Code of Virginia § 6.2-1502. Certain persons ineligible as licensees; exception for subsidiaries.

139 words·~1 min read·/va/title-6-2/chapter-15/6-2-1502

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. No person doing business under the authority of any law of the Commonwealth or of the United States relating to banks, savings institutions, trust companies, building and loan associations, industrial loan associations, or credit unions shall be eligible for licensure under this chapter.

B. Nothing contained in subsection A or any other section of this title shall be construed to prevent a subsidiary of a bank or savings institution from becoming a licensee under this chapter. A licensee that is a subsidiary or affiliate of a bank or savings institution shall be governed by the provisions of this chapter, and all regulations adopted hereunder, as fully as if such licensee were not such a subsidiary or affiliate.

Code 1950, § 6-280; 1966, c. 584, § 6.1-250; 1996, c. 16 ; 2000, c. 192 ; 2010, c. 794 .