§ 6.2-1404. Commission may regulate issuance of evidences of debt
The Commission may by regulation prescribe the terms and conditions upon which an association may issue bonds, debentures, or other evidences of debt, however described, that are offered to the public by advertisement or solicitation. 1974, c. 174, § 6.1-227.1; 2010, c. 794.
§ 6.2-1405. Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized
A. An association incorporated after July 1, 1960, shall have all the powers conferred on banks, shall be subject to all restrictions applicable to banks, and shall for the purposes of state supervision and control be banks. B. An association that had certificates of investment issued and outstanding on January 1, 1959, may become a […]
§ 6.2-1406. Sale of certificates of investment by certain associations prohibited
A. An association that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment. B. 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 partial payment system. Any such association that […]
§ 6.2-1407. Prohibitions on associations with certificates issued and outstanding; advertisements
A. An association that has certificates of investment issued and outstanding shall not: 1. Advertise that it carries insurance unless its certificates of investment are insured or guaranteed by a state or federal agency; 2. Own any shares of stock issued by any other corporation except to the extent legal for banks; 3. Invest more […]
§ 6.2-1408. Associations to have one office; how office moved
An association shall not have more than one office for the conduct of its business. An association shall not move its office without first satisfying the Commission that moving its office will promote the convenience of its customers. 1966, c. 584, § 6.1-233; 2010, c. 794.
§ 6.2-1409. Prepayment by borrower from association; rebates for unearned interest; prepayment penalty
A. Any individual borrowing from an association shall have the right to anticipate payment of his debt at any time. B. If interest has been added to the face amount of the note, the borrower shall have the right, upon prepayment of the debt, to receive a rebate by way of credit for any unearned […]
§ 6.2-1410. Amount of loan
No loan made by an association shall be made for a greater amount in the aggregate to any person than 20 percent of the paid-in capital stock and capital surplus of the association. Code 1950, §§ 6-250, 6-253, 6-254; 1952, c. 70; 1956, c. 433; 1966, c. 584, § 6.1-234; 1968, c. 754; 1975, c. […]
§ 6.2-1411. 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 association is complying with the provisions of this chapter and regulations adopted in furtherance thereof. Such books, accounts, and records as relate to the mortgage lending or mortgage brokering business […]
§ 6.2-1412. 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 its business and operations during the preceding calendar year. Reports shall be made under oath and be in the form prescribed by the Commissioner. 1993, c. 419, § 6.1-237.2; 2010, […]
§ 6.2-1402. Use of certain words in name prohibited
An association shall neither use in its corporate name nor do business under a name containing the word “bank,” “savings bank,” “banker,” “trust company,” “trust,” or other word of similar import. Code 1950, §§ 6-242, 6-244; 1956, c. 433; 1958, c. 139; 1966, c. 584, § 6.1-227; 2010, c. 794.