Code of Virginia - Title 6.1 Banking And Finance - Chapter 5 Industrial Loan Associations

• 6.1-227 Incorporation and powers generally; use of certain names prohibited
  Industrial loan associations may be incorporated under the provisions of the Virginia Stock Corporation Act (§ 13.1-601 et seq.) and shall have all the general ...
• 6.1-227.1 Commission may regulate issuance of evidences of debt
  The Commission may by regulation prescribe the terms and conditions upon which an industrial loan association may issue bonds, debentures or other evidences of debt, ...
• 6.1-228 Extent to which associations regarded as banks
  Industrial loan associations incorporated after July 1, 1960, shall have all the powers conferred on banks by the Virginia Banking Act (§ 6.1-3 et seq.), ...
• 6.1-229 Restriction on sale of certificates of investment
  An association that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment. (Code 1950, § 6-255; ...
• 6.1-230 What associations may become banks
  An association that had certificates of investment issued and outstanding on January 1, 1959, may become a bank on complying with all the provisions of ...
• 6.1-231 Sale of certificates on fully paid or partial payment plan
  An association that had certificates of investment issued and outstanding on January 1, 1959, may sell certificates of investment upon either the fully paid or ...
• 6.1-232 Prohibitions as to associations having certificates issued and outstanding
  An association that has certificates of investment issued and outstanding shall not: 1. Advertise that it is subject to regulation or supervision by the State ...
• 6.1-232.1 Certificates to carry notice that accounts are not insured
  An association which has certificates of investment issued and outstanding, unless such certificates are insured by a state or federal agency, shall place in a ...
• 6.1-232.2 , 6.1-232.3
  Repealed by Acts 2007, c. 1, cl. 2, effective February 5, 2007. ...
• 6.1-233 Only one office permitted; how office moved
  An industrial loan association shall not have more than one office for the conduct of its business; and shall not move its office without first ...
• 6.1-234 Amount of loan
  No loan made by an industrial loan association shall be made for a greater amount in the aggregate to any person, firm or corporation than ...
• 6.1-234.1 Description unavailable
  Repealed by Acts 1975, c. 448. ...
• 6.1-235 Directors
  Every such industrial loan association shall have at least five directors, each of whom shall own in his own right and have in his personal ...
• 6.1-236 Description unavailable
  Repealed by Acts 1982, c. 633. ...
• 6.1-237 Description unavailable
  Repealed by Acts 1993, c. 419. ...
• 6.1-237.1 Retention of books, accounts and records
  A. Every association shall maintain in its offices such books, accounts and records as the Commission may reasonably require in order to determine whether such ...
• 6.1-237.2 Annual report
  Each association shall annually, on or before March 25, file a written report with the Commissioner containing such information as the Commissioner may require concerning ...
• 6.1-237.3 Investigations; examinations
  The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises and records of ...
• 6.1-237.4 Annual fees
  Each industrial loan association shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable ...
• 6.1-237.5 Rules and regulations
  The Commission shall promulgate such rules and regulations as it deems appropriate to effect the purposes of this chapter. Before promulgating any such rule or ...
• 6.1-237.6 Prohibited practices
  A. No industrial loan association shall: 1. Obtain any agreement or instrument in which blanks are left to be filled in after execution; 2. Take ...
• 6.1-237.7 Escrow accounts
  All moneys required by an association to be paid by borrowers in escrow, to defray future taxes or insurance premiums shall be kept in accounts ...
• 6.1-237.8 Suspension or revocation
  A. The Commission may suspend or revoke the authority of an association to do business upon any of the following grounds: 1. Any violation of ...
• 6.1-237.9 Cease and desist orders
  If the Commissioner determines that any association has violated any provision of this chapter or any regulation adopted pursuant thereto, he may, upon twenty-one days' ...
• 6.1-237.10 Notice of proposed suspension or revocation
  The Commission may not revoke or suspend the authority of an association to do business upon any of the grounds set forth in § 6.1-237.8 ...
• 6.1-237.11 Fines and penalties
  In addition to the authority conferred upon the Commission by other provisions of this chapter, the Commission may impose a fine or penalty not exceeding ...
• 6.1-238 through 6.1-242
  Repealed by Acts 1993, c. 419. ...
• 6.1-243 Description unavailable
  Reserved. ...

Last modified: April 2, 2009