§ 6.2-1418. Suspension or revocation of authority
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 the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of its business; 2. […]
§ 6.2-1419. Cease and desist orders
If the Commission determines that any association has violated any provision of this chapter or any regulation adopted pursuant thereto, the Commission may, upon 21 days’ notice in writing, order the association to cease and desist from such practices and to comply with the provisions of this chapter. The notice shall be sent by certified […]
§ 6.2-1420. 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 § 6.2-1418 until it has given the association 21 days’ notice in writing of the reasons for the proposed revocation or suspension and an opportunity to introduce evidence and be heard. The […]
§ 6.2-1421. Civil penalties
In addition to the authority conferred upon the Commission by other provisions of this chapter, the Commission may impose a civil penalty not exceeding $1,000 upon any association which it determines, in proceedings commenced in accordance with the Commission’s Rules, has violated any of the provisions of this chapter or regulations adopted pursuant thereto. For […]
§ 6.2-1413. Investigations; examinations
The Commission, as often as it deems necessary, may investigate and examine the affairs, business, premises, and records of any association. Examinations shall be conducted at least twice in each three-year period. In the course of such investigations and examinations, the owners, officers, directors, and employees of the association shall, upon demand of the person […]
§ 6.2-1414. Annual fees
Each association shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the total assets of the individual associations, the actual costs of the associations’ examination and other factors relating to their supervision and regulation. All such fees shall be assessed on […]
§ 6.2-1415. Regulations
The Commission shall adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before adopting any such regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to be heard. 1993, c. 419, § 6.1-237.5; 2010, c. 794.
§ 6.2-1416. Prohibited practices
A. No association shall: 1. Obtain any agreement or instrument in which blanks are left to be filled in after execution; 2. Take an interest in collateral other than the real estate or residential property, including fixtures and appliances thereon, securing a mortgage loan; however, an interest in collateral other than real estate may be […]
§ 6.2-1417. 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 segregated from accounts of the association and shall not be commingled with other funds of the association. No association shall require any borrower to pay any amounts in escrow to […]
§ 6.2-1403. Directors
A. Every association shall have at least five directors, each of whom shall own in his own right and have in his personal possession or control shares of stock in the association that (i) have in the aggregate at least $100 in par value, and (ii) shall be unpledged and unencumbered at the time he […]