reglab/housing_qa huggingface dataset:
VA Code § 6.2-1379 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1379. Out-of-state credit unions

A. A credit union organized and doing business in another state may conduct business as a credit union in the Commonwealth with the approval of the Commission. The Commission shall grant such approval if it shall find that the out-of-state credit union:1. Is a credit union duly organized under the laws of another state that would allow credit unions organized in the Commonwealth to conduct business in that state;2. Has share insurance for its members;3. Reasonably needs to establish a place of business in the Commonwealth to adequately serve its members in the Commonwealth;4. Is examined and supervised by the supervisory authority of the state in which the out-of-state credit union is organized; and5. Has filed an application with the Commission to conduct such business.B. The out-of-state credit union shall:1. Grant loans at rates of interest not in excess of the rates permitted for credit unions organized under the laws of the Commonwealth;2. Comply with the same consumer protection provisions that credit unions organized under the laws of the Commonwealth are required to obey;3. Designate and maintain a registered agent in the Commonwealth;4. Submit all examination reports from its supervisory agency to the Commission;5. Have any insurer of shares designate an agent for service of process and agree that in the absence of such designation service may be upon the clerk of the Commission;6. Inform the members of the credit union who use any facility authorized pursuant to this section of the state where the organization, supervision, and share insurance of the credit union are, and of the fact that it is not regulated, supervised, or insured by any agency of the Commonwealth; and7. Comply with § 6.2-1326.C. Credit unions organized in the Commonwealth may establish offices outside the Commonwealth upon approval of the Commission.D. The Commission may suspend or revoke the authority of an out-of-state credit union to do business in the Commonwealth if the Commission finds that such credit union is not in compliance with the requirements of this section.1985, c. 552, § 6.1-208.6; 1990, c. 373, § 6.1-225.61; 1993, c. 59; 2010, c. 794.
VA Code § 6.2-1380 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1380. Examinations; periodic reports; cooperative agreements; assessment of fees

A. The Commission may make such examinations of an out-of-state credit union conducting business in the Commonwealth pursuant to § 6.2-1379 as the Commission may deem necessary to determine whether the credit union is operating in compliance with the laws of the Commonwealth or to ensure that any office or facility of the out-of-state credit union is being operated in a safe and sound manner. The provisions of § 6.2-1309 shall apply to such examinations.B. The Commission shall require periodic reports from any out-of-state credit union that so conducts business in the Commonwealth. Such reports shall be filed under oath with such frequency and in such scope and detail as may be appropriate for the purpose of assuring continuing compliance with the provisions of this chapter.C. The Commission may enter into cooperative agreements with appropriate state credit union supervisors and federal credit union agencies for the examination of any office or facility in the Commonwealth of an out-of-state credit union, or any office or facility of a Virginia credit union in any host state, and may accept such supervisors' and agencies' reports of examination and reports of investigation in lieu of conducting its own examinations or investigations. The Commission may enter into joint actions with other state credit union supervisors and federal agencies having concurrent jurisdiction over any such out-of-state credit union or any branch of a Virginia credit union, or may take such actions independently to carry out its responsibilities under this article and to assure compliance with the laws of the Commonwealth.D. Out-of-state credit unions may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of the Commonwealth and regulations of the Commission. Such fees may be shared with other state and federal regulators and agencies in accordance with agreements between them and the Commission.1998, c. 23, § 6.1-225.61:1; 2010, c. 794.
VA Code § 6.2-1400 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 6.2-1400. Definitions

As used in this chapter, unless the context requires a different meaning:"Affiliated person of an association" means any person which is a subsidiary, stockholder, partner, trustee, director, officer, or employee of an association, and any corporation 10 percent or more of the capital stock of which is owned by an association or by any person which is a subsidiary, stockholder, partner, trustee, director, officer, or employee of an association."Association" means a corporation organized as an industrial loan association under the provisions of the Virginia Stock Corporation Act (§ 13.1-601 et seq.), the business of which is substantially confined to the business of making loans and issuing certificates of investment."Mortgage loan" means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans or extensions of credit to buyers of real property for any part of the purchase price of such property by persons selling such property owned by them, (ii) loans to persons related to the lender by blood or marriage, and (iii) loans to persons who are bona fide employees of the lender. "Mortgage loan" shall not include any loan secured by a mortgage or deed of trust upon any interest in a more than four-family residential property or property used for a commercial or agricultural purpose.2010, c. 794.
VA Code § 6.2-1401 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 6.2-1401. Powers of associations

Associations shall have all the general powers and be subject to all the restrictions contained in the Virginia Stock Corporation Act (§ 13.1-601 et seq.), except as herein otherwise provided. An association need not comply with the provisions of subsection A of § 13.1-630.Code 1950, §§ 6-242, 6-244; 1956, c. 433; 1958, c. 139; 1966, c. 584, § 6.1-227; 2010, c. 794.
VA Code § 6.2-1402 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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.
VA Code § 6.2-1403 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 became a director and during his entire term as director.B. Each director shall take and subscribe an oath that he will (i) comply with the requirements of subsection A regarding his stock of the association and (ii) diligently and honestly administer the affairs of the association as its director. The oath shall be transmitted to the Commission within 60 days following his election.C. Any director violating the provisions of this section shall thereby vacate his office. The remaining directors shall proceed forthwith to fill such vacancy.D. The directors shall require all active officers of such association to provide bonds in such sums as may be prescribed by the Commission in a surety company authorized to do business in the Commonwealth.Code 1950, § 6-252; 1966, c. 584, § 6.1-235; 2010, c. 794.
VA Code § 6.2-1404 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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.
VA Code § 6.2-1405 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 bank upon complying with all the provisions of Chapter 8 (§ 6.2-800 et seq.).C. Any person who has not obtained authorization from the Commission to do business as an association prior to October 1, 2010, shall not conduct business as an association.Code 1950, §§ 6-245, 6-250; 1956, c. 433; 1960, c. 62; 1966, c. 584, §§ 6.1-228, 6.1-230; 2010, c. 794.
VA Code § 6.2-1406 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 did not obtain insurance of its liability for such certificates, through either a state or federal agency, up to the limits of insurance provided thereby prior to July 1, 1975, shall not sell such certificates after such date.Code 1950, § 6-255; 1960, c. 63; 1966, c. 584, §§ 6.1-229, 6.1-231; 1974, c. 176; 2010, c. 794.
VA Code § 6.2-1407 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 than 80 percent of the amount of its outstanding certificates of investment in loans secured by liens on real estate;4. Make any loan secured by liens on real estate in excess of that percent of the appraised value permitted to banks;5. Issue certificates of investment for the purpose of borrowing money from financial institutions; or6. Issue a certificate of investment paying a higher rate of interest than four and one-half percent per annum, except that notwithstanding this limitation it may pay at any time an interest rate equal to the highest rate paid by any state savings institution or bank located in the same community in the Commonwealth.B. An association that has certificates of investment issued and outstanding shall place in a prominent manner in every advertisement for, and upon any document evidencing ownership of, certificates of investment that are not insured by a state or federal agency the words: "The savings accounts in this association are not insured."Code 1950, § 6-251; 1956, c. 433; 1960, c. 64; 1966, c. 584, § 6.1-232; 1974, cc. 175, 176, § 6.1-232.1; 1978, c. 14; 1996, c. 16; 2010, c. 794.
VA Code § 6.2-1408 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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.
VA Code § 6.2-1409 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 interest. The rebate shall be computed:1. On loans (i) with an initial maturity and corresponding amortization period of 61 months or less and (ii) payable in equal periodic installments, in accordance with the Rule of 78 as illustrated in § 6.2-403 or by using any other method that is at least as favorable to such borrower; and2. On other loans, under a method at least as favorable to the borrower as the actuarial method.C. An association may charge a prepayment penalty not to exceed two percent of the amount of the prepayment, provided such prepayment penalty, including the percent thereof, is set forth in the contract of indebtedness and is disclosed to the borrower pursuant to applicable federal interest disclosure laws.1987, c. 622, § 6.1-330.84; 1990, c. 338; 1991, c. 171; 2010, c. 794.
VA Code § 6.2-1410 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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. 448; 1981, c. 56; 2010, c. 794.
VA Code § 6.2-1411 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 of the association shall be maintained separate from any other business in which the association is involved.B. When acting as a mortgage lender, the association shall retain for at least three years after final payment is made on any mortgage loan or the mortgage loan is sold, whichever first occurs, copies of the note, settlement statement, Truth in Lending disclosure, and such other papers or records relating to the loan as may be required by regulation.C. When acting as a mortgage broker, the association shall retain for at least three years after the mortgage loan is made the original contract for its compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and such other papers and records as may be required by regulation.1993, c. 419, § 6.1-237.1; 2010, c. 794.
VA Code § 6.2-1412 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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, c. 794.
VA Code § 6.2-1413 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 making such examination or investigation, afford full access to all premises, books, records, and information that the person making such examination or investigation deems necessary. For the purposes of this section, the person making such examination or investigation shall have authority to administer oaths, examine under oath all the aforementioned persons, and compel the production of papers and objects of all kinds.1993, c. 419, § 6.1-237.3; 2010, c. 794.
VA Code § 6.2-1414 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 or before July 1 for each calendar year and be paid by the associations to the State Treasurer on or before the July 31 following such assessment.1993, c. 419, § 6.1-237.4; 2010, c. 794.
VA Code § 6.2-1415 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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.
VA Code § 6.2-1417 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 defray future taxes and insurance premiums in connection with a loan secured by a subordinate mortgage or deed of trust as defined in Chapter 3 (§ 6.2-300 et seq.), except where escrows for such purposes are not being maintained in connection with a mortgage loan superior to such subordinate mortgage loan.1993, c. 419, § 6.1-237.7; 2010, c. 794.
VA Code § 6.2-1418 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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. A course of conduct consisting of failure to perform written agreements with borrowers;3. Failure to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;4. Failure to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan, taking into account any applicable right of rescission;5. Conviction of any felony or misdemeanor involving fraud, misrepresentation, or deceit;6. Entry of judgment against such association involving fraud, misrepresentation, or deceit;7. Entry of a federal or state administrative order against such association for violation of any law or regulation applicable to the conduct of its business;8. Refusal to permit an investigation or examination by the Commission;9. Failure to pay any fee or assessment imposed by this chapter; or10. Failure to comply with any order of the Commission.B. For the purposes of this section, acts of any officer, director, or principal stockholder shall be deemed acts of the association.1993, c. 419, § 6.1-237.8; 2010, c. 794.
VA Code § 6.2-1419 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 mail to the principal place of business of the association and shall state the grounds for the contemplated action. Within 14 days of mailing the notice, the association may file with the clerk of the Commission a written request for a hearing. If a hearing is so requested, the Commission shall not issue a cease and desist order prior to such hearing. The Commission may enforce compliance with any such order by imposition and collection of such fines and penalties as may be prescribed by Commission regulations, or by revocation of the association's authority to do business in accordance with §§ 6.2-1418 and 6.2-1420.1993, c. 419, § 6.1-237.9; 2010, c. 794.
VA Code § 6.2-1420 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 notice shall be sent by certified mail to the principal place of business of the association and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the association may file with the clerk of the Commission a written request for a hearing. If a hearing is so requested, the Commission shall not suspend or revoke the association's authority to do business except based upon findings made at such hearing.1993, c. 419, § 6.1-237.10; 2010, c. 794.
VA Code § 6.2-1421 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 14 - Industrial Loan Associations|§ 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 the purposes of this section, each separate violation shall constitute a separate offense.1993, c. 419, § 6.1-237.11; 2010, c. 794.