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2006 SESSION
HB 195 Industrial loan companies; certain provisions for those out-of-state.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Industrial loan companies. Prohibits a foreign industrial loan company from establishing or maintaining an office in Virginia on the premises or property of the company's affiliate if the affiliate engages in retail commercial activities. The measure also prohibits a Virginia-chartered industrial loan association from having an affiliate that engages in retail commercial activities; however, the prohibition does not apply to an industrial loan association with an affiliate engaged in commercial activities as of January 1, 2006.
SUMMARY AS PASSED HOUSE:
Industrial loan companies. Prohibits a foreign industrial loan company from establishing or maintaining an office in Virginia on the premises or property of the company's affiliate if the affiliate engages in commercial activities. The measure also prohibits a Virginia-chartered industrial loan association from having an affiliate that engages in commercial activities; however, the prohibition does not apply to an industrial loan association with an affiliate engaged in commercial activities as of January 1, 2006.
SUMMARY AS INTRODUCED:
Industrial loan companies. Prohibits a foreign industrial loan company from establishing or maintaining an office in Virginia on the premises or property of the company's affiliate if the affiliate engages in commercial activities. The measure also repeals provisions regarding domestic industrial loan associations.