§ 6.2-1111. Authority to purchase, convey or manage property in which state savings institution has a security interest; time limitation
A. A state savings institution may: 1. Purchase at any sale, public or private, any real estate or personal property upon which it has a mortgage, judgment, deed of trust, pledge, lien or other encumbrance or in which it has any interest; and 2. Acquire any real or personal property that is conveyed or transferred […]
§ 6.2-1112. Applicability of Virginia Uniform Commercial Code to commercial paper and depository activities of savings institutions
The definitions and provisions contained in Title 8.3A and Title 8.4 shall apply to the commercial paper and deposit account activities of savings institutions doing business in the Commonwealth, to the extent that such definitions and provisions are not inconsistent with the provisions of this chapter. 1985, c. 425, § 6.1-194.7; 1992, c. 693; 2010, […]
§ 6.2-1113. Discoverability or admissibility of compliance review committee documents
A. As used in this section, “compliance review committee” means a committee appointed by the board of directors of a savings institution for the purpose of evaluating and improving the savings institution’s compliance with federal and state laws and adherence to its own established ethical and financial standards, and includes any other person when that […]
§ 6.2-1107. Defamation of savings institutions and certain federal agencies prohibited; penalty
No person shall willfully and knowingly make, issue, circulate, or transmit, or cause or knowingly permit to be made, issued, circulated, or transmitted, any statement or rumor, written, printed, reproduced in any manner, or by word of mouth, that is untrue in fact and is (i) malicious, in that it is calculated to injure reputation […]
§ 6.2-1108. Membership in Federal Home Loan Bank and Federal Deposit Insurance Corporation authorized; insurance required as a condition to receiving deposits; representations that accounts are insured; misleading advertisements
A. A savings institution may become a member of the Federal Home Loan Bank and the Federal Deposit Insurance Corporation or other federal insurance agency and conform to the provisions and regulations thereof. B. Any savings institution doing business in the Commonwealth that does not have its accounts insured by the Federal Deposit Insurance Corporation […]
§ 6.2-1109. Representations that accounts are insured; misleading advertisements
A. A savings institution shall not make any representation, oral or written, that any of its accounts are insured or guaranteed unless such accounts are insured or guaranteed by an instrumentality of the United States or other insurer approved by the Commission. B. A savings institution shall not publish any misleading advertisement. Code 1950, § […]
§ 6.2-1110. Membership in facilitating organizations or instrumentalities
A savings institution may become a member of, deal with, maintain reserves or deposits with, or make reasonable payments or contributions to, and comply with any reasonable requirements or conditions of eligibility of, any government or private organization or instrumentality to the extent that the organization or instrumentality assists in furthering or facilitating the institution’s […]
§ 6.2-1106. Prohibitions on the use of certain terms; exceptions; penalty
A. 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 […]
§ 6.2-1101. Construction and application of chapter
A. It is the intention of the General Assembly that this chapter shall be liberally construed to effect the purposes set out herein. B. The provisions of this chapter shall apply to federal savings institutions and foreign savings institutions doing business in the Commonwealth insofar as the Commonwealth has the power to enact legislation with […]
§ 6.2-1102. Associations operating share accumulation loan plans; continued operation
Notwithstanding any other provision of law with respect to the rates of interest that may be charged, an association that on September 1, 1959, was operating on a share accumulation loan plan whereby its earnings were equitably distributed to both its borrowers and its shareholders may continue to operate upon the same plan, but no […]