Administrative Code

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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 20. Banking and Savings Institutions

10VAC5-20-40. State savings banks; corporate name and investment requirement.

Pursuant to § 6.2-1192 of the Code of Virginia, a state savings bank shall not be required to have as a part of its corporate name the word "savings," regardless of §§ 6.2-939, 6.2-1040, and 6.2-1116 of the Code of Virginia. Further, a state savings bank shall be deemed in compliance with the investment in "real estate loans" requirement of § 6.2-1179 if it meets the "qualified thrift lender test" set forth in 12 USC § 1468a(m)(1)(B).

Statutory Authority

§§ 6.2-1192 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 18, Issue 9, eff. December 20, 2001; amended, Virginia Register Volume 28, Issue 1, eff. September 1, 2011.

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