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1997 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 6.1-5.1 of the Code of Virginia is amended and reenacted and that the Code of Virginia is amended by adding a section numbered 6.1-225.3:1 as follows:
§ 6.1-5.1. Amendment of powers of state banks by regulation of the Commission.
A. In addition to the powers specifically granted to banks by the
provisions of this chapter, the State Corporation Commission may by
appropriate regulation amend the powers of state banks so as to
allow such state banks to engage in any activity in which a bank subject to the
jurisdiction of the federal government may be authorized by federal legislation
or regulation to engage. The Commission shall adopt such regulation only
after public hearing thereon, notice of which shall be sent to every bank
authorized under the laws of this Commonwealth to conduct its business in
Virginia. Such regulations shall be effective upon their adoption, and shall
continue in effect until ninety days following the adjournment sine die of the
next regular session of the General Assembly of Virginia following their
adoption, after which new regulations may be adopted pursuant to the provisions
of this section.
B. The Commission may further adopt regulations defining what is or is not
a branch within § 6.1-39.3 and further defining what activities are or are
not Furthermore, by adopting regulations the Commission may specify
the activities that are permitted to be conducted at a location which is
not authorized as a branch under § 6.1-39.3, so as to allow a state bank
to engage in any activity in which a bank subject to the jurisdiction of the
federal government may engage, at a location other than a branch
established under 12 U.S.C. § 36. Such regulation shall
remain in effect until modified or revoked by the State Corporation Commission
or by the General Assembly. The requirement of a public hearing shall not
automatically apply to regulations promulgated under this subsection, but the
State Corporation Commission may have such hearing as it deems
appropriate. Regulations authorized by this section shall
be adopted as provided in the Commission's Rules of Practice and Procedure (5
VAC 5-10-10 et seq.).
§ 6.1-225.3:1. Regulations to permit state chartered credit unions to have powers comparable to federal credit unions.
The Commission is authorized to adopt such regulations as may be necessary to permit state chartered credit unions to have powers comparable with those of federally chartered credit unions regardless of any then existing statute, regulation or court decision limiting or denying such powers to state chartered credit unions. The requirement of a public hearing shall not automatically apply to regulations promulgated under this section, but the Commission may have such hearings as it deems appropriate.