{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1311.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1311.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1311.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1311.html"}],"law_id":75135,"edition_id":1,"section_id":75135,"structure_id":15645,"section_number":"6.2-1311","catch_line":"Reports to Commission; penalty for failure to make reports","history":"Code 1950, \u00a7\u00a7 6-229, 6-231; 1956, c. 90; 1964, c. 75; 1966, c. 584, \u00a7\u00a7 6.1-220, 6.1-222; 1976, c. 658; 1990, c. 373, \u00a7 6.1-225.6; 1998, c. 34; 2010, c. 794.","full_text":"A\n\nNo later than March 31 of each year, each credit union shall report to the Commission regarding its condition as of the close of business on the preceding December 31. These reports shall be signed by the president or the chairman and the treasurer or secretary, or by the majority of the members of the supervisory committee. A credit union shall make such other reports as the Commissioner shall at any time demand.B\n\nThe Commission may allow a credit union to make the reports required by this section electronically, in accordance with procedures established by the Commission. A credit union that submits a report electronically shall maintain a copy of the report with the required certified signatures affixed.C\n\nIf any credit union (i) neglects or refuses to make its reports as provided in this chapter for more than 15 days or (ii) fails to pay such charges as are required under this chapter, including any charges for delay in filing reports, the Commission may impose a civil penalty not exceeding $100 per day upon the credit union, to a maximum of $5,000, or the Commission may give notice to such credit union of its intention to revoke the certificate of authority of the credit union for such neglect or failure. If such neglect or failure continues for 15 days after such notice, then the Commission may revoke or suspend the certificate of authority of the credit union. In such event, the Commission may, in its discretion, (a) close such credit union and take possession of its property and business until such time as it may see fit to allow the credit union to resume business or (b) proceed to finally liquidate such business.","order_by":null,"text":{"0":{"id":269839,"text":"No later than March 31 of each year, each credit union shall report to the Commission regarding its condition as of the close of business on the preceding December 31. These reports shall be signed by the president or the chairman and the treasurer or secretary, or by the majority of the members of the supervisory committee. A credit union shall make such other reports as the Commissioner shall at any time demand.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":269840,"text":"The Commission may allow a credit union to make the reports required by this section electronically, in accordance with procedures established by the Commission. A credit union that submits a report electronically shall maintain a copy of the report with the required certified signatures affixed.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":269841,"text":"If any credit union (i) neglects or refuses to make its reports as provided in this chapter for more than 15 days or (ii) fails to pay such charges as are required under this chapter, including any charges for delay in filing reports, the Commission may impose a civil penalty not exceeding $100 per day upon the credit union, to a maximum of $5,000, or the Commission may give notice to such credit union of its intention to revoke the certificate of authority of the credit union for such neglect or failure. If such neglect or failure continues for 15 days after such notice, then the Commission may revoke or suspend the certificate of authority of the credit union. In such event, the Commission may, in its discretion, (a) close such credit union and take possession of its property and business until such time as it may see fit to allow the credit union to resume business or (b) proceed to finally liquidate such business.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":15645,"edition_id":1,"name":"Supervision and Regulation","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:57:20","date_modified":"2026-06-26 03:57:20","permalink":{"id":264605,"object_type":"structure","relational_id":15645,"identifier":"2","token":"6.2\/II\/13\/2","url":"\/6.2\/II\/13\/2\/","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":69039,"structure_id":15645,"section_number":"6.2-1308","catch_line":"Supervision and regulation by Commission","url":"\/6.2-1308\/","token":"6.2\/II\/13\/2\/6.2-1308","metadata":false},{"id":84662,"structure_id":15645,"section_number":"6.2-1309","catch_line":"Examinations","url":"\/6.2-1309\/","token":"6.2\/II\/13\/2\/6.2-1309","metadata":false},{"id":79662,"structure_id":15645,"section_number":"6.2-1310","catch_line":"Fees for examination, supervision, and regulation","url":"\/6.2-1310\/","token":"6.2\/II\/13\/2\/6.2-1310","metadata":false},{"id":75135,"structure_id":15645,"section_number":"6.2-1311","catch_line":"Reports to Commission; penalty for failure to make reports","url":"\/6.2-1311\/","token":"6.2\/II\/13\/2\/6.2-1311","metadata":false},{"id":66020,"structure_id":15645,"section_number":"6.2-1312","catch_line":"Cease and desist orders; right to hearing","url":"\/6.2-1312\/","token":"6.2\/II\/13\/2\/6.2-1312","metadata":false},{"id":84113,"structure_id":15645,"section_number":"6.2-1313","catch_line":"Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver","url":"\/6.2-1313\/","token":"6.2\/II\/13\/2\/6.2-1313","metadata":false},{"id":65334,"structure_id":15645,"section_number":"6.2-1314","catch_line":"Penalties for violation of orders of Commission","url":"\/6.2-1314\/","token":"6.2\/II\/13\/2\/6.2-1314","metadata":false},{"id":81331,"structure_id":15645,"section_number":"6.2-1315","catch_line":"Removal of director or officer; penalty for acting after removal","url":"\/6.2-1315\/","token":"6.2\/II\/13\/2\/6.2-1315","metadata":false},{"id":79105,"structure_id":15645,"section_number":"6.2-1316","catch_line":"Offenses; penalty","url":"\/6.2-1316\/","token":"6.2\/II\/13\/2\/6.2-1316","metadata":false},{"id":60747,"structure_id":15645,"section_number":"6.2-1317","catch_line":"Supervisory merger or transfer of assets of insolvent or financially unstable credit union","url":"\/6.2-1317\/","token":"6.2\/II\/13\/2\/6.2-1317","metadata":false},{"id":59800,"structure_id":15645,"section_number":"6.2-1318","catch_line":"Repealed","url":"\/6.2-1318\/","token":"6.2\/II\/13\/2\/6.2-1318","metadata":false},{"id":82764,"structure_id":15645,"section_number":"6.2-1319","catch_line":"Involuntary dissolution","url":"\/6.2-1319\/","token":"6.2\/II\/13\/2\/6.2-1319","metadata":false}],"previous_section":{"id":79662,"structure_id":15645,"section_number":"6.2-1310","catch_line":"Fees for examination, supervision, and regulation","url":"\/6.2-1310\/","token":"6.2\/II\/13\/2\/6.2-1310","metadata":false},"next_section":{"id":66020,"structure_id":15645,"section_number":"6.2-1312","catch_line":"Cease and desist orders; right to hearing","url":"\/6.2-1312\/","token":"6.2\/II\/13\/2\/6.2-1312","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1311\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 7 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 1956, chapter 90; in 1964, chapter 75; in 1966, chapter 584; in 1976, chapter 658; in 1990, chapter 373; in 1998, chapter 34<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":73060,"section_number":"6.2-1339","catch_line":"Duties and powers of Commission; judicial review","order_by":null,"url":"\/6.2-1339\/"}],"refers_to":false,"permalink":{"id":264619,"object_type":"law","relational_id":75135,"identifier":"6.2-1311","token":"6.2\/II\/13\/2\/6.2-1311","url":"\/6.2-1311\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1311\/","token":"6.2\/II\/13\/2\/6.2-1311","dublin_core":{"Title":"Reports to Commission; penalty for failure to make reports","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1311","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No later than March 31 of each year, each credit union<\/span> shall report to the Commission<\/span> regarding its condition as of the close of business on the preceding December 31. These reports shall be signed by the president or the chairman and the treasurer or secretary, or by the majority of the members<\/span> of the supervisory committee. A credit union<\/span> shall make such other reports as the Commissioner<\/span> shall at any time demand. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> may allow a credit union<\/span> to make the reports required by this section electronically, in accordance with procedures established by the Commission<\/span>. A credit union<\/span> that submits a report electronically shall maintain a copy of the report with the required certified signatures affixed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If any credit union<\/span> (i) neglects or refuses to make its reports as provided in this chapter for more than 15 days or (ii) fails to pay such charges as are required under this chapter, including any charges for delay in filing reports, the Commission<\/span> may impose a civil penalty<\/span> not exceeding $100 per day upon the credit union<\/span>, to a maximum of $5,000, or the Commission<\/span> may give notice to such credit union<\/span> of its intention to revoke the certificate of authority of the credit union<\/span> for such neglect or failure. If such neglect or failure continues for 15 days after such notice, then the Commission<\/span> may revoke or suspend the certificate of authority of the credit union<\/span>. In such event, the Commission<\/span> may, in its discretion, (a) close such credit union<\/span> and take possession<\/span> of its property and business until such time as it may see fit to allow the credit union<\/span> to resume business or (b) proceed to finally liquidate such business. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREPORTS TO COMMISSION; PENALTY FOR FAILURE TO MAKE REPORTS (\u00a7 6.2-1311)\n\nA. No later than March 31 of each year, each credit union shall report to the\nCommission regarding its condition as of the close of business on the preceding\nDecember 31. These reports shall be signed by the president or the chairman and\nthe treasurer or secretary, or by the majority of the members of the supervisory\ncommittee. A credit union shall make such other reports as the Commissioner\nshall at any time demand.\n\nB. The Commission may allow a credit union to make the reports required by this\nsection electronically, in accordance with procedures established by the\nCommission. A credit union that submits a report electronically shall maintain a\ncopy of the report with the required certified signatures affixed.\n\nC. If any credit union (i) neglects or refuses to make its reports as provided\nin this chapter for more than 15 days or (ii) fails to pay such charges as are\nrequired under this chapter, including any charges for delay in filing reports,\nthe Commission may impose a civil penalty not exceeding $100 per day upon the\ncredit union, to a maximum of $5,000, or the Commission may give notice to such\ncredit union of its intention to revoke the certificate of authority of the\ncredit union for such neglect or failure. If such neglect or failure continues\nfor 15 days after such notice, then the Commission may revoke or suspend the\ncertificate of authority of the credit union. In such event, the Commission may,\nin its discretion, (a) close such credit union and take possession of its\nproperty and business until such time as it may see fit to allow the credit\nunion to resume business or (b) proceed to finally liquidate such business.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-229, 6-231; 1956, c. 90; 1964, c. 75; 1966, c. 584,\n\u00a7\u00a7 6.1-220, 6.1-222; 1976, c. 658; 1990, c. 373, \u00a7 6.1-225.6; 1998, c. 34;\n2010, 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}}