LIS

Virginia Law

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 50. Industrial Loan Associations
11/21/2024

10VAC5-50-20. Surety bond upon all active officers.

A. Every industrial loan association as defined in Chapter 14 (§ 6.2-1400 et seq.) of Title 6.2 of the Code of Virginia shall obtain and keep in force upon all its active officers a bond or bonds in a surety company authorized to do business in this Commonwealth in the penalty of whatever amount is deemed appropriate by its board of directors.

B. No bond given pursuant to this section may be cancelled without first giving the Commissioner of Financial Institutions 10 days written notice of such cancellation, and every such bond shall contain a provision to that effect.

Statutory Authority

§ 6.2-1404 of the Code of Virginia.Historical NotesDerived from VR225-01-0502, eff. February 27, 1981; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.