{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1149.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1149.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1149.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1149.html"}],"law_id":72618,"edition_id":1,"section_id":72618,"structure_id":13529,"section_number":"6.2-1149","catch_line":"Foreign savings institutions; certificate of authority","history":"1985, c. 425, \u00a7 6.1-194.41; 1986, cc. 500, 509; 1987, c. 289; 1990, c. 3; 1994, c. 353; 2010, c. 794.","full_text":"A\n\nA foreign savings institution shall not transact a savings institution business in the Commonwealth unless it first receives from the Commission a certificate of authority to do so.B\n\nA foreign savings institution may apply to the Commission for a certificate of authority by paying the filing fee prescribed by the Commission and filing an application that shall include:1\n\nA copy of its articles of incorporation and bylaws, certified as a true copy by the public officer having custody of the original articles and bylaws;2\n\nEvidence satisfactory to the Commission that its accounts are insured by the Federal Deposit Insurance Corporation or other federal insurance agency satisfactory to the Commissioner; and3\n\nSuch other information as the Commission may require.C\n\nThe Commission shall issue a certificate of authority to the foreign savings institution when:1\n\nThe Commissioner has examined the application of the institution and investigated and determined that the institution meets the requirements of § 6.2-1118;2\n\nThe Commissioner has verified the financial status of the institution by conducting such examination of its assets and its records as the Commission shall deem appropriate for the purpose of ascertaining whether they meet the requirements of this chapter with regard to state associations;3\n\nThe Commissioner is satisfied that the institution is in sound financial condition, and that it is conducting its business, and will conduct its business in the Commonwealth, in a manner consistent with the laws of the Commonwealth; and4\n\nThe Commissioner is satisfied that the laws, regulations or administrative actions of the state or territory where the principal office of the applicant is located do not prohibit or unfairly impede a state association or state savings bank from transacting business in such state or territory.D\n\nIn meeting the requirements set out in subdivisions C 1, C 2, and C 3, the Commissioner may rely on examinations, audits and other information provided by the federal and state supervisory authorities charged with the responsibility of regulating and supervising savings institutions in the state where the applicant’s principal place of business is located. Prior to issuing a certificate of authority to the foreign savings institution, the Commission shall enter into cooperative agreements with the appropriate regulatory authorities for the periodic examination of the foreign savings institution. The Commission may accept reports of examination and other records from such authorities in lieu of conducting its own examinations.","order_by":null,"text":{"0":{"id":261395,"text":"A foreign savings institution shall not transact a savings institution business in the Commonwealth unless it first receives from the Commission a certificate of authority to do so.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":261396,"text":"A foreign savings institution may apply to the Commission for a certificate of authority by paying the filing fee prescribed by the Commission and filing an application that shall include:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":261397,"text":"A copy of its articles of incorporation and bylaws, certified as a true copy by the public officer having custody of the original articles and bylaws;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":261398,"text":"Evidence satisfactory to the Commission that its accounts are insured by the Federal Deposit Insurance Corporation or other federal insurance agency satisfactory to the Commissioner; and","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":261399,"text":"Such other information as the Commission may require.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"5":{"id":261400,"text":"The Commission shall issue a certificate of authority to the foreign savings institution when:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"C1"},"6":{"id":261401,"text":"The Commissioner has examined the application of the institution and investigated and determined that the institution meets the requirements of § 6.2-1118;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"7":{"id":261402,"text":"The Commissioner has verified the financial status of the institution by conducting such examination of its assets and its records as the Commission shall deem appropriate for the purpose of ascertaining whether they meet the requirements of this chapter with regard to state associations;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"8":{"id":261403,"text":"The Commissioner is satisfied that the institution is in sound financial condition, and that it is conducting its business, and will conduct its business in the Commonwealth, in a manner consistent with the laws of the Commonwealth; and","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"9":{"id":261404,"text":"The Commissioner is satisfied that the laws, regulations or administrative actions of the state or territory where the principal office of the applicant is located do not prohibit or unfairly impede a state association or state savings bank from transacting business in such state or territory.","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"D"},"10":{"id":261405,"text":"In meeting the requirements set out in subdivisions C 1, C 2, and C 3, the Commissioner may rely on examinations, audits and other information provided by the federal and state supervisory authorities charged with the responsibility of regulating and supervising savings institutions in the state where the applicant’s principal place of business is located. Prior to issuing a certificate of authority to the foreign savings institution, the Commission shall enter into cooperative agreements with the appropriate regulatory authorities for the periodic examination of the foreign savings institution. The Commission may accept reports of examination and other records from such authorities in lieu of conducting its own examinations.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C4"}},"ancestry":[{"id":13529,"edition_id":1,"name":"Foreign Savings Institutions; Acquisitions by Out-Of-State Savings Institutions or Out-Of-State Savings Institution Holding Companies","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:45:07","date_modified":"2026-06-26 03:45:07","permalink":{"id":264303,"object_type":"structure","relational_id":13529,"identifier":"5","token":"6.2\/II\/11\/5","url":"\/6.2\/II\/11\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","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":87028,"structure_id":13529,"section_number":"6.2-1148","catch_line":"Definitions","url":"\/6.2-1148\/","token":"6.2\/II\/11\/5\/6.2-1148","metadata":false},{"id":72618,"structure_id":13529,"section_number":"6.2-1149","catch_line":"Foreign savings institutions; certificate of authority","url":"\/6.2-1149\/","token":"6.2\/II\/11\/5\/6.2-1149","metadata":false},{"id":54494,"structure_id":13529,"section_number":"6.2-1150","catch_line":"When operation of foreign savings institution in the Commonwealth is prohibited","url":"\/6.2-1150\/","token":"6.2\/II\/11\/5\/6.2-1150","metadata":false},{"id":65228,"structure_id":13529,"section_number":"6.2-1151","catch_line":"Applicability of Virginia Stock and Nonstock Corporation Acts","url":"\/6.2-1151\/","token":"6.2\/II\/11\/5\/6.2-1151","metadata":false},{"id":68576,"structure_id":13529,"section_number":"6.2-1152","catch_line":"Law applicable to contracts of foreign savings institutions","url":"\/6.2-1152\/","token":"6.2\/II\/11\/5\/6.2-1152","metadata":false},{"id":65806,"structure_id":13529,"section_number":"6.2-1153","catch_line":"Examination and supervision of foreign savings institutions","url":"\/6.2-1153\/","token":"6.2\/II\/11\/5\/6.2-1153","metadata":false},{"id":76607,"structure_id":13529,"section_number":"6.2-1154","catch_line":"Revocation of certificate of authority of foreign savings institution","url":"\/6.2-1154\/","token":"6.2\/II\/11\/5\/6.2-1154","metadata":false},{"id":79460,"structure_id":13529,"section_number":"6.2-1155","catch_line":"Unapproved foreign savings institutions","url":"\/6.2-1155\/","token":"6.2\/II\/11\/5\/6.2-1155","metadata":false},{"id":84988,"structure_id":13529,"section_number":"6.2-1156","catch_line":"Activities that are not considered \"doing business.\"","url":"\/6.2-1156\/","token":"6.2\/II\/11\/5\/6.2-1156","metadata":false},{"id":87076,"structure_id":13529,"section_number":"6.2-1157","catch_line":"Acquisitions by out-of-state savings institution holding company","url":"\/6.2-1157\/","token":"6.2\/II\/11\/5\/6.2-1157","metadata":false},{"id":83536,"structure_id":13529,"section_number":"6.2-1158","catch_line":"Acquisitions by out-of-state savings institution","url":"\/6.2-1158\/","token":"6.2\/II\/11\/5\/6.2-1158","metadata":false},{"id":83679,"structure_id":13529,"section_number":"6.2-1159","catch_line":"Investigation of application; prescribed investigation period; shortening, lengthening or waiving of period; hearing; appeals","url":"\/6.2-1159\/","token":"6.2\/II\/11\/5\/6.2-1159","metadata":false},{"id":86253,"structure_id":13529,"section_number":"6.2-1160","catch_line":"Notice of intent to acquire out-of-state savings institution","url":"\/6.2-1160\/","token":"6.2\/II\/11\/5\/6.2-1160","metadata":false},{"id":64824,"structure_id":13529,"section_number":"6.2-1161","catch_line":"Applicable laws and regulations; enforcement by Commission","url":"\/6.2-1161\/","token":"6.2\/II\/11\/5\/6.2-1161","metadata":false},{"id":83343,"structure_id":13529,"section_number":"6.2-1162","catch_line":"Periodic reports; interstate agreements","url":"\/6.2-1162\/","token":"6.2\/II\/11\/5\/6.2-1162","metadata":false},{"id":63593,"structure_id":13529,"section_number":"6.2-1163","catch_line":"Application of article to bank or bank holding company","url":"\/6.2-1163\/","token":"6.2\/II\/11\/5\/6.2-1163","metadata":false},{"id":82624,"structure_id":13529,"section_number":"6.2-1164","catch_line":"Acquisitions of state savings bank or holding companies by out-of-state financial institutions","url":"\/6.2-1164\/","token":"6.2\/II\/11\/5\/6.2-1164","metadata":false},{"id":64336,"structure_id":13529,"section_number":"6.2-1165","catch_line":"Nonseverability","url":"\/6.2-1165\/","token":"6.2\/II\/11\/5\/6.2-1165","metadata":false}],"previous_section":{"id":87028,"structure_id":13529,"section_number":"6.2-1148","catch_line":"Definitions","url":"\/6.2-1148\/","token":"6.2\/II\/11\/5\/6.2-1148","metadata":false},"next_section":{"id":54494,"structure_id":13529,"section_number":"6.2-1150","catch_line":"When operation of foreign savings institution in the Commonwealth is prohibited","url":"\/6.2-1150\/","token":"6.2\/II\/11\/5\/6.2-1150","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1149\/","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 5 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, chapters 500 and 509; in 1987, chapter 289; in 1990, chapter 3; in 1994, chapter 353<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":57320,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","order_by":null,"url":"\/6.2-1118\/"}],"permalink":{"id":264309,"object_type":"law","relational_id":72618,"identifier":"6.2-1149","token":"6.2\/II\/11\/5\/6.2-1149","url":"\/6.2-1149\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1149\/","token":"6.2\/II\/11\/5\/6.2-1149","dublin_core":{"Title":"Foreign savings institutions; certificate of authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1149","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A foreign savings institution<\/span> shall not transact a savings institution business in the Commonwealth unless it first receives from the Commission<\/span> a certificate of authority to do so. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A foreign savings institution<\/span> may apply to the Commission<\/span> for a certificate of authority by paying the filing fee prescribed by the Commission<\/span> and filing an application that shall include: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A copy of its articles of incorporation and bylaws, certified as a true copy by the public officer having custody<\/span> of the original articles and bylaws; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Evidence<\/span> satisfactory to the Commission<\/span> that its accounts<\/span> are insured by the Federal Deposit Insurance Corporation or other federal insurance agency satisfactory to the Commissioner<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Such other information as the Commission<\/span> may require. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> shall issue<\/span> a certificate of authority to the foreign savings institution<\/span> when: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The Commissioner<\/span> has examined the application of the institution and investigated and determined that the institution meets the requirements of § 6.2-1118<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The Commissioner<\/span> has verified the financial status of the institution by conducting such examination of its assets<\/span> and its records as the Commission<\/span> shall deem appropriate for the purpose of ascertaining whether they meet the requirements of this chapter with regard to state associations<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The Commissioner<\/span> is satisfied that the institution is in sound financial condition, and that it is conducting its business, and will conduct its business in the Commonwealth, in a manner consistent with the laws<\/span> of the Commonwealth; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The Commissioner<\/span> is satisfied that the laws<\/span>, regulations or administrative actions of the state or territory where the principal office of the applicant is located do not prohibit or unfairly impede a state association<\/span> or state savings bank<\/span> from transacting business in such state or territory. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> In meeting the requirements set out in subdivisions C 1, C 2, and C 3, the Commissioner<\/span> may rely on examinations, audits and other information provided by the federal and state supervisory authorities charged with the responsibility of regulating and supervising savings institutions<\/span> in the state where the applicant’s principal place of business is located. Prior to issuing a certificate of authority to the foreign savings institution<\/span>, the Commission<\/span> shall enter into cooperative agreements with the appropriate regulatory authorities for the periodic examination of the foreign savings institution<\/span>. The Commission<\/span> may accept reports of examination and other records from such authorities in lieu of conducting its own examinations. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFOREIGN SAVINGS INSTITUTIONS; CERTIFICATE OF AUTHORITY (\u00a7 6.2-1149)\n\nA. A foreign savings institution shall not transact a savings institution\nbusiness in the Commonwealth unless it first receives from the Commission a\ncertificate of authority to do so.\n\nB. A foreign savings institution may apply to the Commission for a certificate\nof authority by paying the filing fee prescribed by the Commission and filing an\napplication that shall include:\n\n 1. A copy of its articles of incorporation and bylaws, certified as a true\n copy by the public officer having custody of the original articles and bylaws;\n\n 2. Evidence satisfactory to the Commission that its accounts are insured by\n the Federal Deposit Insurance Corporation or other federal insurance agency\n satisfactory to the Commissioner; and\n\n 3. Such other information as the Commission may require.\n\nC. The Commission shall issue a certificate of authority to the foreign savings\ninstitution when:\n\n 1. The Commissioner has examined the application of the institution and\n investigated and determined that the institution meets the requirements of\n § 6.2-1118;\n\n 2. The Commissioner has verified the financial status of the institution by\n conducting such examination of its assets and its records as the Commission\n shall deem appropriate for the purpose of ascertaining whether they meet the\n requirements of this chapter with regard to state associations;\n\n 3. The Commissioner is satisfied that the institution is in sound financial\n condition, and that it is conducting its business, and will conduct its\n business in the Commonwealth, in a manner consistent with the laws of the\n Commonwealth; and\n\n 4. The Commissioner is satisfied that the laws, regulations or administrative\n actions of the state or territory where the principal office of the applicant\n is located do not prohibit or unfairly impede a state association or state\n savings bank from transacting business in such state or territory.\n\nD. In meeting the requirements set out in subdivisions C 1, C 2, and C 3, the\nCommissioner may rely on examinations, audits and other information provided by\nthe federal and state supervisory authorities charged with the responsibility of\nregulating and supervising savings institutions in the state where the\napplicant’s principal place of business is located. Prior to issuing a\ncertificate of authority to the foreign savings institution, the Commission\nshall enter into cooperative agreements with the appropriate regulatory\nauthorities for the periodic examination of the foreign savings institution. The\nCommission may accept reports of examination and other records from such\nauthorities in lieu of conducting its own examinations.\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.41; 1986, cc. 500, 509; 1987, c. 289; 1990, c.\n3; 1994, c. 353; 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}}