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2006 SESSION

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VIRGINIA ACTS OF ASSEMBLY -- CHAPTER An Act to amend the Code of Virginia by adding sections numbered 6.1-232.2 and 6.1-232.3, relating to industrial loan associations and companies. [H 195] Approved

 

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding sections numbered 6.1-232.2 and 6.1-232.3, as follows:

§ 6.1-232.2. Commercial activities of industrial loan associations.

A. No industrial loan association chartered under this title shall have an affiliate, as defined in § 6.1-232.3, that engages in retail commercial activities.

B. The prohibition in subsection A shall not apply to any industrial loan association with an affiliate engaged in commercial activities as of January 1, 2006, provided that ownership of such industrial loan association is not thereafter transferred to another company that engages in retail commercial activities.

C. If the Commission determines that any industrial loan association or affiliate of such company has violated this section, it shall order the industrial loan association or affiliate to cease and desist such practices and comply with this section.  The Commission may enforce compliance with any such order by the imposition and collection of such fines as are prescribed by § 12.1-33.

§ 6.1-232.3. Offices of out-of-state industrial loan companies.

A. 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 company, chartered under the laws of another state, shall establish and maintain an office in the Commonwealth on the premises or property of an affiliate of such company if the affiliate engages in retail commercial activities.

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 as are prescribed by § 12.1-33.