                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1400)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Affiliated person of an association&#8221; means any person which is a
subsidiary, stockholder, partner, trustee, director, officer, or employee of an
association, and any corporation 10 percent or more of the capital stock of
which is owned by an association or by any person which is a subsidiary,
stockholder, partner, trustee, director, officer, or employee of an association.
		&#8220;Association&#8221; means a corporation organized as an industrial loan
association under the provisions of the Virginia Stock Corporation Act (§
13.1-601 et seq.), the business of which is substantially confined to the
business of making loans and issuing certificates of investment.
		&#8220;Mortgage loan&#8221; means a loan made to an individual, the proceeds
of which are to be used primarily for personal, family or household purposes,
which loan is secured by a mortgage or deed of trust upon any interest in one-
to four-family residential property located in the Commonwealth, regardless of
where made, including the renewal or refinancing of any such loan, but excluding
(i) loans or extensions of credit to buyers of real property for any part of the
purchase price of such property by persons selling such property owned by them,
(ii) loans to persons related to the lender by blood or marriage, and (iii)
loans to persons who are bona fide employees of the lender. &#8220;Mortgage
loan&#8221; shall not include any loan secured by a mortgage or deed of trust
upon any interest in a more than four-family residential property or property
used for a commercial or agricultural purpose.

HISTORY: 2010, c. 794.