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2006 SESSION
066542372Be it enacted by the General Assembly of Virginia:
1. That §§ 6.1-2 and 6.1-227 of the Code of Virginia are amended and reenacted as follows:
§ 6.1-2. Use of funds collected under this title.
A. All fees assessed under any provision of this title and paid into the state treasury shall be deposited to a special fund designated "Financial Institutions Special Fund - State Corporation Commission," and out of such special fund and the unexpended balance thereof shall be appropriated the sums necessary for the regulation, supervision and examination of all entities subject to regulation under this title. The Commission shall have the authority to maintain a reasonable margin in the nature of a reserve in the Financial Institutions Special Fund for the expenses of operating the Bureau of Financial Institutions.
B. In order to provide additional funds for the operation of
the Bureau of Financial Institutions, the Commission is hereby authorized to
increase the fees and assessments for the examination and supervision of banks,
trust companies, savings institutions, industrial loan associations, credit
unions, consumer finance licensees and mortgage lenders and brokers to the
extent of fifty percent of the fees and assessments provided for in §§
6.1-32.25, 6.1-94, 6.1-194.85, 6.1-225.5, 6.1-237.4,
6.1-299.1 and 6.1-420.
§ 6.1-227. Offices of out-of-state industrial loan companies.
IndustrialA. As used in this
section:
"Affiliate" shall have the same meaning as set forth in § 1841(k) of the federal Bank Holding Company Act of 1956 ,12 USC § 1841 et seq., as amended.
"Industrial loan company" shall have the same meaning as set forth in § 1841(c)(2)(H) of the federal Bank Holding Company Act of 1956 ,12 USC § 1841 et seq., as amended.
B. No industrial
loan associations may be incorporated under the
provisions of the Virginia Stock Corporation Act (§ 13.1-601 et seq.) and company, chartered under the laws of another state, shall have all establish
and maintain an office in the
Commonwealth on the general powers and be
subject to all the restrictions contained in that act, except as herein
otherwise provided. But no such corporation need comply with the provisions of
subsection A of § 13.1-630premises or property of an
affiliate of such company if the affiliate engages in commercial
activities.
No such corporation incorporated prior to July 1,
1960, shall use in its corporate name or title, nor shall it do business under
the name of "bank," "savings bank," "banker,"
"trust company," "trust" or other words of similar import C.
If
the Commission determines that any industrial loan company or affiliate of such
company has violated this section, it shall order the industrial
loan company or affiliate to cease and desist
such practices and to comply with this section. The Commission may
enforce compliance with any such order
by the imposition and collection of such fines and penalties as may be
prescribed by Commission regulations.
2. That §§ 6.1-227.1 through 6.1-237.11 of the Code of Virginia are repealed.