{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-603.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-603.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-603.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-603.html"}],"law_id":67162,"edition_id":1,"section_id":67162,"structure_id":13917,"section_number":"6.2-603","catch_line":"Medical savings accounts and health savings accounts","history":"1999, c. 331, \u00a7 6.1-2.9:8; 2005, cc. 503, 572; 2010, c. 794.","full_text":"To the extent allowed by federal law, a bank, insured savings institution, or credit union may act as a trustee or custodian of health savings accounts established with financial institutions under \u00a7 223 of the United States Internal Revenue Code of 1986, as amended from time to time, and medical savings accounts established with financial institutions under \u00a7 220 of the United States Internal Revenue Code of 1986, as amended from time to time. Contributions may be accepted and interest thereon retained by such institution pursuant to forms provided by it and may be invested in accounts of the institution in accordance with the terms upon which such contributions were accepted. The financial institution shall administer such accounts in accordance with the requirements of federal law.","order_by":null,"text":{"0":{"id":243367,"text":"To the extent allowed by federal law, a bank, insured savings institution, or credit union may act as a trustee or custodian of health savings accounts established with financial institutions under \u00a7 223 of the United States Internal Revenue Code of 1986, as amended from time to time, and medical savings accounts established with financial institutions under \u00a7 220 of the United States Internal Revenue Code of 1986, as amended from time to time. Contributions may be accepted and interest thereon retained by such institution pursuant to forms provided by it and may be invested in accounts of the institution in accordance with the terms upon which such contributions were accepted. The financial institution shall administer such accounts in accordance with the requirements of federal law.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13917,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13916,"metadata":{},"date_created":"2026-06-26 03:46:17","date_modified":"2026-06-26 03:46:17","permalink":{"id":264903,"object_type":"structure","relational_id":13917,"identifier":"1","token":"6.2\/II\/6\/1","url":"\/6.2\/II\/6\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13916,"edition_id":1,"name":"Deposits and Accounts","identifier":"6","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:46:17","date_modified":"2026-06-26 03:46:17","permalink":{"id":264901,"object_type":"structure","relational_id":13916,"identifier":"6","token":"6.2\/II\/6","url":"\/6.2\/II\/6\/","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":63287,"structure_id":13917,"section_number":"6.2-600","catch_line":"Repealed","url":"\/6.2-600\/","token":"6.2\/II\/6\/1\/6.2-600","metadata":false},{"id":71552,"structure_id":13917,"section_number":"6.2-601","catch_line":"Federal insurance of deposits required for all banks or savings institutions","url":"\/6.2-601\/","token":"6.2\/II\/6\/1\/6.2-601","metadata":false},{"id":59315,"structure_id":13917,"section_number":"6.2-602","catch_line":"Adverse claims to accounts","url":"\/6.2-602\/","token":"6.2\/II\/6\/1\/6.2-602","metadata":false},{"id":67162,"structure_id":13917,"section_number":"6.2-603","catch_line":"Medical savings accounts and health savings accounts","url":"\/6.2-603\/","token":"6.2\/II\/6\/1\/6.2-603","metadata":false},{"id":54965,"structure_id":13917,"section_number":"6.2-603.1","catch_line":"Savings promotions","url":"\/6.2-603.1\/","token":"6.2\/II\/6\/1\/6.2-603.1","metadata":false}],"previous_section":{"id":59315,"structure_id":13917,"section_number":"6.2-602","catch_line":"Adverse claims to accounts","url":"\/6.2-602\/","token":"6.2\/II\/6\/1\/6.2-602","metadata":false},"next_section":{"id":54965,"structure_id":13917,"section_number":"6.2-603.1","catch_line":"Savings promotions","url":"\/6.2-603.1\/","token":"6.2\/II\/6\/1\/6.2-603.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-603\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapter 331<\/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. It has been modified 2 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 2005, chapters 503<\/a> and 572<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264917,"object_type":"law","relational_id":67162,"identifier":"6.2-603","token":"6.2\/II\/6\/1\/6.2-603","url":"\/6.2-603\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-603\/","token":"6.2\/II\/6\/1\/6.2-603","dublin_core":{"Title":"Medical savings accounts and health savings accounts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-603","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

To the extent allowed by federal law<\/span>, a bank, insured savings institution, or credit union may act as a trustee or custodian of health savings accounts established with financial institutions<\/span> under \u00a7 223 of the United States Internal Revenue Code of 1986, as amended from time to time, and medical savings accounts established with financial institutions<\/span> under \u00a7 220 of the United States Internal Revenue Code of 1986, as amended from time to time. Contributions may be accepted and interest thereon retained by such institution pursuant to forms provided by it and may be invested in accounts of the institution in accordance with the terms upon which such contributions were accepted. The financial institution<\/span> shall administer such accounts in accordance with the requirements of federal law<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMEDICAL SAVINGS ACCOUNTS AND HEALTH SAVINGS ACCOUNTS (\u00a7 6.2-603)\n\nTo the extent allowed by federal law, a bank, insured savings institution, or\ncredit union may act as a trustee or custodian of health savings accounts\nestablished with financial institutions under \u00a7 223 of the United States\nInternal Revenue Code of 1986, as amended from time to time, and medical savings\naccounts established with financial institutions under \u00a7 220 of the United\nStates Internal Revenue Code of 1986, as amended from time to time.\nContributions may be accepted and interest thereon retained by such institution\npursuant to forms provided by it and may be invested in accounts of the\ninstitution in accordance with the terms upon which such contributions were\naccepted. The financial institution shall administer such accounts in accordance\nwith the requirements of federal law.\n\nHISTORY: 1999, c. 331, \u00a7 6.1-2.9:8; 2005, cc. 503, 572; 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}}