{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1418.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1418.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1418.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1418.html"}],"law_id":54528,"edition_id":1,"section_id":54528,"structure_id":13311,"section_number":"6.2-1418","catch_line":"Suspension or revocation of authority","history":"1993, c. 419, \u00a7 6.1-237.8; 2010, c. 794.","full_text":"A\n\nThe Commission may suspend or revoke the authority of an association to do business upon any of the following grounds:1\n\nAny violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of its business;2\n\nA course of conduct consisting of failure to perform written agreements with borrowers;3\n\nFailure to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;4\n\nFailure to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan, taking into account any applicable right of rescission;5\n\nConviction of any felony or misdemeanor involving fraud, misrepresentation, or deceit;6\n\nEntry of judgment against such association involving fraud, misrepresentation, or deceit;7\n\nEntry of a federal or state administrative order against such association for violation of any law or regulation applicable to the conduct of its business;8\n\nRefusal to permit an investigation or examination by the Commission;9\n\nFailure to pay any fee or assessment imposed by this chapter; or10\n\nFailure to comply with any order of the Commission.B\n\nFor the purposes of this section, acts of any officer, director, or principal stockholder shall be deemed acts of the association.","order_by":null,"text":{"0":{"id":200214,"text":"The Commission may suspend or revoke the authority of an association to do business upon any of the following grounds:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":200215,"text":"Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of its business;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":200216,"text":"A course of conduct consisting of failure to perform written agreements with borrowers;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":200217,"text":"Failure to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":200218,"text":"Failure to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan, taking into account any applicable right of rescission;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":200219,"text":"Conviction of any felony or misdemeanor involving fraud, misrepresentation, or deceit;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":200220,"text":"Entry of judgment against such association involving fraud, misrepresentation, or deceit;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":200221,"text":"Entry of a federal or state administrative order against such association for violation of any law or regulation applicable to the conduct of its business;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":200222,"text":"Refusal to permit an investigation or examination by the Commission;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":200223,"text":"Failure to pay any fee or assessment imposed by this chapter; or","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":200224,"text":"Failure to comply with any order of the Commission.","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"B"},"11":{"id":200225,"text":"For the purposes of this section, acts of any officer, director, or principal stockholder shall be deemed acts of the association.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A10"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1418\/","history_text":"

This law was first created in 1993. The record of its establishment is cataloged in chapter 419 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 1993 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":[{"id":55769,"section_number":"6.2-1419","catch_line":"Cease and desist orders","order_by":null,"url":"\/6.2-1419\/"},{"id":74966,"section_number":"6.2-1420","catch_line":"Notice of proposed suspension or revocation","order_by":null,"url":"\/6.2-1420\/"}],"refers_to":false,"permalink":{"id":265797,"object_type":"law","relational_id":54528,"identifier":"6.2-1418","token":"6.2\/III\/14\/6.2-1418","url":"\/6.2-1418\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1418\/","token":"6.2\/III\/14\/6.2-1418","dublin_core":{"Title":"Suspension or revocation of authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1418","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> may suspend or revoke the authority of an association<\/span> to do business upon any of the following grounds: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Any violation of the provisions of this chapter or regulations adopted by the Commission<\/span> pursuant thereto, or a violation of any other law<\/span> or regulation applicable to the conduct of its business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A course of conduct consisting of failure to perform written agreements with borrowers; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Failure to account for funds received or disbursed to the satisfaction of the person<\/span> supplying or receiving such funds; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Failure to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan<\/span>, taking into account any applicable right of rescission; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Conviction<\/span> of any felony<\/span> or misdemeanor<\/span> involving fraud<\/span>, misrepresentation, or deceit; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Entry of judgment<\/span> against such association<\/span> involving fraud<\/span>, misrepresentation, or deceit; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Entry of a federal or state administrative order<\/span> against such association<\/span> for violation of any law<\/span> or regulation applicable to the conduct of its business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Refusal to permit an investigation or examination by the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Failure to pay any fee or assessment imposed by this chapter; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Failure to comply with any order<\/span> of the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For the purposes of this section, acts of any officer, director, or principal stockholder shall be deemed acts of the association<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSUSPENSION OR REVOCATION OF AUTHORITY (\u00a7 6.2-1418)\n\nA. The Commission may suspend or revoke the authority of an association to do\nbusiness upon any of the following grounds:\n\n 1. Any violation of the provisions of this chapter or regulations adopted by\n the Commission pursuant thereto, or a violation of any other law or regulation\n applicable to the conduct of its business;\n\n 2. A course of conduct consisting of failure to perform written agreements\n with borrowers;\n\n 3. Failure to account for funds received or disbursed to the satisfaction of\n the person supplying or receiving such funds;\n\n 4. Failure to disburse funds in accordance with any agreement connected with,\n and promptly upon closing of, a mortgage loan, taking into account any\n applicable right of rescission;\n\n 5. Conviction of any felony or misdemeanor involving fraud, misrepresentation,\n or deceit;\n\n 6. Entry of judgment against such association involving fraud,\n misrepresentation, or deceit;\n\n 7. Entry of a federal or state administrative order against such association\n for violation of any law or regulation applicable to the conduct of its\n business;\n\n 8. Refusal to permit an investigation or examination by the Commission;\n\n 9. Failure to pay any fee or assessment imposed by this chapter; or\n\n 10. Failure to comply with any order of the Commission.\n\nB. For the purposes of this section, acts of any officer, director, or principal\nstockholder shall be deemed acts of the association.\n\nHISTORY: 1993, c. 419, \u00a7 6.1-237.8; 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}}