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Virginia Administrative Code
Title 10. Finance And Financial Institutions
10/4/2025

Agency 5. State Corporation Commission

Preface

VAC AGENCY NO. 5

STATE CORPORATION COMMISSION

BUREAU OF FINANCIAL INSTITUTIONS

AGENCY SUMMARY

The State Corporation Commission is charged with administering the statutes providing for the supervision of banks and trust companies. It issues certificates of authority to engage in such businesses. It may require reports and examine such institutions. Its approval is required for bank mergers, the establishment and relocation of branches and trust offices, and for a variety of other transactions. It may order compliance, close an institution, or remove directors and officers for continued violations of laws or regulations. Code of Virginia, Title 6.2, Chapters 8 and 10. The commission has similar authority respecting trust subsidiaries, savings institutions, and credit unions. Code of Virginia, Title 6.2, Chapters 10, 11, and 13. The commission is authorized to adopt such regulations as may be necessary to permit state chartered banks, savings institutions, and credit unions to have powers comparable with those of federally chartered depository institutions. Code of Virginia, Title 6.2, Chapters 8, 11, and 13. Financial institution holding companies are required to register and file reports with the commission.  The commission may examine such holding companies and order them to discontinue unsafe or unsound practices. Code of Virginia, Title 6.2, Chapter 7.

The commission licenses and examines consumer finance companies and it may adopt and enforce regulations governing the conduct of licensees' business. Code of Virginia, Title 6.2, Chapter 15. The commission has similar authority respecting mortgage lenders and mortgage brokers, mortgage loan originators, payday lenders, money order sellers and money transmitters, persons offering debt management plans, motor vehicle title lenders, debt settlement services providers, and qualified education loan servicers. Code of Virginia, Title 6.2, Chapters 16, 17, 18, 19, 20, 20.1, 22, and 26. The commission supervises industrial loan associations and it may adopt and enforce regulations governing the conduct of their business. Code of Virginia, Title 6.2, Chapter 14. It registers persons engaged in business as check cashers and sales-based financing providers and it may adopt and enforce regulations governing the conduct of their business. Code of Virginia, Title 6.2, Chapters 21 and 22.1. The commission is authorized to adopt regulations governing the conduct of settlement agent business by financial institutions and their subsidiaries and affiliates. Code of Virginia, Title 55, Chapter 27.3. It is authorized to adopt regulations to carry out the chapter providing for equal credit opportunity and to investigate and mediate complaints of violations. Code of Virginia, Title 6.2, Chapter 5.

Regulations are available at the Bureau of Financial Institutions' office, 1300 East Main Street, Eighth Floor, Post Office Box 640, Richmond, VA 23218-0640. Internet address: http://www.scc.virginia.gov/bfi/index.aspx.

Rev. 8/2025

Chapter 10
Delegation of Certain Authority to the Commissioner of the Bureau of Financial InstitutionsRead all
Section 10
Powers Delegated to Commissioner of Financial Institutions
Chapter 20
Banking and Savings InstitutionsRead all
Section 10
Interest Rate for State-Chartered Banks
Section 20
Reserves of Virginia Banks
Section 30
Schedule Prescribing Annual Fees Paid for Examination, Supervision, and Regulation of State-Chartered Banks and Savings Institutions
Section 40
State Savings Banks; Corporate Name and Investment Requirement
Section 50
Conversion of Mutual to Stock Association
Chapter 22
Trust Company RegulationsRead all
Section 10
Definitions
Section 20
Preliminary Statement; Responsibility of the Board of Directors; Meetings of the Board
Section 30
Composition of Affiliated Trust Company Board; Prohibitions on Dual Service
Section 40
Reports of Condition; Annual Audits
Section 50
Insurance Required
Section 60
Investments
Section 70
Loans to Certain Persons Prohibited
Section 80
Delegation of Trust Functions; Confidentiality
Section 90
Trust Administration As Individual, Receipt of Income from Licensed Activities Prohibited
Section 100
Securities Advice Prohibited; Exception
Section 110
Agency or Marketing Activity Prohibited
Section 120
Services by Affiliate
Section 130
Referral of Securities Transactions
Section 140
Purchases from Affiliate Prohibited; Exceptions; Terms
Section 150
Separate Offices Required
Chapter 30
Savings Institution Holding CompaniesRead all
Section 10
Definitions
Section 20
Scope
Section 30
Requirement of an Application
Section 40
Standard for Approval
Section 50
The Application Process
Section 60
Reporting
Section 70
Books and Records
Section 80
Examination of Holding Company
Section 90
Cease and Desist Order
Chapter 40
Credit UnionsRead all
Section 5
Definitions
Section 10
Surety Bond Amount Required
Section 20
Schedule Prescribing Annual Fees Paid for Examination, Supervision, and Regulation of State Chartered Credit Unions
Section 30
Regular Reserve Accounts
Section 40
Serving Underserved Areas
Section 50
Services for Nonmembers within the Field of Membership
Section 60
Credit Union Service Organizations (Cusos)
Section 70
Low-Income Designated Credit Unions
Section 80
Loan Participations
Section 90
Benefits for Employees of State-Chartered Credit Unions
Chapter 50
Industrial Loan AssociationsRead all
Section 10
Disclosure on Debt Instruments; Minimum Amount and Maturity
Section 20
Surety Bond Upon All Active Officers
Section 30
Schedule Prescribing Annual Fees Paid for Examination, Supervision, and Regulation of Industrial Loan Associations
Chapter 60
Consumer Finance CompaniesRead all
Section 5
Definitions
Section 10
[Repealed]
Section 15
Surety Bond; Other Requirements for Licensees; Acquisitions
Section 20
Additional Business Requirements and Restrictions
Section 25
Access Partners
Section 30
Repayment of Loans Through Payroll Deductions
Section 35
Advertising
Section 40
[Repealed]
Section 45
Conducting Other Business
Section 50
[Repealed]
Section 55
Books, Accounts, and Records; Responding to Requests from the Bureau; Providing False, Misleading, or Deceptive Information
Section 60
Schedule Prescribing Annual Fees Paid for Examination, Supervision, and Regulation of Consumer Finance Companies
Section 65
Enforcement; Civil Penalties
Section 70
Commission Authority
Chapter 70
Sale of Noncredit-Related Life Insurance in Consumer Finance OfficesRead all
Section 10
Legal Compliance
Section 20
Separation of Lending and Insurance Sales
Section 30
Purchaser's Right to Cancel Insurance
Section 40
Compliance with Insurance Laws
Section 50
Examination of Records
Section 60
Effect of Chapter
Chapter 80
Real Estate Settlement Agent RulesRead all
Section 10
Definitions
Section 20
Registration with the Virginia State Bar
Section 30
Financial Responsibility Requirements
Section 40
Escrow Accounts and Audits
Section 50
Unauthorized Practice of Law Guidelines
Section 60
Access to Records
Section 70
Parties Not Affected
DIBR
Documents Incorporated by Reference (10VAC5-80)
Chapter 90
[Reserved]Read all
Chapter 100
Nonprofit Debt Counseling Agencies [Repealed]Read all
Section 10
[Repealed]
Chapter 110
Credit CounselingRead all
Section 10
Definitions
Section 20
Surety Bond Standards; Reporting Requirements
Section 30
Schedule of Annual Fees for the Examination, Supervision, and Regulation of Agencies Providing Debt Management Plans
Section 40
Operating Requirements
Section 50
Advertising
Section 60
Enforcement
Section 70
Commission Authority
Chapter 120
Money Order Sellers and Money TransmittersRead all
Section 10
Definitions
Section 20
Surety Bond Standards
Section 30
Alternative to Surety Bond
Section 35
Nationwide Multistate Licensing System and Registry
Section 40
Reporting and Filing Requirements
Section 50
Assessment Schedule for the Examination and Supervision of Money Order Sellers and Money Transmitters
Section 60
Responding to Requests from the Bureau of Financial Institutions; Providing False, Misleading, or Deceptive Information
Section 70
Acquisitions; Additional Business Requirements and Restrictions; Operating Rules
Section 80
Permissible Investments
Section 90
Enforcement
Section 100
Commission Authority
Chapter 130
Virginia Financial Institution Holding CompaniesRead all
Section 10
Filing of Registration Statements Required
Section 20
Reporting by Virginia Financial Institution Holding Companies
Chapter 140
Financial Service Center BanksRead all
Section 10
Application
Section 20
Reporting
Section 30
Compliance with Statutory Conditions
Chapter 150
[Reserved]Read all
Chapter 160
Rules Governing Mortgage Lenders and BrokersRead all
Section 10
Definitions
Section 15
Surety Bond; Required Funds
Section 20
Operating Requirements
Section 25
Books, Accounts, and Records
Section 30
Commitment Agreements and Lock-In Agreements
Section 40
Schedule of Annual Fees for the Examination, Supervision, and Regulation of Mortgage Lenders and Mortgage Brokers
Section 50
Responding to Requests from Bureau of Financial Institutions; Providing False, Misleading, or Deceptive Information
Section 60
Advertising
Section 70
[Repealed]
Section 80
[Repealed]
Section 90
Nationwide Mortgage Licensing System and Registry
Section 100
Enforcement
Section 110
Commission Authority
Chapter 161
Mortgage Loan OriginatorsRead all
Section 10
Definitions
Section 20
Individuals Subject to Licensure
Section 30
License Application Procedure
Section 40
Conditions of Licensure and Renewals
Section 45
Financial Responsibility, Character, and General Fitness
Section 50
Surety Bond Amount
Section 60
Required Reports and Notices; Information in Registry
Section 70
Responding to Requests from the Bureau of Financial Institutions; Disposal of Records.
Section 75
Bona Fide Nonprofit Organizations
Section 80
Enforcement; Civil Penalties.
Section 90
Commission Authority
FORMS
Forms (10VAC5-161)
Chapter 170
Electronic Funds Transfer [Repealed]Read all
Section 10
[Repealed]
Chapter 180
Equal Credit OpportunityRead all
Section 10
Virginia Equal Credit Opportunity Regulation
Chapter 190
Common Trust FundsRead all
Section 10
Definition of Terms
Section 20
Operating Rules
Section 30
Investment Authorization
Section 40
Status of Comptroller's "Precedents and Opinions."
FORMS
Forms (10VAC5-190)
Chapter 200
Short-Term LendingRead all
Section 10
Definitions
Section 20
Requirements for Licensees; Operating Rules; Acquisitions
Section 30
Short-Term Lending Pamphlet
Section 33
[Repealed]
Section 35
[Repealed]
Section 40
[Repealed]
Section 50
Responding to Requests from the Bureau of Financial Institutions; Providing False, Misleading, or Deceptive Information
Section 60
Posting of Charges
Section 70
Additional Business Requirements and Restrictions
Section 75
Annual Reporting Requirements
Section 80
Short-Term Lending Pamphlet Text
Section 85
Advertising
Section 90
Schedule of Annual Fees for the Examination, Supervision, and Regulation of Short-Term Lenders
Section 100
Conducting OtherBusiness
Section 110
Short-TermLending Database
Section 113
Limited Disclosure of Data from Short-TermLending Database
Section 115
Database Inquiry Fee
Section 120
Enforcement
Section 130
Commission Authority
Chapter 210
Motor Vehicle Title LendingRead all
Section 10
Definitions
Section 20
Requirements for Licensees; Reporting Requirements; Acquisitions
Section 30
Motor Vehicle Title LendingPamphlet
Section 40
Posting of Charges and Contact Information for Complaints
Section 50
Additional Business Requirements and Restrictions
Section 60
Annual Reporting Requirements
Section 70
Conducting OtherBusiness
Section 80
Advertising
Section 90
Books, Accounts, and Records; Responding to Requests from the Bureau
Section 95
Schedule of Annual Fees for the Examination, Supervision, and Regulation of Motor Vehicle Title Lenders
Section 100
Enforcement; Civil Penalties
Section 110
Commission Authority
FORMS
Forms (10VAC5-210)
Chapter 220
Qualified Education Loan ServicersRead all
Section 10
Definitions
Section 20
Surety Bond Standards
Section 30
Procedure for Documenting Eligibility Through the Registry for Automatic Issuance of a License
Section 40
Nationwide Multistate Licensing System and Registry
Section 50
Books, Accounts, and Records
Section 60
Responding to Requests from the Bureau of Financial Institutions; Providing False, Misleading, or Deceptive Information
Section 70
Annual Reporting Requirements
Section 80
Schedule for Annual Fees for the Examination, Supervision, and Regulation of Qualified Education Loan Servicers
Section 90
Commission Authority
Chapter 230
Debt Settlement Services ProvidersRead all
Section 10
Definitions
Section 20
Bond Coverage
Section 30
Reporting Requirements
Section 40
Schedule of Annual Fees for the Examination, Supervision, and Regulation of Debt Settlement Services Providers
Section 50
Additional Business Requirements and Restrictions; Acquisitions
Section 60
Advertising
Section 70
Enforcement; Civil Penalties
Section 80
Commission Authority
Chapter 240
Sales-Based FinancingRead all
Section 10
Definitions
Section 20
Registration; Additional Requirements; Surrender of Registration
Section 30
Sales-Based Financing Disclosure Form
Section 40
Commission Authority
FORMS
Forms (10VAC5-240)

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