Virginia Code 6.2-1150: When operation of foreign savings institution in the Commonwealth is prohibited.
Current as of: 2024 | Check for updates
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When the laws, regulations or administrative actions of another state prohibit or unfairly impede a state savings institution from transacting business in that state, then the savings institutions of that state are prohibited from transacting business in the Commonwealth.
Terms Used In Virginia Code 6.2-1150
- Savings institution: means a savings and loan association, a building and loan association, or savings bank, whether organized as a capital stock corporation or a nonstock corporation, that is authorized by law to accept deposits and to hold itself out to the public as engaged in the savings institution business. See Virginia Code 6.2-1100