{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1300.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1300.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1300.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1300.html"}],"law_id":84320,"edition_id":1,"section_id":84320,"structure_id":15468,"section_number":"6.2-1300","catch_line":"Definitions","history":"1990, c. 373, \u00a7 6.1-225.2; 1999, c. 63; 2010, c. 794; 2013, cc. 16, 92.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Capital” means the sum of share accounts, reserves, and undivided earnings of a credit union.\n\t\t“Corporate credit union” means a credit union whose field of membership consists primarily of other credit unions.\n\t\t“Credit union” means a cooperative, nonprofit corporation organized under the laws of the Commonwealth and authorized to do business under this chapter for the purposes of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest, providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition, and conducting any other business, engaging in any other activity, and providing any other service that may be of benefit to its members, consistent with the provisions of this chapter and any regulations adopted by the Commission under this chapter.\n\t\t“Credit union service organization” means any organization, corporation, or association, if (i) the membership or ownership, as the case may be, of such organization, corporation, or association is primarily confined or restricted to credit unions or organizations of credit unions and (ii) the purpose for which such organization, corporation, or association is organized is to strengthen or advance the development of credit unions or credit union organizations.\n\t\t“Household” means those individuals who are related by blood, marriage, or other recognized family relationship and who live in the same house or other place of residence.\n\t\t“Immediate family” means the individuals in a household who are related by blood, marriage, or other recognized family relationship. “Immediate family” also includes, regardless of their place of residence, the children, grandchildren, grandparents, parents, siblings, and spouse of an individual.\n\t\t“Insuring organization” means an organization that provides aid and financial assistance to credit unions that are in the process of liquidation or are incurring financial difficulty in order that the share accounts in the credit unions shall be protected or guaranteed against loss up to a specified limit for each account, such as the National Credit Union Administration Share Insurance Fund, a corporation organized under Article 5 (\u00a7 6.2-1331 et seq.), or any other share insurance provider approved by the Commission.\n\t\t“Member,” with respect to a credit union, or “credit union member,” means any person holding a share account in accordance with standards specified by the credit union. “Member” may also be used to refer to an individual or other entity that is included within a group or a community, or to an individual who is part of a household or family.\n\t\t“Reserves” means the total of allowances for loan losses, regular, special, and any other type of funds held in reserve.\n\t\t“Retained earnings” means undivided earnings, regular reserve, reserve for contingencies, supplemental reserves, reserves for losses, and other appropriations from undivided earnings as designated by management or the Bureau.\n\t\t“Share account” means a balance held by a credit union and established by a member in accordance with standards specified by the credit union, including balances designated as shares, share certificates, share draft accounts, or other names.\n\t\t“Shares” means the interest of a member having an account in a credit union.","order_by":null,"text":{"0":{"id":302242,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Capital” means the sum of share accounts, reserves, and undivided earnings of a credit union.\n\t\t“Corporate credit union” means a credit union whose field of membership consists primarily of other credit unions.\n\t\t“Credit union” means a cooperative, nonprofit corporation organized under the laws of the Commonwealth and authorized to do business under this chapter for the purposes of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest, providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition, and conducting any other business, engaging in any other activity, and providing any other service that may be of benefit to its members, consistent with the provisions of this chapter and any regulations adopted by the Commission under this chapter.\n\t\t“Credit union service organization” means any organization, corporation, or association, if (i) the membership or ownership, as the case may be, of such organization, corporation, or association is primarily confined or restricted to credit unions or organizations of credit unions and (ii) the purpose for which such organization, corporation, or association is organized is to strengthen or advance the development of credit unions or credit union organizations.\n\t\t“Household” means those individuals who are related by blood, marriage, or other recognized family relationship and who live in the same house or other place of residence.\n\t\t“Immediate family” means the individuals in a household who are related by blood, marriage, or other recognized family relationship. “Immediate family” also includes, regardless of their place of residence, the children, grandchildren, grandparents, parents, siblings, and spouse of an individual.\n\t\t“Insuring organization” means an organization that provides aid and financial assistance to credit unions that are in the process of liquidation or are incurring financial difficulty in order that the share accounts in the credit unions shall be protected or guaranteed against loss up to a specified limit for each account, such as the National Credit Union Administration Share Insurance Fund, a corporation organized under Article 5 (\u00a7 6.2-1331 et seq.), or any other share insurance provider approved by the Commission.\n\t\t“Member,” with respect to a credit union, or “credit union member,” means any person holding a share account in accordance with standards specified by the credit union. “Member” may also be used to refer to an individual or other entity that is included within a group or a community, or to an individual who is part of a household or family.\n\t\t“Reserves” means the total of allowances for loan losses, regular, special, and any other type of funds held in reserve.\n\t\t“Retained earnings” means undivided earnings, regular reserve, reserve for contingencies, supplemental reserves, reserves for losses, and other appropriations from undivided earnings as designated by management or the Bureau.\n\t\t“Share account” means a balance held by a credit union and established by a member in accordance with standards specified by the credit union, including balances designated as shares, share certificates, share draft accounts, or other names.\n\t\t“Shares” means the interest of a member having an account in a credit union.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15468,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:55:16","date_modified":"2026-06-26 03:55:16","permalink":{"id":264547,"object_type":"structure","relational_id":15468,"identifier":"1","token":"6.2\/II\/13\/1","url":"\/6.2\/II\/13\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13635,"edition_id":1,"name":"Credit Unions","identifier":"13","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264545,"object_type":"structure","relational_id":13635,"identifier":"13","token":"6.2\/II\/13","url":"\/6.2\/II\/13\/","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":84320,"structure_id":15468,"section_number":"6.2-1300","catch_line":"Definitions","url":"\/6.2-1300\/","token":"6.2\/II\/13\/1\/6.2-1300","metadata":false},{"id":79389,"structure_id":15468,"section_number":"6.2-1301","catch_line":"Effect of ownership of a share account","url":"\/6.2-1301\/","token":"6.2\/II\/13\/1\/6.2-1301","metadata":false},{"id":85919,"structure_id":15468,"section_number":"6.2-1302","catch_line":"Powers","url":"\/6.2-1302\/","token":"6.2\/II\/13\/1\/6.2-1302","metadata":false},{"id":83576,"structure_id":15468,"section_number":"6.2-1302.1","catch_line":"Virtual currency custody services","url":"\/6.2-1302.1\/","token":"6.2\/II\/13\/1\/6.2-1302.1","metadata":false},{"id":66827,"structure_id":15468,"section_number":"6.2-1303","catch_line":"Regulations","url":"\/6.2-1303\/","token":"6.2\/II\/13\/1\/6.2-1303","metadata":false},{"id":74426,"structure_id":15468,"section_number":"6.2-1304","catch_line":"Franchise tax exemption","url":"\/6.2-1304\/","token":"6.2\/II\/13\/1\/6.2-1304","metadata":false},{"id":58923,"structure_id":15468,"section_number":"6.2-1305","catch_line":"Making or circulating derogatory statements affecting credit unions; penalty","url":"\/6.2-1305\/","token":"6.2\/II\/13\/1\/6.2-1305","metadata":false},{"id":78451,"structure_id":15468,"section_number":"6.2-1306","catch_line":"Unlawful use of words \"credit union.\"","url":"\/6.2-1306\/","token":"6.2\/II\/13\/1\/6.2-1306","metadata":false},{"id":74777,"structure_id":15468,"section_number":"6.2-1307","catch_line":"Use of credit union name, logo, or symbol for marketing purposes; penalty","url":"\/6.2-1307\/","token":"6.2\/II\/13\/1\/6.2-1307","metadata":false}],"next_section":{"id":79389,"structure_id":15468,"section_number":"6.2-1301","catch_line":"Effect of ownership of a share account","url":"\/6.2-1301\/","token":"6.2\/II\/13\/1\/6.2-1301","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1300\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 373 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 1990 \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 1999, chapter 63<\/a>; in 2010, chapter 794<\/a>; in 2013, chapters 16<\/a> and 92<\/a>.<\/p>","references":[{"id":69488,"section_number":"38.2-3737","catch_line":"Application","order_by":null,"url":"\/38.2-3737\/"},{"id":81765,"section_number":"6.2-1602","catch_line":"Persons exempt from chapter","order_by":null,"url":"\/6.2-1602\/"},{"id":61230,"section_number":"6.2-300","catch_line":"Definitions","order_by":null,"url":"\/6.2-300\/"}],"refers_to":[{"id":67088,"section_number":"6.2-1331","catch_line":"Definitions","order_by":null,"url":"\/6.2-1331\/"}],"permalink":{"id":264549,"object_type":"law","relational_id":84320,"identifier":"6.2-1300","token":"6.2\/II\/13\/1\/6.2-1300","url":"\/6.2-1300\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1300\/","token":"6.2\/II\/13\/1\/6.2-1300","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1300","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Capital<\/span>” means the sum of share accounts<\/span>, reserves<\/span>, and undivided earnings of a credit union.\n\t\t“Corporate credit union<\/span>” means a credit union whose field of membership consists primarily of other credit unions<\/span>.\n\t\t“Credit union” means a cooperative, nonprofit corporation organized under the laws<\/span> of the Commonwealth and authorized to do business under this chapter for the purposes of encouraging thrift among its members<\/span>, creating a source of credit at fair and reasonable rates of interest, providing an opportunity for its members<\/span> to use and control their own money on a democratic basis in order<\/span> to improve their economic and social condition, and conducting any other business, engaging in any other activity, and providing any other service that may be of benefit to its members<\/span>, consistent with the provisions of this chapter and any regulations adopted by the Commission<\/span> under this chapter.\n\t\t“Credit union service organization<\/span>” means any organization, corporation, or association, if (i) the membership or ownership, as the case may be, of such organization, corporation, or association is primarily confined or restricted to credit unions<\/span> or organizations of credit unions<\/span> and (ii) the purpose for which such organization, corporation, or association is organized is to strengthen or advance the development of credit unions<\/span> or credit union organizations.\n\t\t“Household<\/span>” means those individuals who are related by blood, marriage, or other recognized family relationship and who live in the same house or other place of residence.\n\t\t“Immediate family<\/span>” means the individuals in a household<\/span> who are related by blood, marriage, or other recognized family relationship. “Immediate family<\/span>” also includes, regardless of their place of residence, the children, grandchildren, grandparents, parents, siblings, and spouse of an individual.\n\t\t“Insuring organization<\/span>” means an organization that provides aid and financial assistance to credit unions<\/span> that are in the process of liquidation<\/span> or are incurring financial difficulty in order<\/span> that the share accounts<\/span> in the credit unions<\/span> shall be protected or guaranteed against loss up to a specified limit for each account, such as the National Credit Union Administration Share Insurance Fund, a corporation organized under Article 5 (\u00a7 6.2-1331<\/a> et seq.), or any other share insurance provider approved by the Commission<\/span>.\n\t\t“Member<\/span>,” with respect to a credit union, or “credit union member<\/span>,” means any person<\/span> holding a share account<\/span> in accordance with standards specified by the credit union. “Member<\/span>” may also be used to refer to an individual or other entity<\/span> that is included within a group or a community, or to an individual who is part of a household<\/span> or family.\n\t\t“Reserves<\/span>” means the total of allowances for loan losses, regular, special, and any other type of funds held in reserve.\n\t\t“Retained earnings<\/span>” means undivided earnings, regular reserve, reserve for contingencies, supplemental reserves<\/span>, reserves<\/span> for losses, and other appropriations from undivided earnings as designated by management or the Bureau<\/span>.\n\t\t“Share account<\/span>” means a balance held by a credit union and established by a member<\/span> in accordance with standards specified by the credit union, including balances designated as shares<\/span>, share certificates, share draft accounts, or other names.\n\t\t“Shares<\/span>” means the interest of a member<\/span> having an account in a credit union.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-1300)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Capital” means the sum of share accounts, reserves, and undivided\nearnings of a credit union.\n\t\t“Corporate credit union” means a credit union whose field of\nmembership consists primarily of other credit unions.\n\t\t“Credit union” means a cooperative, nonprofit corporation\norganized under the laws of the Commonwealth and authorized to do business under\nthis chapter for the purposes of encouraging thrift among its members, creating\na source of credit at fair and reasonable rates of interest, providing an\nopportunity for its members to use and control their own money on a democratic\nbasis in order to improve their economic and social condition, and conducting\nany other business, engaging in any other activity, and providing any other\nservice that may be of benefit to its members, consistent with the provisions of\nthis chapter and any regulations adopted by the Commission under this chapter.\n\t\t“Credit union service organization” means any organization,\ncorporation, or association, if (i) the membership or ownership, as the case may\nbe, of such organization, corporation, or association is primarily confined or\nrestricted to credit unions or organizations of credit unions and (ii) the\npurpose for which such organization, corporation, or association is organized is\nto strengthen or advance the development of credit unions or credit union\norganizations.\n\t\t“Household” means those individuals who are related by blood,\nmarriage, or other recognized family relationship and who live in the same house\nor other place of residence.\n\t\t“Immediate family” means the individuals in a household who are\nrelated by blood, marriage, or other recognized family relationship.\n“Immediate family” also includes, regardless of their place of\nresidence, the children, grandchildren, grandparents, parents, siblings, and\nspouse of an individual.\n\t\t“Insuring organization” means an organization that provides aid\nand financial assistance to credit unions that are in the process of liquidation\nor are incurring financial difficulty in order that the share accounts in the\ncredit unions shall be protected or guaranteed against loss up to a specified\nlimit for each account, such as the National Credit Union Administration Share\nInsurance Fund, a corporation organized under Article 5 (\u00a7 6.2-1331 et seq.),\nor any other share insurance provider approved by the Commission.\n\t\t“Member,” with respect to a credit union, or “credit union\nmember,” means any person holding a share account in accordance with\nstandards specified by the credit union. “Member” may also be used\nto refer to an individual or other entity that is included within a group or a\ncommunity, or to an individual who is part of a household or family.\n\t\t“Reserves” means the total of allowances for loan losses, regular,\nspecial, and any other type of funds held in reserve.\n\t\t“Retained earnings” means undivided earnings, regular reserve,\nreserve for contingencies, supplemental reserves, reserves for losses, and other\nappropriations from undivided earnings as designated by management or the\nBureau.\n\t\t“Share account” means a balance held by a credit union and\nestablished by a member in accordance with standards specified by the credit\nunion, including balances designated as shares, share certificates, share draft\naccounts, or other names.\n\t\t“Shares” means the interest of a member having an account in a\ncredit union.\n\nHISTORY: 1990, c. 373, \u00a7 6.1-225.2; 1999, c. 63; 2010, c. 794; 2013, cc. 16,\n92.","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}}