextLast modified: April 2, 2009