{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-803.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-803.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-803.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-803.html"}],"law_id":58014,"edition_id":1,"section_id":58014,"structure_id":15241,"section_number":"6.2-803","catch_line":"Entities authorized to engage in banking business","history":"Code 1950, \u00a7 6-9; 1966, c. 584, \u00a7 6.1-5; 1985, c. 544; 1995, c. 301; 1997, c. 801; 1999, c. 835; 2003, cc. 536, 558, 910; 2007, c. 621; 2010, c. 794.","full_text":"A\n\nNo person, except (i) corporations duly chartered and already conducting banking business in the Commonwealth under authority of the laws of the Commonwealth or the United States, (ii) corporations that shall hereafter be incorporated under, and authorized to conduct banking business in the Commonwealth under authority of, the laws of the Commonwealth, (iii) corporations that shall hereafter be authorized to do business in the Commonwealth under the banking laws of the United States, and (iv) banks authorized, after July 1, 1995, to establish and operate one or more branches in the Commonwealth under Article 6 (§ 6.2-836 et seq.) or Article 7 (§ 6.2-849 et seq.) of this chapter, shall engage in the banking business in the Commonwealth. No foreign corporation, except as permitted in Chapter 7 (§ 6.2-700 et seq.), shall engage in a banking business in the Commonwealth.B\n\nNothing in this chapter shall prevent:1\n\nAn individual from qualifying and acting as trustee, personal representative, guardian, conservator, committee or in any other fiduciary capacity;2\n\nAny person from (i) lending money on real estate and personal security or collateral, (ii) guaranteeing the payment of bonds, notes, bills and other obligations, or (iii) purchasing or selling stocks and bonds;3\n\nAny bank organized under the laws of the Commonwealth from qualifying and acting in another state as trustee, personal representative, guardian of a minor, conservator, or committee or in any other fiduciary capacity, when permitted so to do by the laws of such other state; or4\n\nAn incorporated association that is authorized to sell burial association group life insurance certificates in the Commonwealth, as described in the definition of limited burial insurance authority in § 38.2-1800, the principal purpose of which is to assist its members in (i) financial planning for their funerals and burials and (ii) obtaining insurance for the payment, in whole or in part, for funeral, burial, and related expenses, from serving as trustee of a trust established pursuant to § 54.1-2822.C\n\nNothing in this section shall be construed:1\n\nTo prevent banks organized in the Commonwealth and chartered under the laws of the United States from transacting business in the Commonwealth; or2\n\nTo prevent a real estate broker as defined in § 54.1-2100 from owning or operating a bank provided that the requirements of this chapter are met.","order_by":null,"text":{"0":{"id":212492,"text":"No person, except (i) corporations duly chartered and already conducting banking business in the Commonwealth under authority of the laws of the Commonwealth or the United States, (ii) corporations that shall hereafter be incorporated under, and authorized to conduct banking business in the Commonwealth under authority of, the laws of the Commonwealth, (iii) corporations that shall hereafter be authorized to do business in the Commonwealth under the banking laws of the United States, and (iv) banks authorized, after July 1, 1995, to establish and operate one or more branches in the Commonwealth under Article 6 (§ 6.2-836 et seq.) or Article 7 (§ 6.2-849 et seq.) of this chapter, shall engage in the banking business in the Commonwealth. No foreign corporation, except as permitted in Chapter 7 (§ 6.2-700 et seq.), shall engage in a banking business in the Commonwealth.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":212493,"text":"Nothing in this chapter shall prevent:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":212494,"text":"An individual from qualifying and acting as trustee, personal representative, guardian, conservator, committee or in any other fiduciary capacity;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":212495,"text":"Any person from (i) lending money on real estate and personal security or collateral, (ii) guaranteeing the payment of bonds, notes, bills and other obligations, or (iii) purchasing or selling stocks and bonds;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":212496,"text":"Any bank organized under the laws of the Commonwealth from qualifying and acting in another state as trustee, personal representative, guardian of a minor, conservator, or committee or in any other fiduciary capacity, when permitted so to do by the laws of such other state; or","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":212497,"text":"An incorporated association that is authorized to sell burial association group life insurance certificates in the Commonwealth, as described in the definition of limited burial insurance authority in § 38.2-1800, the principal purpose of which is to assist its members in (i) financial planning for their funerals and burials and (ii) obtaining insurance for the payment, in whole or in part, for funeral, burial, and related expenses, from serving as trustee of a trust established pursuant to § 54.1-2822.","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"C"},"6":{"id":212498,"text":"Nothing in this section shall be construed:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B4","next_prefix":"C1"},"7":{"id":212499,"text":"To prevent banks organized in the Commonwealth and chartered under the laws of the United States from transacting business in the Commonwealth; or","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"8":{"id":212500,"text":"To prevent a real estate broker as defined in § 54.1-2100 from owning or operating a bank provided that the requirements of this chapter are met.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1"}},"ancestry":[{"id":15241,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:53:15","date_modified":"2026-06-26 03:53:15","permalink":{"id":265067,"object_type":"structure","relational_id":15241,"identifier":"1","token":"6.2\/II\/8\/1","url":"\/6.2\/II\/8\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":86656,"structure_id":15241,"section_number":"6.2-800","catch_line":"Definitions","url":"\/6.2-800\/","token":"6.2\/II\/8\/1\/6.2-800","metadata":false},{"id":76477,"structure_id":15241,"section_number":"6.2-801","catch_line":"Application of chapter","url":"\/6.2-801\/","token":"6.2\/II\/8\/1\/6.2-801","metadata":false},{"id":70709,"structure_id":15241,"section_number":"6.2-802","catch_line":"Effect of chapter on certain banks","url":"\/6.2-802\/","token":"6.2\/II\/8\/1\/6.2-802","metadata":false},{"id":58014,"structure_id":15241,"section_number":"6.2-803","catch_line":"Entities authorized to engage in banking business","url":"\/6.2-803\/","token":"6.2\/II\/8\/1\/6.2-803","metadata":false},{"id":67901,"structure_id":15241,"section_number":"6.2-804","catch_line":"Amendment of powers of state banks by regulation of the Commission","url":"\/6.2-804\/","token":"6.2\/II\/8\/1\/6.2-804","metadata":false},{"id":67968,"structure_id":15241,"section_number":"6.2-805","catch_line":"Commission authorized to confer on state banks power to make charges comparable to those permitted to national banking associations","url":"\/6.2-805\/","token":"6.2\/II\/8\/1\/6.2-805","metadata":false},{"id":76934,"structure_id":15241,"section_number":"6.2-806","catch_line":"Saturday closing of banks","url":"\/6.2-806\/","token":"6.2\/II\/8\/1\/6.2-806","metadata":false},{"id":75537,"structure_id":15241,"section_number":"6.2-807","catch_line":"Discoverability or admissibility of compliance review committee documents","url":"\/6.2-807\/","token":"6.2\/II\/8\/1\/6.2-807","metadata":false}],"previous_section":{"id":70709,"structure_id":15241,"section_number":"6.2-802","catch_line":"Effect of chapter on certain banks","url":"\/6.2-802\/","token":"6.2\/II\/8\/1\/6.2-802","metadata":false},"next_section":{"id":67901,"structure_id":15241,"section_number":"6.2-804","catch_line":"Amendment of powers of state banks by regulation of the Commission","url":"\/6.2-804\/","token":"6.2\/II\/8\/1\/6.2-804","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-803\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 8 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 1966, chapter 584; in 1985, chapter 544; in 1995, chapter 301<\/a>; in 1997, chapter 801<\/a>; in 1999, chapter 835<\/a>; in 2003, chapters 536<\/a>, 558<\/a>, and 910<\/a>; in 2007, chapter 621<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":70709,"section_number":"6.2-802","catch_line":"Effect of chapter on certain banks","order_by":null,"url":"\/6.2-802\/"},{"id":69027,"section_number":"64.2-1306","catch_line":"Testamentary trustees","order_by":null,"url":"\/64.2-1306\/"},{"id":64797,"section_number":"64.2-1400","catch_line":"Authority to qualify trustee; necessity for security; notice of qualification; qualification by less than all of trustees named","order_by":null,"url":"\/64.2-1400\/"}],"refers_to":[{"id":67482,"section_number":"38.2-1800","catch_line":"Definitions","order_by":null,"url":"\/38.2-1800\/"},{"id":74059,"section_number":"54.1-2100","catch_line":"Definitions","order_by":null,"url":"\/54.1-2100\/"},{"id":75055,"section_number":"6.2-700","catch_line":"Definitions","order_by":null,"url":"\/6.2-700\/"},{"id":58856,"section_number":"6.2-836","catch_line":"Definitions","order_by":null,"url":"\/6.2-836\/"},{"id":73045,"section_number":"6.2-849","catch_line":"Definitions","order_by":null,"url":"\/6.2-849\/"}],"permalink":{"id":265081,"object_type":"law","relational_id":58014,"identifier":"6.2-803","token":"6.2\/II\/8\/1\/6.2-803","url":"\/6.2-803\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-803\/","token":"6.2\/II\/8\/1\/6.2-803","dublin_core":{"Title":"Entities authorized to engage in banking business","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-803","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No person<\/span>, except (i) corporations duly chartered and already conducting banking business in the Commonwealth under authority of the laws<\/span> of the Commonwealth or the United States, (ii) corporations that shall hereafter be incorporated under, and authorized to conduct banking business in the Commonwealth under authority of, the laws<\/span> of the Commonwealth, (iii) corporations that shall hereafter be authorized to do business in the Commonwealth under the banking laws<\/span> of the United States, and (iv) banks<\/span> authorized, after July 1, 1995, to establish and operate one or more branches in the Commonwealth under Article 6 (§ 6.2-836<\/a> et seq.) or Article 7 (§ 6.2-849<\/a> et seq.) of this chapter, shall engage in the banking business in the Commonwealth. No foreign corporation, except as permitted in Chapter 7 (§ 6.2-700<\/a> et seq.), shall engage in a banking business in the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Nothing in this chapter shall prevent: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> An individual from qualifying and acting as trustee, personal representative, guardian, conservator, committee or in any other fiduciary capacity; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Any person<\/span> from (i) lending money on real estate and personal security or collateral<\/span>, (ii) guaranteeing the payment of bonds<\/span>, notes, bills and other obligations, or (iii) purchasing or selling stocks and bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any bank<\/span> organized under the laws<\/span> of the Commonwealth from qualifying and acting in another state as trustee, personal representative, guardian of a minor<\/span>, conservator, or committee or in any other fiduciary capacity, when permitted so to do by the laws<\/span> of such other state; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> An incorporated association that is authorized to sell burial association group life insurance certificates in the Commonwealth, as described in the definition of limited burial insurance authority in § 38.2-1800<\/a>, the principal purpose of which is to assist its members in (i) financial planning for their funerals and burials and (ii) obtaining insurance for the payment, in whole or in part, for funeral, burial, and related expenses, from serving as trustee of a trust established pursuant to § 54.1-2822<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Nothing in this section shall be construed: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To prevent banks<\/span> organized in the Commonwealth and chartered under the laws<\/span> of the United States from transacting business in the Commonwealth; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To prevent a real estate broker as defined in § 54.1-2100<\/a> from owning or operating a bank<\/span> provided that the requirements of this chapter are met. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nENTITIES AUTHORIZED TO ENGAGE IN BANKING BUSINESS (\u00a7 6.2-803)\n\nA. No person, except (i) corporations duly chartered and already conducting\nbanking business in the Commonwealth under authority of the laws of the\nCommonwealth or the United States, (ii) corporations that shall hereafter be\nincorporated under, and authorized to conduct banking business in the\nCommonwealth under authority of, the laws of the Commonwealth, (iii)\ncorporations that shall hereafter be authorized to do business in the\nCommonwealth under the banking laws of the United States, and (iv) banks\nauthorized, after July 1, 1995, to establish and operate one or more branches in\nthe Commonwealth under Article 6 (§ 6.2-836 et seq.) or Article 7 (§\n6.2-849 et seq.) of this chapter, shall engage in the banking business in the\nCommonwealth. No foreign corporation, except as permitted in Chapter 7 (§\n6.2-700 et seq.), shall engage in a banking business in the Commonwealth.\n\nB. Nothing in this chapter shall prevent:\n\n 1. An individual from qualifying and acting as trustee, personal\n representative, guardian, conservator, committee or in any other fiduciary\n capacity;\n\n 2. Any person from (i) lending money on real estate and personal security or\n collateral, (ii) guaranteeing the payment of bonds, notes, bills and other\n obligations, or (iii) purchasing or selling stocks and bonds;\n\n 3. Any bank organized under the laws of the Commonwealth from qualifying and\n acting in another state as trustee, personal representative, guardian of a\n minor, conservator, or committee or in any other fiduciary capacity, when\n permitted so to do by the laws of such other state; or\n\n 4. An incorporated association that is authorized to sell burial association\n group life insurance certificates in the Commonwealth, as described in the\n definition of limited burial insurance authority in § 38.2-1800, the\n principal purpose of which is to assist its members in (i) financial planning\n for their funerals and burials and (ii) obtaining insurance for the payment,\n in whole or in part, for funeral, burial, and related expenses, from serving\n as trustee of a trust established pursuant to § 54.1-2822.\n\nC. Nothing in this section shall be construed:\n\n 1. To prevent banks organized in the Commonwealth and chartered under the laws\n of the United States from transacting business in the Commonwealth; or\n\n 2. To prevent a real estate broker as defined in § 54.1-2100 from owning\n or operating a bank provided that the requirements of this chapter are met.\n\nHISTORY: Code 1950, \u00a7 6-9; 1966, c. 584, \u00a7 6.1-5; 1985, c. 544; 1995, c. 301;\n1997, c. 801; 1999, c. 835; 2003, cc. 536, 558, 910; 2007, c. 621; 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}}