Administrative Code

Virginia Administrative Code
Title 10. Finance and Financial Institutions
Agency 5. State Corporation Commission
8/23/2019

Chapter 50. Industrial Loan Associations

10VAC5-50-10. Disclosure on debt instruments; minimum amount and maturity.

No bond, debenture, or other evidence of debt, however described, shall be offered, nor shall any such instrument be issued for offer to the general public by advertisement or solicitation, unless such instrument states on its face in a prominent manner the words:

"This instrument is not a deposit. It is not insured or guaranteed by any governmental agency or private insurance company."

No such evidence of debt shall mature less than one year from its issuance, nor shall any such instrument be issued for an amount less than $1,000.

Statutory Authority

§ 6.2-1404 of the Code of Virginia.

Historical Notes

Derived from VR225-01-0501, eff. February 6, 1975.

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 Notes

Derived from VR225-01-0502, eff. February 27, 1981; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.

10VAC5-50-30. Schedule prescribing annual fees paid for examination, supervision, and regulation of industrial loan associations.

Pursuant to the provision of § 6.2-1414 of the Code of Virginia, the State Corporation Commission hereby promulgates the following schedule prescribing the annual fee to be paid by every industrial loan association for its supervision and regulation, as follows:

SCHEDULE

Asset Interval

Fee

Assets Exceeding

But Not Exceeding

Pay This Amount

Plus

Assets Exceeding

$0

$2 million

$1,200

0

2 million

5 million

1,200

.000900

x

$2 million

5 million

25 million

3,900

.000120

x

5 million

25 million

6,300

.000060

x

25 million

The assessment calculation shall be rounded down to the nearest whole dollar amount. The assessment shall be computed on the basis of the association's total assets as shown by its last Consolidated Report of Condition made as of the close of business for the preceding calendar year as filed with the Bureau of Financial Institutions.

Statutory Authority

§ 6.2-1404 of the Code of Virginia.

Historical Notes

Derived from VR225-01-0503, eff. July 1, 1990; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.



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