                                 CODE OF VIRGINIA

REVOCATION OF CERTIFICATE OF AUTHORITY OF FOREIGN SAVINGS INSTITUTION (§
6.2-1154)

A. The Commission may revoke a certificate of authority of a foreign savings
institution if:

   1. The institution fails to conduct its business in the Commonwealth in a
   manner consistent with the laws of the Commonwealth;

   2. The affairs of the institution are in an unsafe condition;

   3. The institution refuses to comply with the orders of the Commission or
   refuses to comply with a request by the Commissioner to review the books and
   records of the institution; or

   4. The institution fails to pay any fees or taxes imposed by the laws of the
   Commonwealth.

B. The Commission may also revoke the certificate of authority of a foreign
savings institution at any time that the Commission determines that the state
where the principal place of business of the foreign savings institution is
located has enacted or amended its laws or regulations, or taken administrative
action, so as to prohibit or unfairly impede a state association or state
savings bank from transacting business in that state.

HISTORY: 1985, c. 425, § 6.1-194.46; 1994, c. 353; 2010, c. 794.