§ 59.1-21.24. State Corporation Commission regulations
The State Corporation Commission shall adopt regulations to effectuate the purposes of this chapter provided that such regulations conform to and are no broader in scope than regulations, and amendments thereto, adopted by the Board of Governors of the Federal Reserve System under the Consumer Credit Protection Act, Title VII. Such conforming regulations shall exempt from the coverage of this chapter any class of transactions which may be exempted from time to time from the Consumer Credit Protection Act, Title VII, by regulations of the Federal Reserve System. No provision of this chapter imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the State Corporation Commission or by the Federal Reserve Board or officer or employee duly authorized by the Board to issue such interpretation or approvals under the comparable provisions of the federal Equal Credit Opportunity Act and regulations thereunder, notwithstanding that after such act or omission has occurred, such rule, regulation, or interpretation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason. Compliance with the Equal Credit Opportunity Act, as amended, Title VII of the Federal Consumer Credit Protection Act, and regulations issued by the Federal Reserve Board thereunder, constitutes compliance with this chapter.
(1975, c. 627; 1977, c. 589.)
Sections: Previous 59.1-21.19 59.1-21.20 59.1-21.21 59.1-21.21:1 59.1-21.22 59.1-21.23 59.1-21.24 59.1-21.25 59.1-21.26 59.1-21.27 59.1-21.28 NextLast modified: April 3, 2009