{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1179.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1179.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1179.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1179.html"}],"law_id":71550,"edition_id":1,"section_id":71550,"structure_id":15705,"section_number":"6.2-1179","catch_line":"Real estate loans; required investment","history":"1985, c. 425, \u00a7 6.1-194.62; 1990, c. 3; 2010, c. 794.","full_text":"A\n\nA state savings institution may originate, invest in, sell, purchase, service, participate, or otherwise deal in loans secured by a lien on real estate, subject to the requirements of this chapter. Such loans that are insured, guaranteed or made under a firm commitment to be sold, assigned or otherwise transferred to an agency or instrumentality of the federal government or to a corporation organized under the laws of the United States, including the Department of Housing and Urban Development, the Department of Veterans Affairs, the Federal National Mortgage Association, the Government National Mortgage Association or the Federal Home Loan Mortgage Corporation, may be made in accordance with the requirements of such federal agencies, instrumentalities or corporations.B\n\nAt least 60 percent of assets of a state savings institution shall be invested in real estate loans. For purposes of meeting this 60-percent requirement, a savings institution may include (i) loans secured by a lien on a manufactured building or buildings; (ii) the value of securities held by it that represent a beneficial interest, participation interest or other similar interest in loans secured by a lien on real estate including participation certificates issued by the Federal National Mortgage Association, Government National Mortgage Association or the Federal Home Loan Mortgage Corporation; and (iii) the value of liquid assets equal to the minimum liquid asset requirement for membership in a Federal Home Loan Bank.C\n\nA state savings institution may not purchase, participate in or acquire an interest in any real estate loan that it could not legally make, without the prior approval of the Commissioner.","order_by":null,"text":{"0":{"id":257932,"text":"A state savings institution may originate, invest in, sell, purchase, service, participate, or otherwise deal in loans secured by a lien on real estate, subject to the requirements of this chapter. Such loans that are insured, guaranteed or made under a firm commitment to be sold, assigned or otherwise transferred to an agency or instrumentality of the federal government or to a corporation organized under the laws of the United States, including the Department of Housing and Urban Development, the Department of Veterans Affairs, the Federal National Mortgage Association, the Government National Mortgage Association or the Federal Home Loan Mortgage Corporation, may be made in accordance with the requirements of such federal agencies, instrumentalities or corporations.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":257933,"text":"At least 60 percent of assets of a state savings institution shall be invested in real estate loans. For purposes of meeting this 60-percent requirement, a savings institution may include (i) loans secured by a lien on a manufactured building or buildings; (ii) the value of securities held by it that represent a beneficial interest, participation interest or other similar interest in loans secured by a lien on real estate including participation certificates issued by the Federal National Mortgage Association, Government National Mortgage Association or the Federal Home Loan Mortgage Corporation; and (iii) the value of liquid assets equal to the minimum liquid asset requirement for membership in a Federal Home Loan Bank.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":257934,"text":"A state savings institution may not purchase, participate in or acquire an interest in any real estate loan that it could not legally make, without the prior approval of the Commissioner.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":15705,"edition_id":1,"name":"Real Estate Loans","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:58:06","date_modified":"2026-06-26 03:58:06","permalink":{"id":264431,"object_type":"structure","relational_id":15705,"identifier":"7","token":"6.2\/II\/11\/7","url":"\/6.2\/II\/11\/7\/","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":71550,"structure_id":15705,"section_number":"6.2-1179","catch_line":"Real estate loans; required investment","url":"\/6.2-1179\/","token":"6.2\/II\/11\/7\/6.2-1179","metadata":false},{"id":86575,"structure_id":15705,"section_number":"6.2-1180","catch_line":"Appraisals; loan-to-value ratios","url":"\/6.2-1180\/","token":"6.2\/II\/11\/7\/6.2-1180","metadata":false},{"id":77414,"structure_id":15705,"section_number":"6.2-1181","catch_line":"Initial repayments on real estate loans","url":"\/6.2-1181\/","token":"6.2\/II\/11\/7\/6.2-1181","metadata":false},{"id":70388,"structure_id":15705,"section_number":"6.2-1182","catch_line":"Adjustable real estate loans","url":"\/6.2-1182\/","token":"6.2\/II\/11\/7\/6.2-1182","metadata":false},{"id":60158,"structure_id":15705,"section_number":"6.2-1183","catch_line":"Special provisions for home loans","url":"\/6.2-1183\/","token":"6.2\/II\/11\/7\/6.2-1183","metadata":false},{"id":85191,"structure_id":15705,"section_number":"6.2-1184","catch_line":"Dealing with successors in interest","url":"\/6.2-1184\/","token":"6.2\/II\/11\/7\/6.2-1184","metadata":false},{"id":81808,"structure_id":15705,"section_number":"6.2-1185","catch_line":"Trustees on loans secured by deed of trust","url":"\/6.2-1185\/","token":"6.2\/II\/11\/7\/6.2-1185","metadata":false}],"next_section":{"id":86575,"structure_id":15705,"section_number":"6.2-1180","catch_line":"Appraisals; loan-to-value ratios","url":"\/6.2-1180\/","token":"6.2\/II\/11\/7\/6.2-1180","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1179\/","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 2 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 1990, chapter 3; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":71500,"section_number":"6.2-1186","catch_line":"General investment authority of state savings institutions","order_by":null,"url":"\/6.2-1186\/"}],"refers_to":false,"permalink":{"id":264433,"object_type":"law","relational_id":71550,"identifier":"6.2-1179","token":"6.2\/II\/11\/7\/6.2-1179","url":"\/6.2-1179\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1179\/","token":"6.2\/II\/11\/7\/6.2-1179","dublin_core":{"Title":"Real estate loans; required investment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1179","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A state savings institution<\/span> may originate, invest in, sell, purchase, service, participate, or otherwise deal in loans secured by a lien<\/span> on real estate, subject to the requirements of this chapter. Such loans that are insured, guaranteed or made under a firm commitment to be sold, assigned or otherwise transferred to an agency or instrumentality of the federal government or to a corporation organized under the laws<\/span> of the United States, including the Department of Housing and Urban Development, the Department of Veterans Affairs, the Federal National Mortgage Association<\/span>, the Government National Mortgage Association<\/span> or the Federal Home Loan<\/span> Mortgage Corporation, may be made in accordance with the requirements of such federal agencies, instrumentalities or corporations. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> At least 60 percent of assets of a state savings institution<\/span> shall be invested in real estate loans. For purposes of meeting this 60-percent requirement, a savings institution may include (i) loans secured by a lien<\/span> on a manufactured building<\/span> or buildings; (ii) the value of securities held by it that represent a beneficial interest, participation interest or other similar interest in loans secured by a lien<\/span> on real estate including participation certificates issued by the Federal National Mortgage Association<\/span>, Government National Mortgage Association<\/span> or the Federal Home Loan<\/span> Mortgage Corporation; and (iii) the value of liquid assets<\/span> equal to the minimum liquid asset requirement for membership in a Federal Home Loan<\/span> Bank. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A state savings institution<\/span> may not purchase, participate in or acquire an interest in any real estate loan that it could not legally make, without the prior approval of the Commissioner<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREAL ESTATE LOANS; REQUIRED INVESTMENT (\u00a7 6.2-1179)\n\nA. A state savings institution may originate, invest in, sell, purchase,\nservice, participate, or otherwise deal in loans secured by a lien on real\nestate, subject to the requirements of this chapter. Such loans that are\ninsured, guaranteed or made under a firm commitment to be sold, assigned or\notherwise transferred to an agency or instrumentality of the federal government\nor to a corporation organized under the laws of the United States, including the\nDepartment of Housing and Urban Development, the Department of Veterans Affairs,\nthe Federal National Mortgage Association, the Government National Mortgage\nAssociation or the Federal Home Loan Mortgage Corporation, may be made in\naccordance with the requirements of such federal agencies, instrumentalities or\ncorporations.\n\nB. At least 60 percent of assets of a state savings institution shall be\ninvested in real estate loans. For purposes of meeting this 60-percent\nrequirement, a savings institution may include (i) loans secured by a lien on a\nmanufactured building or buildings; (ii) the value of securities held by it that\nrepresent a beneficial interest, participation interest or other similar\ninterest in loans secured by a lien on real estate including participation\ncertificates issued by the Federal National Mortgage Association, Government\nNational Mortgage Association or the Federal Home Loan Mortgage Corporation; and\n(iii) the value of liquid assets equal to the minimum liquid asset requirement\nfor membership in a Federal Home Loan Bank.\n\nC. A state savings institution may not purchase, participate in or acquire an\ninterest in any real estate loan that it could not legally make, without the\nprior approval of the Commissioner.\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.62; 1990, c. 3; 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}}