§ 6.2-1154 — Revocation of certificate of authority of foreign savings institution

Virginia § 6.2-1154

• Jurisdiction: Virginia
• Title 6.2: FINANCIAL INSTITUTIONS AND SERVICES
• Subtitle II: DEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS
• Ch. 11: SAVINGS INSTITUTIONS
• Art. 5: FOREIGN SAVINGS INSTITUTIONS; ACQUISITIONS BY OUT-OF-STATE SAVINGS INSTITUTIONS OR OUT-OF-STATE SAVINGS INSTITUTION HOLDING COMPANIES

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A. The Commission may revoke a certificate of authority of a foreign savings institution if:

1. The institution fails to conduct its business in the Commonwealth in a manner consistent with the laws of the Commonwealth;

2. The affairs of the institution are in an unsafe condition;

3. The institution refuses to comply with the orders of the Commission or refuses to comply with a request by the Commissioner to review the books and records of the institution; or

4. The institution fails to pay any fees or taxes imposed by the laws of the Commonwealth.

B. The Commission may also revoke the certificate of authority of a foreign savings institution at any time that the Commission determines that the state where the principal place of business of the foreign savings institution is located has enacted or amended its laws or regulations, or taken administrative action, so as to prohibit or unfairly impede a state association or state savings bank from transacting business in that state.

Legislative History

1985, c. 425, § 6.1-194.46; 1994, c. 353; 2010, c. 794.