{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1061.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1061.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1061.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1061.html"}],"law_id":62099,"edition_id":1,"section_id":62099,"structure_id":13108,"section_number":"6.2-1061","catch_line":"Reports; investigations and examinations; civil penalties","history":"Code 1950, \u00a7 6-128; 1966, c. 584, \u00a7 6.1-114; 1974, c. 665; 1976, c. 658; 1988, c. 555; 1997, c. 142; 2010, c. 794.","full_text":"A\n\nEach trust subsidiary shall file statements of condition and other reports with the Commission in accordance with the requirements established by regulation.B\n\nThe Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any trust subsidiary. Examinations of such trust subsidiaries shall be conducted at least twice in each three-year period.C\n\nIn the course of such investigations and examination, the principals, officers, directors, and employees of such trust subsidiary being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all premises, books, records, and information that the person making such investigation or examination deems necessary. For the foregoing purposes, the person making the investigation or examination shall have authority to administer oaths, examine under oath all the aforementioned persons, and compel the production of papers and objects of all kinds.D\n\nAny trust subsidiary that fails to comply with the provisions of subsection A, for a period of longer than 30 days, after being called upon by the Commission for a statement, or to do such other act as is therein provided, shall be subject to assessment by the Commission of a civil penalty of not less than $100 nor more than $1,000 per day for each day of noncompliance.E\n\nAny officer of any trust subsidiary being investigated or examined by the Commission who shall refuse to give any examiner the information or refuse to be sworn, as required by subsections B and C, shall be subject to assessment by the Commission of a civil penalty of not less than $25 nor more than $100 per day for each day of noncompliance.","order_by":null,"text":{"0":{"id":226581,"text":"Each trust subsidiary shall file statements of condition and other reports with the Commission in accordance with the requirements established by regulation.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":226582,"text":"The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any trust subsidiary. Examinations of such trust subsidiaries shall be conducted at least twice in each three-year period.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":226583,"text":"In the course of such investigations and examination, the principals, officers, directors, and employees of such trust subsidiary being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all premises, books, records, and information that the person making such investigation or examination deems necessary. For the foregoing purposes, the person making the investigation or examination shall have authority to administer oaths, examine under oath all the aforementioned persons, and compel the production of papers and objects of all kinds.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":226584,"text":"Any trust subsidiary that fails to comply with the provisions of subsection A, for a period of longer than 30 days, after being called upon by the Commission for a statement, or to do such other act as is therein provided, shall be subject to assessment by the Commission of a civil penalty of not less than $100 nor more than $1,000 per day for each day of noncompliance.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":226585,"text":"Any officer of any trust subsidiary being investigated or examined by the Commission who shall refuse to give any examiner the information or refuse to be sworn, as required by subsections B and C, shall be subject to assessment by the Commission of a civil penalty of not less than $25 nor more than $100 per day for each day of noncompliance.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13108,"edition_id":1,"name":"Trust Subsidiaries","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:44:17","date_modified":"2026-06-26 03:44:17","permalink":{"id":263881,"object_type":"structure","relational_id":13108,"identifier":"3","token":"6.2\/II\/10\/3","url":"\/6.2\/II\/10\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13001,"edition_id":1,"name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263687,"object_type":"structure","relational_id":13001,"identifier":"10","token":"6.2\/II\/10","url":"\/6.2\/II\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":65489,"structure_id":13108,"section_number":"6.2-1047","catch_line":"Definitions","url":"\/6.2-1047\/","token":"6.2\/II\/10\/3\/6.2-1047","metadata":false},{"id":70269,"structure_id":13108,"section_number":"6.2-1048","catch_line":"Organization of subsidiary trust companies","url":"\/6.2-1048\/","token":"6.2\/II\/10\/3\/6.2-1048","metadata":false},{"id":70720,"structure_id":13108,"section_number":"6.2-1049","catch_line":"Permissible business","url":"\/6.2-1049\/","token":"6.2\/II\/10\/3\/6.2-1049","metadata":false},{"id":80318,"structure_id":13108,"section_number":"6.2-1050","catch_line":"Directors","url":"\/6.2-1050\/","token":"6.2\/II\/10\/3\/6.2-1050","metadata":false},{"id":66973,"structure_id":13108,"section_number":"6.2-1051","catch_line":"Report to Commission of election of director","url":"\/6.2-1051\/","token":"6.2\/II\/10\/3\/6.2-1051","metadata":false},{"id":57130,"structure_id":13108,"section_number":"6.2-1052","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-1052\/","token":"6.2\/II\/10\/3\/6.2-1052","metadata":false},{"id":71808,"structure_id":13108,"section_number":"6.2-1053","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-1053\/","token":"6.2\/II\/10\/3\/6.2-1053","metadata":false},{"id":59285,"structure_id":13108,"section_number":"6.2-1054","catch_line":"Certificate required","url":"\/6.2-1054\/","token":"6.2\/II\/10\/3\/6.2-1054","metadata":false},{"id":61502,"structure_id":13108,"section_number":"6.2-1055","catch_line":"Trust offices","url":"\/6.2-1055\/","token":"6.2\/II\/10\/3\/6.2-1055","metadata":false},{"id":54145,"structure_id":13108,"section_number":"6.2-1056","catch_line":"When security not required of trust subsidiaries","url":"\/6.2-1056\/","token":"6.2\/II\/10\/3\/6.2-1056","metadata":false},{"id":67776,"structure_id":13108,"section_number":"6.2-1057","catch_line":"Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks","url":"\/6.2-1057\/","token":"6.2\/II\/10\/3\/6.2-1057","metadata":false},{"id":68595,"structure_id":13108,"section_number":"6.2-1058","catch_line":"Substitution of trust subsidiary as fiduciary","url":"\/6.2-1058\/","token":"6.2\/II\/10\/3\/6.2-1058","metadata":false},{"id":65923,"structure_id":13108,"section_number":"6.2-1059","catch_line":"Substitution of subsidiary bank as fiduciary","url":"\/6.2-1059\/","token":"6.2\/II\/10\/3\/6.2-1059","metadata":false},{"id":58761,"structure_id":13108,"section_number":"6.2-1060","catch_line":"Trust subsidiaries to have same powers and restrictions as bank trust departments","url":"\/6.2-1060\/","token":"6.2\/II\/10\/3\/6.2-1060","metadata":false},{"id":62099,"structure_id":13108,"section_number":"6.2-1061","catch_line":"Reports; investigations and examinations; civil penalties","url":"\/6.2-1061\/","token":"6.2\/II\/10\/3\/6.2-1061","metadata":false},{"id":56552,"structure_id":13108,"section_number":"6.2-1062","catch_line":"Offenses by officer, director, agent or employee of trust subsidiary; penalties","url":"\/6.2-1062\/","token":"6.2\/II\/10\/3\/6.2-1062","metadata":false},{"id":80499,"structure_id":13108,"section_number":"6.2-1063","catch_line":"Officers, directors, agents and employees violating or causing trust subsidiary to violate laws; civil liability not affected","url":"\/6.2-1063\/","token":"6.2\/II\/10\/3\/6.2-1063","metadata":false},{"id":73097,"structure_id":13108,"section_number":"6.2-1064","catch_line":"Civil penalties for violation of Commission's orders","url":"\/6.2-1064\/","token":"6.2\/II\/10\/3\/6.2-1064","metadata":false}],"previous_section":{"id":58761,"structure_id":13108,"section_number":"6.2-1060","catch_line":"Trust subsidiaries to have same powers and restrictions as bank trust departments","url":"\/6.2-1060\/","token":"6.2\/II\/10\/3\/6.2-1060","metadata":false},"next_section":{"id":56552,"structure_id":13108,"section_number":"6.2-1062","catch_line":"Offenses by officer, director, agent or employee of trust subsidiary; penalties","url":"\/6.2-1062\/","token":"6.2\/II\/10\/3\/6.2-1062","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1061\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1966, chapter 584; in 1974, chapter 665; in 1976, chapter 658; in 1988, chapter 555; in 1997, chapter 142<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":263939,"object_type":"law","relational_id":62099,"identifier":"6.2-1061","token":"6.2\/II\/10\/3\/6.2-1061","url":"\/6.2-1061\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1061\/","token":"6.2\/II\/10\/3\/6.2-1061","dublin_core":{"Title":"Reports; investigations and examinations; civil penalties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1061","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each trust subsidiary<\/span> shall file statements of condition and other reports with the Commission<\/span> in accordance with the requirements established by regulation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any trust subsidiary<\/span>. Examinations of such trust subsidiaries shall be conducted at least twice in each three-year period. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In the course of such investigations and examination, the principals, officers, directors, and employees of such trust subsidiary<\/span> being investigated or examined shall, upon demand of the person<\/span> making such investigation or examination, afford full access to all premises, books, records, and information that the person<\/span> making such investigation or examination deems necessary. For the foregoing purposes, the person<\/span> making the investigation or examination shall have authority to administer oaths<\/span>, examine under oath<\/span> all the aforementioned persons<\/span>, and compel the production of papers and objects<\/span> of all kinds. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any trust subsidiary<\/span> that fails to comply with the provisions of subsection A, for a period of longer than 30 days, after being called upon by the Commission<\/span> for a statement, or to do such other act as is therein provided, shall be subject to assessment by the Commission<\/span> of a civil penalty<\/span> of not less than $100 nor more than $1,000 per day for each day of noncompliance. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Any officer of any trust subsidiary<\/span> being investigated or examined by the Commission<\/span> who shall refuse to give any examiner the information or refuse to be sworn, as required by subsections B and C, shall be subject to assessment by the Commission<\/span> of a civil penalty<\/span> of not less than $25 nor more than $100 per day for each day of noncompliance. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREPORTS; INVESTIGATIONS AND EXAMINATIONS; CIVIL PENALTIES (\u00a7 6.2-1061)\n\nA. Each trust subsidiary shall file statements of condition and other reports\nwith the Commission in accordance with the requirements established by\nregulation.\n\nB. The Commission may, by its designated officers and employees, as often as it\ndeems necessary, investigate and examine the affairs, business, premises, and\nrecords of any trust subsidiary. Examinations of such trust subsidiaries shall\nbe conducted at least twice in each three-year period.\n\nC. In the course of such investigations and examination, the principals,\nofficers, directors, and employees of such trust subsidiary being investigated\nor examined shall, upon demand of the person making such investigation or\nexamination, afford full access to all premises, books, records, and information\nthat the person making such investigation or examination deems necessary. For\nthe foregoing purposes, the person making the investigation or examination shall\nhave authority to administer oaths, examine under oath all the aforementioned\npersons, and compel the production of papers and objects of all kinds.\n\nD. Any trust subsidiary that fails to comply with the provisions of subsection\nA, for a period of longer than 30 days, after being called upon by the\nCommission for a statement, or to do such other act as is therein provided,\nshall be subject to assessment by the Commission of a civil penalty of not less\nthan $100 nor more than $1,000 per day for each day of noncompliance.\n\nE. Any officer of any trust subsidiary being investigated or examined by the\nCommission who shall refuse to give any examiner the information or refuse to be\nsworn, as required by subsections B and C, shall be subject to assessment by the\nCommission of a civil penalty of not less than $25 nor more than $100 per day\nfor each day of noncompliance.\n\nHISTORY: Code 1950, \u00a7 6-128; 1966, c. 584, \u00a7 6.1-114; 1974, c. 665; 1976, c.\n658; 1988, c. 555; 1997, c. 142; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}