Code of Virginia § 6.2-855. Examinations and periodic reports.

154 words·~1 min read·/va/title-6-2/chapter-8/6-2-855

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

A. The Commission may make such examinations of any branch of an out-of-state state bank located in the Commonwealth as the Commission may deem necessary to determine whether the branch is operating in compliance with the laws of the Commonwealth and to ensure that the branch is being operated in a safe and sound manner. The provisions of § 6.2-901 shall apply to such examinations.

B. The Commission may require periodic reports from any out-of-state bank that maintains a branch in the Commonwealth to the extent such reporting requirements

(i)apply equally to similarly situated banks having the Commonwealth as their home state and

(ii)are not preempted by federal law. Such reports shall be filed under oath with such frequency and in such scope and detail as may be appropriate for the purpose of assuring continuing compliance with the provisions of this article.

1995, c. 301 , § 6.1-44.22; 2010, c. 794 .