reglab/housing_qa huggingface dataset:
VA Code § 6.2-1354 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1354. Credit committee or loan officers; appeal

A. The credit committee of a credit union shall approve every loan or advance made by the credit union to members, unless the committee is replaced by a loan officer as provided in subdivision E 2 of § 6.2-1348.B. If the credit committee has not been replaced by action of the board of directors, it may appoint and delegate to loan officers the authority to approve or disapprove loan applications, subject to the written policies prescribed by the board of directors. The approval of an application by the credit committee shall be by a majority of members of the committee who are present at the meeting at which it is considered, provided a majority of the full committee is present.C. All applications disapproved by a loan officer may, upon request of the applicant, be reviewed by the credit committee. The approval of a majority of members of the credit committee who are present at the meeting when such review is undertaken shall be required to reverse the loan officer's decision. A majority of members of the full credit committee shall be present at such review. A member whose application was disapproved by a loan officer or the credit committee may appeal such action to the board of directors.D. No individual shall have the authority to disburse funds of the credit union for any loan for which the application has been approved by him in his capacity as a loan officer.E. The credit committee shall meet as often as the business of the credit union may require to consider applications for loans or to review the work of the loan officers, as the case may be. Reasonable notice of each such meeting shall be given to each member of the committee.Code 1950, § 6-221; 1964, c. 75; 1966, c. 584, § 6.1-212; 1974, c. 143; 1983, c. 302; 1990, c. 373, § 6.1-225.37; 2010, c. 794.
VA Code § 6.2-1355 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1355. Supervisory committee; suspension and removal of officials

The supervisory committee:1. Shall make or cause to be made an annual audit of the credit union, and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union;2. Shall make or cause to be made such supplementary audits and verification of members' accounts as it deems necessary or as may be ordered by the board of directors, and shall submit such report to the board of directors; and3. May by unanimous vote suspend any officer of the credit union or any member of the credit committee or of the board of directors, until the next meeting of members, which shall be held not less than 10 nor more than 25 days after any such suspension, at which meeting such suspension shall be acted upon by the members.Code 1950, § 6-222; 1966, c. 584, § 6.1-213; 1974, c. 106; 1982, c. 574; 1990, c. 373, § 6.1-225.38; 2010, c. 794.
VA Code § 6.2-1356 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1356. Special audit

The Commissioner may require a credit union to have an independent audit made of its books, records, and methods of operation by a certified public accountant or other qualified person or firm approved by the Commissioner, whenever it appears to the Commissioner that (i) the system of internal controls pertaining to the credit union is not adequate, (ii) the credit union is engaging in unsafe or unsound practices, or (iii) the financial condition of the credit union makes such an audit necessary.1976, c. 658, § 6.1-213.1; 1990, c. 373, § 6.1-225.39; 2010, c. 794.
VA Code § 6.2-1357 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1357. Qualifications of officials

Every officer, director, and committee member shall be a member of the credit union.Code 1950, § 6-213; 1956, c. 90; 1966, c. 584, § 6.1-204; 1968, c. 560; 1990, c. 373, § 6.1-225.40; 2010, c. 794.
VA Code § 6.2-1358 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1358. Share accounts

A. Every credit union may issue shares to and maintain share accounts for any member qualified pursuant to the credit union's bylaws.B. Shares and share accounts may be withdrawn for payment to the account holder or to third parties in such manner and in accordance with such procedures as may be established by the board of directors.C. Shares and share accounts shall be subject to any withdrawal notice requirement that may be imposed pursuant to the credit union bylaws.Code 1950, § 6-214; 1956, c. 90; 1966, c. 584, § 6.1-206; 1968, c. 560; 1975, c. 33; 1990, c. 373, § 6.1-225.41; 2010, c. 794.
VA Code § 6.2-1359 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1359. Payment for shares; transfers; lien on shares

Shares shall be paid for in money. Shares may be subscribed to, paid for, and transferred in such manner as the bylaws prescribe. The credit union shall have a lien on the shares, including share accounts of a member in his individual, joint, or trust accounts and upon any dividends payable thereon as security for all debts and obligations owed by, and for any loan endorsed by, such member to the credit union.Code 1950, § 6-214; 1956, c. 90; 1966, c. 584, § 6.1-206; 1968, c. 560; 1975, c. 33; 1990, c. 373, § 6.1-225.42; 2010, c. 794.
VA Code § 6.2-1360 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1360. Dividends

A. At such intervals and for such periods as the bylaws provide and after provision for the required reserves, the board of directors may declare dividends on share accounts from the undivided earnings or other funds set aside for dividends.B. Dividends may be paid at different rates on different types of share accounts and at different rates and maturity dates in the case of share certificates.C. Dividend credit may be accrued on shares as authorized by the board of directors.D. The rates of dividends and terms of payment may be declared in advance by the board of directors.E. In no event shall a dividend be paid if, after the payment thereof, the liabilities of the credit union would exceed its assets.Code 1950, § 6-228; 1964, c. 75; 1966, c. 584, § 6.1-219; 1968, c. 560; 1976, c. 202; 1990, c. 373, § 6.1-225.43; 2010, c. 794.
VA Code § 6.2-1361 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1361. Ascertaining value of assets

In ascertaining the value of the assets of a credit union:1. A loan delinquent for more than two but less than six months shall be valued at 90 percent of the unpaid balance;2. A loan delinquent for six months but less than 12 months shall be valued at 75 percent of the unpaid balance; and3. A loan delinquent for 12 months or more shall be treated as of no value.Code 1950, § 6-228; 1964, c. 75; 1966, c. 584, § 6.1-219; 1968, c. 560; 1976, c. 202; 1990, c. 373, § 6.1-225.44; 2010, c. 794.
VA Code § 6.2-1362 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1362. Minors' accounts

A credit union may issue shares in the name of a minor as the sole and absolute owner of such shares and may accept the purchase of such shares by and for such owner, pay withdrawals from such share accounts, and act in any other manner with respect to such share accounts on the order of such minor. Any withdrawal of shares or delivery of funds from such account to the owner thereof, or payment of a share draft or other written order for withdrawal signed by such minor owner, shall be a valid and sufficient release and discharge of the credit union for any payment, withdrawal, or delivery so made. The parent or guardian of such minor shall not in his capacity as parent or guardian have the power to withdraw or transfer shares in any such account unless the minor has given written notice to the credit union to accept the signature of such parent or guardian.Code 1950, § 6-215; 1966, c. 584, § 6.1-207; 1968, c. 560; 1972, c. 825; 1979, c. 407; 1990, c. 373, § 6.1-225.45; 2006, c. 755; 2010, c. 794.
VA Code § 6.2-1363 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1363. Individual retirement accounts and retirement or pension plans

A. A credit union may act as trustee or custodian of (i) individual retirement accounts established with the credit union for the benefit of its members under the federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829) (ERISA), as amended from time to time; (ii) pension funds of self-employed individuals or of a company or organization sponsoring the credit union; or (iii) other similar retirement or pension plans.B. Contributions to and earnings on an account described in clause (i) of subsection A may be accepted and retained in accordance with ERISA but shall be invested in shares of the credit union. If the credit union bylaws so provide such accounts may be established for the benefit of members in the names of other trustees or custodians who are qualified to serve as such under the laws of this Commonwealth and ERISA.1976, c. 205, § 6.1-207.1; 1990, c. 373, § 6.1-225.46; 2010, c. 794.
VA Code § 6.2-1364 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1364. Acceptance of money under Virginia Uniform Transfers to Minors Act

A credit union may accept money paid to it pursuant to the Virginia Uniform Transfers to Minors Act (§ 64.2-1900 et seq.) for credit to an account in the name of the custodian as provided in such Act if the custodian or the minor for whose benefit the transfer is made is a member of the credit union.1979, c. 138, § 6.1-207.2; 1990, c. 373, § 6.1-225.47; 2010, c. 794.
VA Code § 6.2-1365 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1365. Accounts of deceased or incapacitated person

A. A credit union may pay any share balance due a deceased person or any person under a disability to the personal representative, guardian, conservator, curator, or committee of such person upon proper proof of the appointment and qualification of such fiduciary. Such qualification shall be sufficient authority for making such payment. A credit union making such payment shall no longer be liable for the amount so paid to any person. The presentation of a duly certified letter or certificate of qualification as personal representative, or other fiduciary, guardian, conservator, curator, or committee shall be conclusive proof of the jurisdiction of the court issuing the same.B. A credit union that has received no written notice and does not have actual notice that a member is deceased or has been adjudicated incapacitated, may pay or deliver shares in such member's account in accordance with the provisions of the account contract without liability to any person for the amounts so paid.1968, c. 560, § 6.1-208.3; 1990, c. 373, § 6.1-225.48; 1997, c. 801; 2010, c. 794.
VA Code § 6.2-1367 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1367. Application of provisions to federal credit unions

The provisions of §§ 6.2-1365, 64.2-601, and 64.2-602 shall apply to federal credit unions operating in the Commonwealth to the extent that the same are not inconsistent with any federal law applicable to such credit unions.1968, c. 560, § 6.1-208.5; 1979, c. 407; 1990, c. 373, § 6.1-225.50; 2010, cc. 269, 794; 2013, cc. 7, 95.
VA Code § 6.2-1368 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1368. Accounts of fiduciaries

A credit union may issue shares and maintain share accounts in the name of any person or entity eligible for membership in such credit union pursuant to § 6.2-1327 as administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary. The payment of funds from any such account pursuant to a share draft or other written order of withdrawal signed by the fiduciary, the delivery of funds in such account to such fiduciary, or a receipt signed by any such fiduciary with regard to the payment of funds from such account, shall be valid and sufficient release and discharge of the credit union for the payment or delivery so made.2000, c. 744, § 6.1-225.50:1; 2010, c. 794.
VA Code § 6.2-1369 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1369. Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary's personal account

A. If any fiduciary or agent purchases shares in a credit union in his own name (i) with share drafts or other instruments drawn by him upon an account in his own name as fiduciary, (ii) with share drafts or other instruments drawn by him upon an account in the name of his principal, if he is empowered to draw share drafts or other instruments thereto, or (iii) with share drafts or other instruments payable to his principal and endorsed by him as fiduciary, the credit union issuing such shares shall not be bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary.B. The credit union is authorized to pay the amount of the shares issued or any part thereof upon the withdrawal by the fiduciary without being liable to the principal, unless the credit union receives payment for the shares or pays the withdrawal (i) with the actual knowledge that the fiduciary, in purchasing such shares or in making such withdrawal, is committing a breach of his obligation as a fiduciary, or (ii) with knowledge of such facts that its action in issuing the shares or paying the withdrawal amounts to bad faith.2000, c. 744, § 6.1-225.50:2; 2010, c. 794.
VA Code § 6.2-1370 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1370. Purpose and condition of loans

A credit union may lend to its members for such purposes and upon such conditions as the bylaws may prescribe. The board of directors shall establish written policies with respect to granting loans and extending lines of credit, including the terms, conditions, and acceptable forms of security.Code 1950, § 6-207; 1956, c. 90; 1966, c. 584, § 6.1-198; 1968, c. 560; 1980, c. 181; 1983, c. 300; 1990, c. 373, § 6.1-225.51; 2010, c. 794.
VA Code § 6.2-1371 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1371. Other charges

A. In addition to interest charged on loans, a credit union may charge members all reasonable expenses in connection with making, closing, disbursing, extending, collecting, or renewing loans.B. In accordance with the bylaws, a credit union may assess charges to members for failure to meet in a timely manner their obligations to the credit union.1990, c. 373, § 6.1-225.52; 2010, c. 794.
VA Code § 6.2-1372 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1372. Loan limits

A. No loan may be made by a credit union to a member if, upon making the loan, the member would be indebted to the credit union on loans to such member in an aggregate amount which would exceed the lesser of (i) 10 percent of the credit union's share accounts and reserve fund or (ii) the maximum amount as authorized by its bylaws.B. The aggregate amount of a credit union's "member business loans," as defined in 12 C.F.R. § 701.21 (h), shall not exceed the limit prescribed for insured credit unions by subsection (a) of § 107A of the Federal Credit Union Act (12 U.S.C. § 1757a), taking into account also the provisions of subsections (b) through (d) of that section.Code 1950, § 6-226; 1956, c. 90; 1966, c. 584, § 6.1-217; 1968, c. 560; 1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373, § 6.1-225.53; 1999, c. 63; 2010, c. 794.
VA Code § 6.2-1373 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1373. Loans to members of credit committee; nonmember loans

A. If the borrower or endorser on a loan by a credit union is a member of the credit committee, or a member of the board of directors if the board is serving as the credit committee, the loan shall be approved by the supervisory committee or a loan officer instead of by the credit committee. If the loan is fully secured by shares, such loan may be approved by the credit committee.B. No loan shall be made to an individual or entity that is not a member of the credit union. If the credit committee or loan officer should knowingly approve such a loan, the members of the credit committee shall be jointly and severally liable, or in the case of a loan officer, he shall be individually liable, to the credit union for the immediate repayment thereof.Code 1950, § 6-226; 1956, c. 90; 1966, c. 584, § 6.1-217; 1968, c. 560; 1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373, § 6.1-225.54; 2010, c. 794.
VA Code § 6.2-1374 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1374. Lines of credit

Notwithstanding the requirements of § 6.2-1354, the credit committee or a loan officer may approve an application for a line of credit. When a line of credit has been approved, advances may be made as requested without further loan application or approval if the aggregate outstanding balance on all advances does not exceed the limit specified.1976, c. 204, § 6.1-212.1; 1986, c. 147; 1990, c. 373, § 6.1-225.55; 2010, c. 794.
VA Code § 6.2-1375 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1375. Cooperative loans

A credit union may originate loans to credit union members jointly with other credit unions, credit union organizations, or other financial institutions pursuant to written policies established by the board of directors. The policies shall include the limitation set forth in § 6.2-1372. A credit union that originates such a loan shall retain at least a 10 percent interest in such loan.1990, c. 373, § 6.1-225.56; 2010, c. 794.
VA Code § 6.2-1376 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1376. Authorized investments

The funds of a credit union that are not used in loans to members may be invested only:1. In loans to other insured credit unions to the extent permitted in the bylaws;2. In shares, share accounts, or deposits of other insured credit unions to the extent authorized in its bylaws, but not to exceed 25 percent of the investing credit union's outstanding shares and reserve fund;3. Notwithstanding any other provision of this section, in shares or deposits of any corporate credit union provided such investments are specifically authorized by the board of directors making the investment;4. In federally insured banks and savings institutions;5. In the capital stock of the National Credit Union Central Liquidity Facility or any central liquidity facility established under the laws of the Commonwealth;6. In obligations of the United States and securities fully guaranteed as to principal and interest thereby;7. In obligations of the Commonwealth and any political subdivision thereof, including, but not limited to, revenue bonds;8. In such stock, securities, obligations, or other investments as may be approved from time to time by the Commission;9. In real estate, office buildings, equipment, and furnishings of the credit union, provided that the aggregate investment in all such fixed assets shall not exceed five percent of the total of the members' share accounts and retained earnings without the prior written authorization of the Commissioner;10. In shares, stock, deposits in, loans, or other obligations of any credit union service organization, corporation, or association, if (i) the membership or ownership, as the case may be, of such organization, corporation, or association is primarily confined or restricted to credit unions or organizations of credit unions and (ii) the purpose for which such organization, corporation, or association is organized is to strengthen or advance the development of credit unions or credit union organizations. Such investment by any credit union shall not exceed five percent of the credit union's outstanding shares and reserves without the prior approval of the Commissioner;11. In deposits in, loans to, or shares of any Federal Reserve Bank; and12. In cooperative loans with other credit unions or credit union organizations. Such investment shall not exceed 10 percent of outstanding shares and reserves of the investing credit union.Code 1950, § 6-225; 1956, c. 90; 1958, c. 21; 1966, c. 584, § 6.1-216; 1968, c. 560; 1972, c. 192; 1974, c. 117; 1975, c. 35; 1979, c. 190; 1980, cc. 207, 210; 1983, c. 466; 1984, c. 351; 1990, c. 373, § 6.1-225.57; 1991, c. 367; 2010, c. 794; 2013, cc. 16, 92.
VA Code § 6.2-1377 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1377. Maintenance of regular reserves; special reserves

A. A credit union shall establish and maintain a regular reserve account in accordance with the applicable provisions of Part 702 of the National Credit Union Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through 702.403.B. The Commission may increase or decrease the reserve requirement when in its opinion such an increase or decrease is necessary or desirable.C. In addition to such regular reserve, special reserves shall be established when found by the board of directors of the credit union or by the Commission to be necessary to protect the interest of members.D. Unless otherwise prohibited by the Commission, the board of directors of a credit union may establish the regular reserve in an amount in excess of that required by this section when in its opinion the increased amount is necessary or desirable.Code 1950, § 6-227; 1964, c. 75; 1966, c. 584, § 6.1-218; 1968, c. 560; 1984, c. 410; 1986, c. 146; 1990, c. 373, § 6.1-225.58; 2002, c. 261; 2010, c. 794.
VA Code § 6.2-1378 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1378. Use of reserves

Losses may be charged to the reserve fund. Any sums recovered on items previously charged to it shall be credited to the reserve fund. No dividends shall be paid out of the reserve fund unless the fund, after such payment, exceeds the total amount required to be set aside in the regular reserve and special reserves of the credit union.Code 1950, § 6-227; 1964, c. 75; 1966, c. 584, § 6.1-218; 1968, c. 560; 1984, c. 410; 1986, c. 146; 1990, c. 373, § 6.1-225.59; 2010, c. 794.