{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1406.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1406.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1406.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1406.html"}],"law_id":73785,"edition_id":1,"section_id":73785,"structure_id":13311,"section_number":"6.2-1406","catch_line":"Sale of certificates of investment by certain associations prohibited","history":"Code 1950, \u00a7 6-255; 1960, c. 63; 1966, c. 584, \u00a7\u00a7 6.1-229, 6.1-231; 1974, c. 176; 2010, c. 794.","full_text":"A\n\nAn association that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment.B\n\nAn association that had certificates of investment issued and outstanding on January 1, 1959, may sell certificates of investment upon either the fully paid or partial payment system. Any such association that did not obtain insurance of its liability for such certificates, through either a state or federal agency, up to the limits of insurance provided thereby prior to July 1, 1975, shall not sell such certificates after such date.","order_by":null,"text":{"0":{"id":265332,"text":"An association that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":265333,"text":"An association that had certificates of investment issued and outstanding on January 1, 1959, may sell certificates of investment upon either the fully paid or partial payment system. Any such association that did not obtain insurance of its liability for such certificates, through either a state or federal agency, up to the limits of insurance provided thereby prior to July 1, 1975, shall not sell such certificates after such date.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1406\/","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 1960, chapter 63; in 1966, chapter 584; in 1974, chapter 176; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":265749,"object_type":"law","relational_id":73785,"identifier":"6.2-1406","token":"6.2\/III\/14\/6.2-1406","url":"\/6.2-1406\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1406\/","token":"6.2\/III\/14\/6.2-1406","dublin_core":{"Title":"Sale of certificates of investment by certain associations prohibited","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1406","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An association<\/span> that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment. <\/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 sell certificates of investment upon either the fully paid or partial payment system. Any such association<\/span> that did not obtain insurance of its liability for such certificates, through either a state or federal agency, up to the limits of insurance provided thereby prior to July 1, 1975, shall not sell such certificates after such date. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSALE OF CERTIFICATES OF INVESTMENT BY CERTAIN ASSOCIATIONS PROHIBITED (\u00a7\n6.2-1406)\n\nA. An association that had no certificates of investment issued and outstanding\non January 1, 1959, may not sell certificates of investment.\n\nB. An association that had certificates of investment issued and outstanding on\nJanuary 1, 1959, may sell certificates of investment upon either the fully paid\nor partial payment system. Any such association that did not obtain insurance of\nits liability for such certificates, through either a state or federal agency,\nup to the limits of insurance provided thereby prior to July 1, 1975, shall not\nsell such certificates after such date.\n\nHISTORY: Code 1950, \u00a7 6-255; 1960, c. 63; 1966, c. 584, \u00a7\u00a7 6.1-229, 6.1-231;\n1974, c. 176; 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}}