{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1103.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1103.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1103.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1103.html"}],"law_id":69374,"edition_id":1,"section_id":69374,"structure_id":13491,"section_number":"6.2-1103","catch_line":"Prohibitions on conduct of savings institution business; exceptions; penalty","history":"1985, c. 425, \u00a7 6.1-194.95; 1986, c. 509; 1992, c. 136; 2010, c. 794.","full_text":"A\n\nNo person shall engage in the savings institution business in the Commonwealth except entities that are state associations, savings banks, federal savings institutions authorized to transact business in the Commonwealth, or foreign savings institutions that have been authorized to transact a savings institution business in the Commonwealth pursuant to the provisions of Article 5 (§ 6.2-1148 et seq.) of this chapter.B\n\nNothing in this chapter shall prevent any person who is not authorized to engage in the savings institution business from lending money on real estate or personal security or collateral, or from guaranteeing the payment of bonds, notes, bills or other obligations, or from purchasing or selling stocks and bonds, so long as such person does not hold himself out as being engaged in the savings institution business.C\n\nAny person who violates this section is guilty of a Class 6 felony.","order_by":null,"text":{"0":{"id":250911,"text":"No person shall engage in the savings institution business in the Commonwealth except entities that are state associations, savings banks, federal savings institutions authorized to transact business in the Commonwealth, or foreign savings institutions that have been authorized to transact a savings institution business in the Commonwealth pursuant to the provisions of Article 5 (§ 6.2-1148 et seq.) of this chapter.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":250912,"text":"Nothing in this chapter shall prevent any person who is not authorized to engage in the savings institution business from lending money on real estate or personal security or collateral, or from guaranteeing the payment of bonds, notes, bills or other obligations, or from purchasing or selling stocks and bonds, so long as such person does not hold himself out as being engaged in the savings institution business.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":250913,"text":"Any person who violates this section is guilty of a Class 6 felony.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13491,"edition_id":1,"name":"General 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chapter","url":"\/6.2-1101\/","token":"6.2\/II\/11\/1\/6.2-1101","metadata":false},{"id":62061,"structure_id":13491,"section_number":"6.2-1102","catch_line":"Associations operating share accumulation loan plans; continued operation","url":"\/6.2-1102\/","token":"6.2\/II\/11\/1\/6.2-1102","metadata":false},{"id":69374,"structure_id":13491,"section_number":"6.2-1103","catch_line":"Prohibitions on conduct of savings institution business; exceptions; penalty","url":"\/6.2-1103\/","token":"6.2\/II\/11\/1\/6.2-1103","metadata":false},{"id":77762,"structure_id":13491,"section_number":"6.2-1104","catch_line":"False statements and similar actions prohibited; penalty","url":"\/6.2-1104\/","token":"6.2\/II\/11\/1\/6.2-1104","metadata":false},{"id":79841,"structure_id":13491,"section_number":"6.2-1105","catch_line":"Use of savings institution name, logo, or symbol for marketing purposes; penalty","url":"\/6.2-1105\/","token":"6.2\/II\/11\/1\/6.2-1105","metadata":false},{"id":87295,"structure_id":13491,"section_number":"6.2-1106","catch_line":"Prohibitions on the use of certain terms; exceptions; penalty","url":"\/6.2-1106\/","token":"6.2\/II\/11\/1\/6.2-1106","metadata":false},{"id":68183,"structure_id":13491,"section_number":"6.2-1107","catch_line":"Defamation of savings institutions and certain federal agencies prohibited; penalty","url":"\/6.2-1107\/","token":"6.2\/II\/11\/1\/6.2-1107","metadata":false},{"id":76401,"structure_id":13491,"section_number":"6.2-1108","catch_line":"Membership in Federal Home Loan Bank and Federal Deposit Insurance Corporation authorized; insurance required as a condition to receiving deposits; representations that accounts are insured; misleading advertisements","url":"\/6.2-1108\/","token":"6.2\/II\/11\/1\/6.2-1108","metadata":false},{"id":56446,"structure_id":13491,"section_number":"6.2-1109","catch_line":"Representations that accounts are insured; misleading advertisements","url":"\/6.2-1109\/","token":"6.2\/II\/11\/1\/6.2-1109","metadata":false},{"id":65199,"structure_id":13491,"section_number":"6.2-1110","catch_line":"Membership in facilitating organizations or instrumentalities","url":"\/6.2-1110\/","token":"6.2\/II\/11\/1\/6.2-1110","metadata":false},{"id":54454,"structure_id":13491,"section_number":"6.2-1111","catch_line":"Authority to purchase, convey or manage property in which state savings institution has a security interest; time limitation","url":"\/6.2-1111\/","token":"6.2\/II\/11\/1\/6.2-1111","metadata":false},{"id":75104,"structure_id":13491,"section_number":"6.2-1112","catch_line":"Applicability of Virginia Uniform Commercial Code to commercial paper and depository activities of savings institutions","url":"\/6.2-1112\/","token":"6.2\/II\/11\/1\/6.2-1112","metadata":false},{"id":84515,"structure_id":13491,"section_number":"6.2-1113","catch_line":"Discoverability or admissibility of compliance review committee documents","url":"\/6.2-1113\/","token":"6.2\/II\/11\/1\/6.2-1113","metadata":false}],"previous_section":{"id":62061,"structure_id":13491,"section_number":"6.2-1102","catch_line":"Associations operating share accumulation loan plans; continued operation","url":"\/6.2-1102\/","token":"6.2\/II\/11\/1\/6.2-1102","metadata":false},"next_section":{"id":77762,"structure_id":13491,"section_number":"6.2-1104","catch_line":"False statements and similar actions prohibited; penalty","url":"\/6.2-1104\/","token":"6.2\/II\/11\/1\/6.2-1104","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1103\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 425 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. Unfortunately, the 1985 \u201cActs\u201d aren\u2019t available online. It has been modified 3 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 1986, chapter 509; in 1992, chapter 136; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":87028,"section_number":"6.2-1148","catch_line":"Definitions","order_by":null,"url":"\/6.2-1148\/"}],"permalink":{"id":264117,"object_type":"law","relational_id":69374,"identifier":"6.2-1103","token":"6.2\/II\/11\/1\/6.2-1103","url":"\/6.2-1103\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1103\/","token":"6.2\/II\/11\/1\/6.2-1103","dublin_core":{"Title":"Prohibitions on conduct of savings institution business; exceptions; penalty","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1103","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No person<\/span> shall engage in the savings institution<\/span> business in the Commonwealth except entities that are state associations<\/span>, savings banks<\/span>, federal savings institutions<\/span> authorized to transact business in the Commonwealth, or foreign savings institutions<\/span> that have been authorized to transact a savings institution<\/span> business in the Commonwealth pursuant to the provisions of Article 5 (§ 6.2-1148<\/a> et seq.) of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Nothing in this chapter shall prevent any person<\/span> who is not authorized to engage in the savings institution<\/span> business from lending money on real estate or personal security or collateral<\/span>, or from guaranteeing the payment of bonds<\/span>, notes, bills or other obligations, or from purchasing or selling stocks and bonds<\/span>, so long as such person<\/span> does not hold himself out as being engaged in the savings institution<\/span> business. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any person<\/span> who violates this section is guilty of a Class 6 felony<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROHIBITIONS ON CONDUCT OF SAVINGS INSTITUTION BUSINESS; EXCEPTIONS; PENALTY (\u00a7\n6.2-1103)\n\nA. No person shall engage in the savings institution business in the\nCommonwealth except entities that are state associations, savings banks, federal\nsavings institutions authorized to transact business in the Commonwealth, or\nforeign savings institutions that have been authorized to transact a savings\ninstitution business in the Commonwealth pursuant to the provisions of Article 5\n(§ 6.2-1148 et seq.) of this chapter.\n\nB. Nothing in this chapter shall prevent any person who is not authorized to\nengage in the savings institution business from lending money on real estate or\npersonal security or collateral, or from guaranteeing the payment of bonds,\nnotes, bills or other obligations, or from purchasing or selling stocks and\nbonds, so long as such person does not hold himself out as being engaged in the\nsavings institution business.\n\nC. Any person who violates this section is guilty of a Class 6 felony.\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.95; 1986, c. 509; 1992, c. 136; 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}}