                                 CODE OF VIRGINIA

REPORTS TO COMMISSION; PENALTY FOR FAILURE TO MAKE REPORTS (§ 6.2-1311)

A. No later than March 31 of each year, each credit union shall report to the
Commission regarding its condition as of the close of business on the preceding
December 31. These reports shall be signed by the president or the chairman and
the treasurer or secretary, or by the majority of the members of the supervisory
committee. A credit union shall make such other reports as the Commissioner
shall at any time demand.

B. The Commission may allow a credit union to make the reports required by this
section electronically, in accordance with procedures established by the
Commission. A credit union that submits a report electronically shall maintain a
copy of the report with the required certified signatures affixed.

C. If any credit union (i) neglects or refuses to make its reports as provided
in this chapter for more than 15 days or (ii) fails to pay such charges as are
required under this chapter, including any charges for delay in filing reports,
the Commission may impose a civil penalty not exceeding $100 per day upon the
credit union, to a maximum of $5,000, or the Commission may give notice to such
credit union of its intention to revoke the certificate of authority of the
credit union for such neglect or failure. If such neglect or failure continues
for 15 days after such notice, then the Commission may revoke or suspend the
certificate of authority of the credit union. In such event, the Commission may,
in its discretion, (a) close such credit union and take possession of its
property and business until such time as it may see fit to allow the credit
union to resume business or (b) proceed to finally liquidate such business.

HISTORY: Code 1950, §§ 6-229, 6-231; 1956, c. 90; 1964, c. 75; 1966, c. 584,
§§ 6.1-220, 6.1-222; 1976, c. 658; 1990, c. 373, § 6.1-225.6; 1998, c. 34;
2010, c. 794.