§ 6.2-1154 Revocation of certificate of authority of foreign savings institution
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.
History
This law was first created in 1985. The record of its establishment is cataloged in chapter 425 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1985 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1994, chapter 353; in 2010, chapter 794.
1985, c. 425, § 6.1-194.46; 1994, c. 353; 2010, c. 794.