§ 12.1-12 Powers and duties generally
§ 12.1-13 Commission to have powers of court of record; rules and regulations; fines
§ 12.1-14 Commission’s power to impose penalties does not relieve from other penalties
§ 12.1-15 Power to compromise and settle; power to waive penalties and charge off delinquent taxes, etc
§ 12.1-15.1 Power to employ counsel for and indemnify employees
§ 12.1-16 Delegation to employees and agents; Commissioner of Financial Institutions and Commissioner of Insurance
§ 12.1-17 Deposits of funds; means of payment; dishonored payments; receipts for payment
lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Virginia Code > Title 12.1 > Chapter 3 - Powers and Duties of the Commission

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Commission: means the State Corporation Commission. See Virginia Code 6.2-100
  • Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
  • Conviction: A judgement of guilt against a criminal defendant.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Fraud: Intentional deception resulting in injury to another.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-2600
  • Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
  • Principal: means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in any other type of entity. See Virginia Code 6.2-2600
  • public uses: means the mining, production, or marketing of coal for the purpose of providing and furnishing heat or power to the people of the Commonwealth. See Virginia Code 45.2-608
  • Qualified education loan: includes a loan made to refinance a qualified education loan. See Virginia Code 6.2-2600
  • Registry: means the nationwide multistate licensing system and registry created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. See Virginia Code 6.2-2600
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.