                                 CODE OF VIRGINIA

BONA FIDE NONPROFIT ORGANIZATIONS (§ 6.2-1701.1)

A. The Commission shall prescribe by regulation (i) the procedures and criteria
that it will use to determine whether an organization is a bona fide nonprofit
organization and (ii) the information and fees that must be submitted by an
organization to the Commission in connection with a request for a determination
under this section. In establishing the criteria for a bona fide nonprofit
organization, the Commission shall give consideration to the criteria that have
been adopted by the Consumer Financial Protection Bureau or any other federal
agency with rulemaking authority under the Act.

B. The Commission shall, as often as it deems necessary, investigate and
periodically examine the business activities, books, and records of any bona
fide nonprofit organization insofar as they pertain to the criteria that the
Commission has prescribed pursuant to clause (i) of subsection A. In the course
of such investigations and examinations, the organization being investigated or
examined shall, upon demand of the person making such investigation or
examination, afford full access to all books, records, and information that the
person making such investigation or examination deems necessary.

C. The Commission may, after providing notice and an opportunity for a hearing,
revoke its determination that an organization is a bona fide nonprofit
organization if it finds that the organization no longer meets the criteria
prescribed by the Commission pursuant to clause (i) of subsection A.

HISTORY: 2012, cc. 52, 187.