{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1071.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1071.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1071.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1071.html"}],"law_id":60106,"edition_id":1,"section_id":60106,"structure_id":14521,"section_number":"6.2-1071","catch_line":"Examinations; periodic reports; cooperative agreements; assessment of fees","history":"1999, c. 835, \u00a7 6.1-32.40; 2010, c. 794.","full_text":"A\n\nThe Commission may make such examinations of any office established and maintained in the Commonwealth pursuant to this article by an out-of-state trust institution as the Commission may deem necessary to determine whether the office is operating in compliance with the laws of the Commonwealth and to ensure the office is being operated in a safe and sound manner. The provisions of § 6.2-901 that apply to examinations of banks shall apply to examinations of an office conducted under this section. The Commission shall also have authority to examine the principal office of an out-of-state trust institution, as necessary. When any such examination is conducted outside the Commonwealth, the out-of-state trust institution shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of such examination, or shall pay for such examination at a reasonable per diem rate approved by the Commission.B\n\nThe Commission may require periodic reports from any out-of-state trust institution that maintains an office in the Commonwealth to the extent such reporting requirements (i) apply equally to similarly situated trust institutions having Virginia as their home state and (ii) are not preempted by federal laws. 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 article.C\n\nThe Commission may enter into cooperative agreements with the appropriate state bank supervisors and federal bank regulatory agencies for the examination of any trust office in the Commonwealth of an out-of-state trust institution or any office of a state trust institution in any host state, and may accept such agency’s report of examination and report of investigation in lieu of conducting its own examinations or investigations. The Commission may enter into joint actions with other state bank supervisors and federal banking agencies having concurrent jurisdiction over any office maintained in this state by an out-of-state trust institution or any office established and maintained by a state trust institution in any host state; however, the Commission may take such actions independently to carry out its responsibilities under this article and to assure compliance with the laws of the Commonwealth.D\n\nOut-of-state trust institutions 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 bank supervisory agencies in accordance with agreements between them and the Commission.","order_by":null,"text":{"0":{"id":219963,"text":"The Commission may make such examinations of any office established and maintained in the Commonwealth pursuant to this article by an out-of-state trust institution as the Commission may deem necessary to determine whether the office is operating in compliance with the laws of the Commonwealth and to ensure the office is being operated in a safe and sound manner. The provisions of § 6.2-901 that apply to examinations of banks shall apply to examinations of an office conducted under this section. The Commission shall also have authority to examine the principal office of an out-of-state trust institution, as necessary. When any such examination is conducted outside the Commonwealth, the out-of-state trust institution shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of such examination, or shall pay for such examination at a reasonable per diem rate approved by the Commission.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":219964,"text":"The Commission may require periodic reports from any out-of-state trust institution that maintains an office in the Commonwealth to the extent such reporting requirements (i) apply equally to similarly situated trust institutions having Virginia as their home state and (ii) are not preempted by federal laws. 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 article.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":219965,"text":"The Commission may enter into cooperative agreements with the appropriate state bank supervisors and federal bank regulatory agencies for the examination of any trust office in the Commonwealth of an out-of-state trust institution or any office of a state trust institution in any host state, and may accept such agency’s report of examination and report of investigation in lieu of conducting its own examinations or investigations. The Commission may enter into joint actions with other state bank supervisors and federal banking agencies having concurrent jurisdiction over any office maintained in this state by an out-of-state trust institution or any office established and maintained by a state trust institution in any host state; however, the Commission may take such actions independently to carry out its responsibilities under this article and to assure compliance with the laws of the Commonwealth.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":219966,"text":"Out-of-state trust institutions 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 bank supervisory agencies in accordance with agreements between them and the Commission.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14521,"edition_id":1,"name":"Multistate Trust Institutions","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:48:30","date_modified":"2026-06-26 03:48:30","permalink":{"id":263955,"object_type":"structure","relational_id":14521,"identifier":"4","token":"6.2\/II\/10\/4","url":"\/6.2\/II\/10\/4\/","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":70604,"structure_id":14521,"section_number":"6.2-1065","catch_line":"Definitions","url":"\/6.2-1065\/","token":"6.2\/II\/10\/4\/6.2-1065","metadata":false},{"id":55953,"structure_id":14521,"section_number":"6.2-1066","catch_line":"Interstate trust offices by Virginia state banks","url":"\/6.2-1066\/","token":"6.2\/II\/10\/4\/6.2-1066","metadata":false},{"id":71982,"structure_id":14521,"section_number":"6.2-1067","catch_line":"Trust business of out-of-state trust institution","url":"\/6.2-1067\/","token":"6.2\/II\/10\/4\/6.2-1067","metadata":false},{"id":68279,"structure_id":14521,"section_number":"6.2-1068","catch_line":"Establishing or acquiring an interstate trust office; additional trust offices; notice of closure","url":"\/6.2-1068\/","token":"6.2\/II\/10\/4\/6.2-1068","metadata":false},{"id":62968,"structure_id":14521,"section_number":"6.2-1069","catch_line":"Filing requirements","url":"\/6.2-1069\/","token":"6.2\/II\/10\/4\/6.2-1069","metadata":false},{"id":58476,"structure_id":14521,"section_number":"6.2-1070","catch_line":"Conditions for approval","url":"\/6.2-1070\/","token":"6.2\/II\/10\/4\/6.2-1070","metadata":false},{"id":60106,"structure_id":14521,"section_number":"6.2-1071","catch_line":"Examinations; periodic reports; cooperative agreements; assessment of fees","url":"\/6.2-1071\/","token":"6.2\/II\/10\/4\/6.2-1071","metadata":false},{"id":67227,"structure_id":14521,"section_number":"6.2-1072","catch_line":"Enforcement","url":"\/6.2-1072\/","token":"6.2\/II\/10\/4\/6.2-1072","metadata":false},{"id":70817,"structure_id":14521,"section_number":"6.2-1073","catch_line":"Regulations; fees","url":"\/6.2-1073\/","token":"6.2\/II\/10\/4\/6.2-1073","metadata":false}],"previous_section":{"id":58476,"structure_id":14521,"section_number":"6.2-1070","catch_line":"Conditions for approval","url":"\/6.2-1070\/","token":"6.2\/II\/10\/4\/6.2-1070","metadata":false},"next_section":{"id":67227,"structure_id":14521,"section_number":"6.2-1072","catch_line":"Enforcement","url":"\/6.2-1072\/","token":"6.2\/II\/10\/4\/6.2-1072","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1071\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapter 835<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":63679,"section_number":"6.2-901","catch_line":"Assistance in making examinations","order_by":null,"url":"\/6.2-901\/"}],"permalink":{"id":263981,"object_type":"law","relational_id":60106,"identifier":"6.2-1071","token":"6.2\/II\/10\/4\/6.2-1071","url":"\/6.2-1071\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1071\/","token":"6.2\/II\/10\/4\/6.2-1071","dublin_core":{"Title":"Examinations; periodic reports; cooperative agreements; assessment of fees","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1071","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> may make such examinations of any office established and maintained in the Commonwealth pursuant to this article by an out-of-state trust institution<\/span><\/span> as the Commission<\/span> may deem necessary to determine whether the office is operating in compliance with the laws<\/span> of the Commonwealth and to ensure the office is being operated in a safe and sound manner. The provisions of § 6.2-901<\/a> that apply to examinations of banks shall apply to examinations of an office conducted under this section. The Commission<\/span> shall also have authority to examine the principal office<\/span> of an out-of-state trust institution<\/span><\/span>, as necessary. When any such examination is conducted outside the Commonwealth, the out-of-state trust institution<\/span><\/span> shall be liable for and shall pay to the Commission<\/span> within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of such examination, or shall pay for such examination at a reasonable per diem rate approved by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> may require periodic reports from any out-of-state trust institution<\/span><\/span> that maintains an office in the Commonwealth to the extent such reporting requirements (i) apply equally to similarly situated trust institutions<\/span> having Virginia as their home state<\/span> and (ii) are not preempted by federal laws<\/span>. Such reports shall be filed under oath<\/span> 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 article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> may enter into cooperative agreements with the appropriate state bank<\/span> supervisors and federal bank regulatory agencies for the examination of any trust office<\/span> in the Commonwealth of an out-of-state trust institution<\/span><\/span> or any office of a state trust institution<\/span> in any host state<\/span>, and may accept such agency’s report of examination and report of investigation in lieu of conducting its own examinations or investigations. The Commission<\/span> may enter into joint actions with other state bank<\/span> supervisors and federal banking agencies having concurrent jurisdiction<\/span> over any office maintained in this state by an out-of-state trust institution<\/span><\/span> or any office established and maintained by a state trust institution<\/span> in any host state<\/span>; however, the Commission<\/span> may take such actions independently to carry out its responsibilities under this article and to assure compliance with the laws<\/span> of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Out-of-state trust institutions<\/span><\/span> may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws<\/span> of the Commonwealth and regulations of the Commission<\/span>. Such fees may be shared with other state and federal bank supervisory agencies in accordance with agreements between them and the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXAMINATIONS; PERIODIC REPORTS; COOPERATIVE AGREEMENTS; ASSESSMENT OF FEES (\u00a7\n6.2-1071)\n\nA. The Commission may make such examinations of any office established and\nmaintained in the Commonwealth pursuant to this article by an out-of-state trust\ninstitution as the Commission may deem necessary to determine whether the office\nis operating in compliance with the laws of the Commonwealth and to ensure the\noffice is being operated in a safe and sound manner. The provisions of §\n6.2-901 that apply to examinations of banks shall apply to examinations of an\noffice conducted under this section. The Commission shall also have authority to\nexamine the principal office of an out-of-state trust institution, as necessary.\nWhen any such examination is conducted outside the Commonwealth, the\nout-of-state trust institution shall be liable for and shall pay to the\nCommission within 30 days of the presentation of an itemized statement, the\nactual travel and reasonable living expenses incurred on account of such\nexamination, or shall pay for such examination at a reasonable per diem rate\napproved by the Commission.\n\nB. The Commission may require periodic reports from any out-of-state trust\ninstitution that maintains an office in the Commonwealth to the extent such\nreporting requirements (i) apply equally to similarly situated trust\ninstitutions having Virginia as their home state and (ii) are not preempted by\nfederal laws. Such reports shall be filed under oath with such frequency and in\nsuch scope and detail as may be appropriate for the purpose of assuring\ncontinuing compliance with the provisions of this article.\n\nC. The Commission may enter into cooperative agreements with the appropriate\nstate bank supervisors and federal bank regulatory agencies for the examination\nof any trust office in the Commonwealth of an out-of-state trust institution or\nany office of a state trust institution in any host state, and may accept such\nagency’s report of examination and report of investigation in lieu of\nconducting its own examinations or investigations. The Commission may enter into\njoint actions with other state bank supervisors and federal banking agencies\nhaving concurrent jurisdiction over any office maintained in this state by an\nout-of-state trust institution or any office established and maintained by a\nstate trust institution in any host state; however, the Commission may take such\nactions independently to carry out its responsibilities under this article and\nto assure compliance with the laws of the Commonwealth.\n\nD. Out-of-state trust institutions may be assessed and, if assessed, shall pay\nsupervisory and examination fees in accordance with the laws of the Commonwealth\nand regulations of the Commission. Such fees may be shared with other state and\nfederal bank supervisory agencies in accordance with agreements between them and\nthe Commission.\n\nHISTORY: 1999, c. 835, \u00a7 6.1-32.40; 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}}