Virginia Code 6.2-881: Investment in reverse annuity mortgages.
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A bank may invest in reverse annuity mortgages to the extent and in the manner that may be provided in regulations adopted by the Commission.
Terms Used In Virginia Code 6.2-881
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Bank: means a corporation authorized by statute to accept deposits and to hold itself out to the public as engaged in the banking business in the Commonwealth. See Virginia Code 6.2-800
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100