{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1379.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1379.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1379.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1379.html"}],"law_id":83143,"edition_id":1,"section_id":83143,"structure_id":13636,"section_number":"6.2-1379","catch_line":"Out-of-state credit unions","history":"1985, c. 552, \u00a7 6.1-208.6; 1990, c. 373, \u00a7 6.1-225.61; 1993, c. 59; 2010, c. 794.","full_text":"A\n\nA credit union organized and doing business in another state may conduct business as a credit union in the Commonwealth with the approval of the Commission. The Commission shall grant such approval if it shall find that the out-of-state credit union:1\n\nIs a credit union duly organized under the laws of another state that would allow credit unions organized in the Commonwealth to conduct business in that state;2\n\nHas share insurance for its members;3\n\nReasonably needs to establish a place of business in the Commonwealth to adequately serve its members in the Commonwealth;4\n\nIs examined and supervised by the supervisory authority of the state in which the out-of-state credit union is organized; and5\n\nHas filed an application with the Commission to conduct such business.B\n\nThe out-of-state credit union shall:1\n\nGrant loans at rates of interest not in excess of the rates permitted for credit unions organized under the laws of the Commonwealth;2\n\nComply with the same consumer protection provisions that credit unions organized under the laws of the Commonwealth are required to obey;3\n\nDesignate and maintain a registered agent in the Commonwealth;4\n\nSubmit all examination reports from its supervisory agency to the Commission;5\n\nHave any insurer of shares designate an agent for service of process and agree that in the absence of such designation service may be upon the clerk of the Commission;6\n\nInform the members of the credit union who use any facility authorized pursuant to this section of the state where the organization, supervision, and share insurance of the credit union are, and of the fact that it is not regulated, supervised, or insured by any agency of the Commonwealth; and7\n\nComply with § 6.2-1326.C\n\nCredit unions organized in the Commonwealth may establish offices outside the Commonwealth upon approval of the Commission.D\n\nThe Commission may suspend or revoke the authority of an out-of-state credit union to do business in the Commonwealth if the Commission finds that such credit union is not in compliance with the requirements of this section.","order_by":null,"text":{"0":{"id":297926,"text":"A credit union organized and doing business in another state may conduct business as a credit union in the Commonwealth with the approval of the Commission. The Commission shall grant such approval if it shall find that the out-of-state credit union:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":297927,"text":"Is a credit union duly organized under the laws of another state that would allow credit unions organized in the Commonwealth to conduct business in that state;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":297928,"text":"Has share insurance for its members;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":297929,"text":"Reasonably needs to establish a place of business in the Commonwealth to adequately serve its members in the Commonwealth;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":297930,"text":"Is examined and supervised by the supervisory authority of the state in which the out-of-state credit union is organized; and","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":297931,"text":"Has filed an application with the Commission to conduct such business.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":297932,"text":"The out-of-state credit union shall:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5","next_prefix":"B1"},"7":{"id":297933,"text":"Grant loans at rates of interest not in excess of the rates permitted for credit unions organized under the laws of the Commonwealth;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"8":{"id":297934,"text":"Comply with the same consumer protection provisions that credit unions organized under the laws of the Commonwealth are required to obey;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"9":{"id":297935,"text":"Designate and maintain a registered agent in the Commonwealth;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"10":{"id":297936,"text":"Submit all examination reports from its supervisory agency to the Commission;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"11":{"id":297937,"text":"Have any insurer of shares designate an agent for service of process and agree that in the absence of such designation service may be upon the clerk of the Commission;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"12":{"id":297938,"text":"Inform the members of the credit union who use any facility authorized pursuant to this section of the state where the organization, supervision, and share insurance of the credit union are, and of the fact that it is not regulated, supervised, or insured by any agency of the Commonwealth; and","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"13":{"id":297939,"text":"Comply with § 6.2-1326.","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"C"},"14":{"id":297940,"text":"Credit unions organized in the Commonwealth may establish offices outside the Commonwealth upon approval of the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B7","next_prefix":"D"},"15":{"id":297941,"text":"The Commission may suspend or revoke the authority of an out-of-state credit union to do business in the Commonwealth if the Commission finds that such credit union is not in compliance with the requirements of this section.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13636,"edition_id":1,"name":"Out-Of-State Credit Unions","identifier":"11","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264595,"object_type":"structure","relational_id":13636,"identifier":"11","token":"6.2\/II\/13\/11","url":"\/6.2\/II\/13\/11\/","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":83143,"structure_id":13636,"section_number":"6.2-1379","catch_line":"Out-of-state credit unions","url":"\/6.2-1379\/","token":"6.2\/II\/13\/11\/6.2-1379","metadata":false},{"id":54606,"structure_id":13636,"section_number":"6.2-1380","catch_line":"Examinations; periodic reports; cooperative agreements; assessment of fees","url":"\/6.2-1380\/","token":"6.2\/II\/13\/11\/6.2-1380","metadata":false}],"next_section":{"id":54606,"structure_id":13636,"section_number":"6.2-1380","catch_line":"Examinations; periodic reports; cooperative agreements; assessment of fees","url":"\/6.2-1380\/","token":"6.2\/II\/13\/11\/6.2-1380","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1379\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 552 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 1990, chapter 373; in 1993, chapter 59; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":54606,"section_number":"6.2-1380","catch_line":"Examinations; periodic reports; cooperative agreements; assessment of fees","order_by":null,"url":"\/6.2-1380\/"}],"refers_to":false,"permalink":{"id":264597,"object_type":"law","relational_id":83143,"identifier":"6.2-1379","token":"6.2\/II\/13\/11\/6.2-1379","url":"\/6.2-1379\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1379\/","token":"6.2\/II\/13\/11\/6.2-1379","dublin_core":{"Title":"Out-of-state credit unions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1379","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A credit union<\/span> organized and doing business in another state may conduct business as a credit union<\/span> in the Commonwealth with the approval of the Commission<\/span>. The Commission<\/span> shall grant such approval if it shall find that the out-of-state credit union<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is a credit union<\/span> duly organized under the laws<\/span> of another state that would allow credit unions<\/span> organized in the Commonwealth to conduct business in that state; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Has share insurance for its members<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Reasonably needs to establish a place of business in the Commonwealth to adequately serve its members<\/span> in the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Is examined and supervised by the supervisory authority of the state in which the out-of-state credit union<\/span> is organized; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Has filed an application with the Commission<\/span> to conduct such business. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The out-of-state credit union<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Grant loans at rates of interest not in excess of the rates permitted for credit unions<\/span> organized under the laws<\/span> of the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Comply with the same consumer protection provisions that credit unions<\/span> organized under the laws<\/span> of the Commonwealth are required to obey; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Designate and maintain a registered agent in the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Submit all examination reports from its supervisory agency to the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Have any insurer of shares<\/span> designate an agent for service of process<\/span> and agree that in the absence of such designation service may be upon the clerk of the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Inform the members<\/span> of the credit union<\/span> who use any facility authorized pursuant to this section of the state where the organization, supervision, and share insurance of the credit union<\/span> are, and of the fact<\/span> that it is not regulated, supervised, or insured by any agency of the Commonwealth; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Comply with § 6.2-1326<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Credit unions<\/span> organized in the Commonwealth may establish offices outside the Commonwealth upon approval of the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Commission<\/span> may suspend or revoke the authority of an out-of-state credit union<\/span> to do business in the Commonwealth if the Commission<\/span> finds that such credit union<\/span> is not in compliance with the requirements of this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nOUT-OF-STATE CREDIT UNIONS (\u00a7 6.2-1379)\n\nA. A credit union organized and doing business in another state may conduct\nbusiness as a credit union in the Commonwealth with the approval of the\nCommission. The Commission shall grant such approval if it shall find that the\nout-of-state credit union:\n\n 1. Is a credit union duly organized under the laws of another state that would\n allow credit unions organized in the Commonwealth to conduct business in that\n state;\n\n 2. Has share insurance for its members;\n\n 3. Reasonably needs to establish a place of business in the Commonwealth to\n adequately serve its members in the Commonwealth;\n\n 4. Is examined and supervised by the supervisory authority of the state in\n which the out-of-state credit union is organized; and\n\n 5. Has filed an application with the Commission to conduct such business.\n\nB. The out-of-state credit union shall:\n\n 1. Grant loans at rates of interest not in excess of the rates permitted for\n credit unions organized under the laws of the Commonwealth;\n\n 2. Comply with the same consumer protection provisions that credit unions\n organized under the laws of the Commonwealth are required to obey;\n\n 3. Designate and maintain a registered agent in the Commonwealth;\n\n 4. Submit all examination reports from its supervisory agency to the\n Commission;\n\n 5. Have any insurer of shares designate an agent for service of process and\n agree that in the absence of such designation service may be upon the clerk of\n the Commission;\n\n 6. Inform the members of the credit union who use any facility authorized\n pursuant to this section of the state where the organization, supervision, and\n share insurance of the credit union are, and of the fact that it is not\n regulated, supervised, or insured by any agency of the Commonwealth; and\n\n 7. Comply with § 6.2-1326.\n\nC. Credit unions organized in the Commonwealth may establish offices outside the\nCommonwealth upon approval of the Commission.\n\nD. The Commission may suspend or revoke the authority of an out-of-state credit\nunion to do business in the Commonwealth if the Commission finds that such\ncredit union is not in compliance with the requirements of this section.\n\nHISTORY: 1985, c. 552, \u00a7 6.1-208.6; 1990, c. 373, \u00a7 6.1-225.61; 1993, c. 59;\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}}