{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1405.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1405.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1405.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1405.html"}],"law_id":84948,"edition_id":1,"section_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","history":"Code 1950, \u00a7\u00a7 6-245, 6-250; 1956, c. 433; 1960, c. 62; 1966, c. 584, \u00a7\u00a7 6.1-228, 6.1-230; 2010, c. 794.","full_text":"A\n\nAn association incorporated after July 1, 1960, shall have all the powers conferred on banks, shall be subject to all restrictions applicable to banks, and shall for the purposes of state supervision and control be banks.B\n\nAn association that had certificates of investment issued and outstanding on January 1, 1959, may become a bank upon complying with all the provisions of Chapter 8 (§ 6.2-800 et seq.).C\n\nAny person who has not obtained authorization from the Commission to do business as an association prior to October 1, 2010, shall not conduct business as an association.","order_by":null,"text":{"0":{"id":304383,"text":"An association incorporated after July 1, 1960, shall have all the powers conferred on banks, shall be subject to all restrictions applicable to banks, and shall for the purposes of state supervision and control be banks.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":304384,"text":"An association that had certificates of investment issued and outstanding on January 1, 1959, may become a bank upon complying with all the provisions of Chapter 8 (§ 6.2-800 et seq.).","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":304385,"text":"Any person who has not obtained authorization from the Commission to do business as an association prior to October 1, 2010, shall not conduct business as an association.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1405\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 433; in 1960, chapter 62; in 1966, chapter 584; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":86656,"section_number":"6.2-800","catch_line":"Definitions","order_by":null,"url":"\/6.2-800\/"}],"permalink":{"id":265745,"object_type":"law","relational_id":84948,"identifier":"6.2-1405","token":"6.2\/III\/14\/6.2-1405","url":"\/6.2-1405\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1405\/","token":"6.2\/III\/14\/6.2-1405","dublin_core":{"Title":"Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1405","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An association<\/span> incorporated after July 1, 1960, shall have all the powers conferred on banks, shall be subject to all restrictions applicable to banks, and shall for the purposes of state supervision and control be banks. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An association<\/span> that had certificates of investment issued and outstanding on January 1, 1959, may become a bank upon complying with all the provisions of Chapter 8 (§ 6.2-800<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any person<\/span> who has not obtained authorization from the Commission<\/span> to do business as an association<\/span> prior to October 1, 2010, shall not conduct business as an association<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXTENT TO WHICH ASSOCIATIONS REGARDED AS BANKS; CONVERSION OF CERTAIN\nASSOCIATIONS TO BANKS; NEW ASSOCIATIONS NOT AUTHORIZED (\u00a7 6.2-1405)\n\nA. An association incorporated after July 1, 1960, shall have all the powers\nconferred on banks, shall be subject to all restrictions applicable to banks,\nand shall for the purposes of state supervision and control be banks.\n\nB. An association that had certificates of investment issued and outstanding on\nJanuary 1, 1959, may become a bank upon complying with all the provisions of\nChapter 8 (§ 6.2-800 et seq.).\n\nC. Any person who has not obtained authorization from the Commission to do\nbusiness as an association prior to October 1, 2010, shall not conduct business\nas an association.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-245, 6-250; 1956, c. 433; 1960, c. 62; 1966, c. 584,\n\u00a7\u00a7 6.1-228, 6.1-230; 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}}