{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1400.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1400.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1400.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1400.html"}],"law_id":75973,"edition_id":1,"section_id":75973,"structure_id":13311,"section_number":"6.2-1400","catch_line":"Definitions","history":"2010, c. 794.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Affiliated person of an association” means any person which is a subsidiary, stockholder, partner, trustee, director, officer, or employee of an association, and any corporation 10 percent or more of the capital stock of which is owned by an association or by any person which is a subsidiary, stockholder, partner, trustee, director, officer, or employee of an association.\n\t\t“Association” means a corporation organized as an industrial loan association under the provisions of the Virginia Stock Corporation Act (\u00a7 13.1-601 et seq.), the business of which is substantially confined to the business of making loans and issuing certificates of investment.\n\t\t“Mortgage loan” means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans or extensions of credit to buyers of real property for any part of the purchase price of such property by persons selling such property owned by them, (ii) loans to persons related to the lender by blood or marriage, and (iii) loans to persons who are bona fide employees of the lender. “Mortgage loan” shall not include any loan secured by a mortgage or deed of trust upon any interest in a more than four-family residential property or property used for a commercial or agricultural purpose.","order_by":null,"text":{"0":{"id":272750,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Affiliated person of an association” means any person which is a subsidiary, stockholder, partner, trustee, director, officer, or employee of an association, and any corporation 10 percent or more of the capital stock of which is owned by an association or by any person which is a subsidiary, stockholder, partner, trustee, director, officer, or employee of an association.\n\t\t“Association” means a corporation organized as an industrial loan association under the provisions of the Virginia Stock Corporation Act (\u00a7 13.1-601 et seq.), the business of which is substantially confined to the business of making loans and issuing certificates of investment.\n\t\t“Mortgage loan” means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans or extensions of credit to buyers of real property for any part of the purchase price of such property by persons selling such property owned by them, (ii) loans to persons related to the lender by blood or marriage, and (iii) loans to persons who are bona fide employees of the lender. “Mortgage loan” shall not include any loan secured by a mortgage or deed of trust upon any interest in a more than four-family residential property or property used for a commercial or agricultural purpose.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13311,"edition_id":1,"name":"Industrial Loan Associations","identifier":"14","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:37","date_modified":"2026-06-26 03:44:37","permalink":{"id":265723,"object_type":"structure","relational_id":13311,"identifier":"14","token":"6.2\/III\/14","url":"\/6.2\/III\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13060,"edition_id":1,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":265721,"object_type":"structure","relational_id":13060,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","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":75973,"structure_id":13311,"section_number":"6.2-1400","catch_line":"Definitions","url":"\/6.2-1400\/","token":"6.2\/III\/14\/6.2-1400","metadata":false},{"id":72615,"structure_id":13311,"section_number":"6.2-1401","catch_line":"Powers of associations","url":"\/6.2-1401\/","token":"6.2\/III\/14\/6.2-1401","metadata":false},{"id":80300,"structure_id":13311,"section_number":"6.2-1402","catch_line":"Use of certain words in name prohibited","url":"\/6.2-1402\/","token":"6.2\/III\/14\/6.2-1402","metadata":false},{"id":54299,"structure_id":13311,"section_number":"6.2-1403","catch_line":"Directors","url":"\/6.2-1403\/","token":"6.2\/III\/14\/6.2-1403","metadata":false},{"id":58370,"structure_id":13311,"section_number":"6.2-1404","catch_line":"Commission may regulate issuance of evidences of debt","url":"\/6.2-1404\/","token":"6.2\/III\/14\/6.2-1404","metadata":false},{"id":84948,"structure_id":13311,"section_number":"6.2-1405","catch_line":"Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized","url":"\/6.2-1405\/","token":"6.2\/III\/14\/6.2-1405","metadata":false},{"id":73785,"structure_id":13311,"section_number":"6.2-1406","catch_line":"Sale of certificates of investment by certain associations prohibited","url":"\/6.2-1406\/","token":"6.2\/III\/14\/6.2-1406","metadata":false},{"id":81385,"structure_id":13311,"section_number":"6.2-1407","catch_line":"Prohibitions on associations with certificates issued and outstanding; advertisements","url":"\/6.2-1407\/","token":"6.2\/III\/14\/6.2-1407","metadata":false},{"id":81810,"structure_id":13311,"section_number":"6.2-1408","catch_line":"Associations to have one office; how office moved","url":"\/6.2-1408\/","token":"6.2\/III\/14\/6.2-1408","metadata":false},{"id":78712,"structure_id":13311,"section_number":"6.2-1409","catch_line":"Prepayment by borrower from association; rebates for unearned interest; prepayment penalty","url":"\/6.2-1409\/","token":"6.2\/III\/14\/6.2-1409","metadata":false},{"id":81838,"structure_id":13311,"section_number":"6.2-1410","catch_line":"Amount of loan","url":"\/6.2-1410\/","token":"6.2\/III\/14\/6.2-1410","metadata":false},{"id":86510,"structure_id":13311,"section_number":"6.2-1411","catch_line":"Retention of books, accounts, and records","url":"\/6.2-1411\/","token":"6.2\/III\/14\/6.2-1411","metadata":false},{"id":64378,"structure_id":13311,"section_number":"6.2-1412","catch_line":"Annual report","url":"\/6.2-1412\/","token":"6.2\/III\/14\/6.2-1412","metadata":false},{"id":80077,"structure_id":13311,"section_number":"6.2-1413","catch_line":"Investigations; examinations","url":"\/6.2-1413\/","token":"6.2\/III\/14\/6.2-1413","metadata":false},{"id":82795,"structure_id":13311,"section_number":"6.2-1414","catch_line":"Annual fees","url":"\/6.2-1414\/","token":"6.2\/III\/14\/6.2-1414","metadata":false},{"id":84791,"structure_id":13311,"section_number":"6.2-1415","catch_line":"Regulations","url":"\/6.2-1415\/","token":"6.2\/III\/14\/6.2-1415","metadata":false},{"id":56855,"structure_id":13311,"section_number":"6.2-1416","catch_line":"Prohibited practices","url":"\/6.2-1416\/","token":"6.2\/III\/14\/6.2-1416","metadata":false},{"id":76898,"structure_id":13311,"section_number":"6.2-1417","catch_line":"Escrow accounts","url":"\/6.2-1417\/","token":"6.2\/III\/14\/6.2-1417","metadata":false},{"id":54528,"structure_id":13311,"section_number":"6.2-1418","catch_line":"Suspension or revocation of authority","url":"\/6.2-1418\/","token":"6.2\/III\/14\/6.2-1418","metadata":false},{"id":55769,"structure_id":13311,"section_number":"6.2-1419","catch_line":"Cease and desist orders","url":"\/6.2-1419\/","token":"6.2\/III\/14\/6.2-1419","metadata":false},{"id":74966,"structure_id":13311,"section_number":"6.2-1420","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1420\/","token":"6.2\/III\/14\/6.2-1420","metadata":false},{"id":85973,"structure_id":13311,"section_number":"6.2-1421","catch_line":"Civil penalties","url":"\/6.2-1421\/","token":"6.2\/III\/14\/6.2-1421","metadata":false}],"next_section":{"id":72615,"structure_id":13311,"section_number":"6.2-1401","catch_line":"Powers of associations","url":"\/6.2-1401\/","token":"6.2\/III\/14\/6.2-1401","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1400\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapter 794<\/a> 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.<\/p>","references":[{"id":81765,"section_number":"6.2-1602","catch_line":"Persons exempt from chapter","order_by":null,"url":"\/6.2-1602\/"}],"refers_to":[{"id":62759,"section_number":"13.1-601","catch_line":"Short title","order_by":null,"url":"\/13.1-601\/"}],"permalink":{"id":265725,"object_type":"law","relational_id":75973,"identifier":"6.2-1400","token":"6.2\/III\/14\/6.2-1400","url":"\/6.2-1400\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1400\/","token":"6.2\/III\/14\/6.2-1400","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1400","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“Affiliated person of an association<\/span>” means any person which is a subsidiary, stockholder, partner, trustee, director, officer, or employee of an association, and any corporation 10 percent or more of the capital stock of which is owned by an association or by any person which is a subsidiary, stockholder, partner, trustee, director, officer, or employee of an association.\n\t\t“Association” means a corporation organized as an industrial loan association under the provisions of the Virginia Stock Corporation Act (\u00a7 13.1-601<\/a> et seq.), the business of which is substantially confined to the business of making loans and issuing certificates of investment.\n\t\t“Mortgage loan<\/span>” means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans or extensions of credit to buyers of real property for any part of the purchase price of such property by persons<\/span> selling such property owned by them, (ii) loans to persons<\/span> related to the lender by blood or marriage, and (iii) loans to persons<\/span> who are bona fide employees of the lender. “Mortgage loan<\/span>” shall not include any loan secured by a mortgage or deed of trust upon any interest in a more than four-family residential property or property used for a commercial or agricultural purpose.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-1400)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Affiliated person of an association” means any person which is a\nsubsidiary, stockholder, partner, trustee, director, officer, or employee of an\nassociation, and any corporation 10 percent or more of the capital stock of\nwhich is owned by an association or by any person which is a subsidiary,\nstockholder, partner, trustee, director, officer, or employee of an association.\n\t\t“Association” means a corporation organized as an industrial loan\nassociation under the provisions of the Virginia Stock Corporation Act (\u00a7\n13.1-601 et seq.), the business of which is substantially confined to the\nbusiness of making loans and issuing certificates of investment.\n\t\t“Mortgage loan” means a loan made to an individual, the proceeds\nof which are to be used primarily for personal, family or household purposes,\nwhich loan is secured by a mortgage or deed of trust upon any interest in one-\nto four-family residential property located in the Commonwealth, regardless of\nwhere made, including the renewal or refinancing of any such loan, but excluding\n(i) loans or extensions of credit to buyers of real property for any part of the\npurchase price of such property by persons selling such property owned by them,\n(ii) loans to persons related to the lender by blood or marriage, and (iii)\nloans to persons who are bona fide employees of the lender. “Mortgage\nloan” shall not include any loan secured by a mortgage or deed of trust\nupon any interest in a more than four-family residential property or property\nused for a commercial or agricultural purpose.\n\nHISTORY: 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}}