                                 CODE OF VIRGINIA

ACCESS TO BOOKS AND RECORDS; COMMUNICATION WITH MEMBERS (§ 6.2-1125)

A. Every person having an account or loan with a savings institution shall have
the right to inspect the books and records of the institution that pertain to
his loan or account. In all other situations the right to inspect and examine
the institution&#8217;s books and records shall be limited to:

   1. The Commissioner or his duly authorized representatives;

   2. Persons duly authorized to act for the institution; and

   3. Any federal or state instrumentality or agency authorized to inspect or
   examine the books and records of such institution.

B. The books and records pertaining to the accounts and loans of a savings
institution shall be kept confidential by the institution, its directors,
officers, and employees except where the disclosure thereof shall be compelled
by an appropriate court or otherwise required by law. No person shall have
access to the books and records of the institution or shall be furnished or
shall possess information concerning individual accounts or loans of the
institution or concerning the owners of such accounts or borrowers, except as
authorized in writing by the account owner or borrower or as otherwise expressly
authorized by law. A savings institution is authorized to release, publish or
furnish general information and statistical data concerning its accounts and
loans, provided the identity of individual account owners or borrowers, and
other confidential information, is not revealed.

C. If any member of a mutual savings institution desires to communicate with
other members with reference to any questions pending or to be presented for
consideration at a meeting of the members, the institution shall furnish upon
request a statement of the approximate number of members of the institution at
the time of such request and an estimate of the cost of forwarding such
communication. The requesting member shall then submit the communication,
together with a sworn statement that the proposed communication is not for any
reason other than the business welfare of the institution, to the Commissioner.
If the Commissioner finds the communication to be appropriate, truthful and in
the best interest of the institution and its members, he shall execute a
certificate setting out such findings, forward the certificate together with the
communication to the institution, and direct that the communication be prepared
and mailed by the institution to the members upon the requesting member&#8217;s
payment to it of the expenses of such preparation and mailing. If the
Commissioner finds such proposed communication to be inappropriate, untruthful,
or contrary to the best interest of the institution and its members, he may make
any disposition of the request to communicate that he deems proper and he shall
execute a certificate setting out such findings and deliver it to the requesting
member together with his order making disposition of the request.

D. Insofar as the provisions of this section are not inconsistent with federal
law, such provisions shall apply to federal savings institutions whose home
offices are located in the Commonwealth, except that the communication and
statement provided for in subsection C shall be tendered to the appropriate
federal agency in the case of a federal savings institution and forwarded only
upon that agency&#8217;s certificate and direction.

E. Nothing in this section shall be construed to prohibit a savings institution
from furnishing the names, addresses and telephone numbers of its customers to
an affiliate of the institution or an entity with whom the institution has a
direct contractual relationship, for purposes of furnishing financial services
to the institution&#8217;s customers. Such affiliate or entity shall not furnish
such customer information to any third party without the written authorization
of the customer.

HISTORY: Code 1950, § 6-201.39; 1960, c. 402; 1966, c. 584, § 6.1-169; 1972,
c. 796, § 6.1-195.46; 1985, c. 425, § 6.1-194.18; 1988, c. 555; 1990, c. 3;
1994, c. 319; 2010, c. 794.