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1997 SESSION

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CHAPTER 24 An Act to amend and reenact § 6.1-39.5 of the Code of Virginia, relating to banks; bank agent for depository institution. [S 856] Approved March 1, 1997

Be it enacted by the General Assembly of Virginia:

1. That § 6.1-39.5 of the Code of Virginia is amended and reenacted as follows:

§ 6.1-39.5. Bank agent for depository institution.

A bank that is a subsidiary of a bank holding company may act as the agent of any other depository institution affiliate in receiving deposits, renewing time deposits, closing loans, servicing loans, and receiving payments on loans and other obligations, providing other services without being deemed a branch of such affiliate, in accordance with the provisions of § 101(d) of the Riegle-Neal Interstate Banking & Branching Efficiency Act of 1994 other depository institution.