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§ 6.2-1300. Definitions - As used in this chapter, unless the context requires a...
§ 6.2-1301. Effect of ownership of a share account - Ownership of a share account confers membership and voting rights...
§ 6.2-1302. Powers - In addition to the powers specified or implied elsewhere in...
§ 6.2-1303. Regulations - A. The Commission may adopt regulations to implement the provisions...
§ 6.2-1304. Franchise tax exemption - All credit unions organized under the laws of the Commonwealth...
§ 6.2-1305. Making or circulating derogatory statements affecting credit unions; penalty - Any person who willfully and maliciously makes, circulates, or transmits...
§ 6.2-1306. Unlawful use of words "credit union." - A. It shall be unlawful for any person, other than...
§ 6.2-1307. Use of credit union name, logo, or symbol for marketing purposes; penalty - A. Except as provided in subsection B, no person shall...
§ 6.2-1308. Supervision and regulation by Commission - Credit unions organized under the provisions of this chapter shall...
§ 6.2-1309. Examinations - A. Each credit union shall be examined as often as...
§ 6.2-1310. Fees for examination, supervision, and regulation - In order to defray the costs of an examination pursuant...
§ 6.2-1311. Reports to Commission; penalty for failure to make reports - A. No later than March 31 of each year, each...
§ 6.2-1312. Cease and desist orders; right to hearing - A. The Commission may issue and serve upon a credit...
§ 6.2-1313. Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver - A. If the Commission finds that (i) a credit union...
§ 6.2-1314. Penalties for violation of orders of Commission - The Commission may impose a civil penalty not exceeding $10,000...
§ 6.2-1315. Removal of director or officer; penalty for acting after removal - A. Whenever any director or officer of a credit union...
§ 6.2-1316. Offenses; penalty - Any officer, director, employee, receiver, or agent of a credit...
§ 6.2-1317. Supervisory merger or transfer of assets of insolvent or financially unstable credit union - A. If the Commission finds that (i) a state credit...
§ 6.2-1318. Repealed - Repealed by Acts 2021, Sp. Sess. I, c. 143, cl....
§ 6.2-1319. Involuntary dissolution - If the Commission determines that a credit union is violating...
§ 6.2-1320. Incorporation - A. Five or more residents of the Commonwealth who are...
§ 6.2-1321. Certificate of authority - A. Before it begins to do any business, an organizing...
§ 6.2-1322. Contents of bylaws; amendments to bylaws generally - The bylaws of a credit union shall specify: 1. The...
§ 6.2-1323. Amendments to articles of incorporation and bylaws - A. Subject to the provisions of subsection B and §§...
§ 6.2-1324. Bylaws amended by Commission - Any bylaw may be amended by the Commission by order...
§ 6.2-1325. Fiscal year - The fiscal year of every credit union shall end at...
§ 6.2-1326. Establishing, moving, and closing offices - A. As used in this section, "service facility" means a...
§ 6.2-1327. Membership defined; field of membership - A. The membership of a credit union shall consist of...
§ 6.2-1328. Expansion of field of membership - When practicable and consistent with reasonable safety-and-soundness standards, the Commission...
§ 6.2-1329. Membership meetings; voting - A. The annual meeting and any special meeting of the...
§ 6.2-1330. Special meetings - A. The supervisory committee by a majority vote may call...
§ 6.2-1331. Definitions - As used in this article, unless the context requires a...
§ 6.2-1332. Insurance of shares - Every credit union authorized to do business in the Commonwealth...
§ 6.2-1333. Establishment of corporation; purposes - A. Nine or more individuals, all of whom are duly...
§ 6.2-1334. Contents of corporation bylaws; amendments thereto - A. The bylaws of a corporation shall specify: 1. The...
§ 6.2-1335. Application for membership; share insurance required - A. Every credit union organized: 1. Prior to January 1,...
§ 6.2-1336. Loss reserve contributions - A. A corporation shall collect from each credit union accepted...
§ 6.2-1337. Annual and special assessments - A. A regular annual assessment, not to exceed one-twelfth of...
§ 6.2-1338. Duties and additional powers of corporation - A corporation shall have the following powers in addition to...
§ 6.2-1339. Duties and powers of Commission; judicial review - A. The Commission shall promptly forward to the corporation copies...
§ 6.2-1340. Supervision, reports and examinations by Commission - A. The corporation shall be subject to supervision and annual...
§ 6.2-1341. Audit by corporation and corrective measures; appeal - A. A corporation may require independent audits and investigations of...
§ 6.2-1342. Tax exemptions - Any corporation shall be exempt from all state and local...
§ 6.2-1343. Inconsistent laws inapplicable - All other general or special laws, or parts thereof, inconsistent...
§ 6.2-1344. Voluntary merger - A. A credit union organized under this chapter may merge,...
§ 6.2-1345. Voluntary dissolution - A. A credit union may dissolve in accordance with the...
§ 6.2-1346. Conversion of federal credit union to state credit union - A credit union organized under the laws of the United...
§ 6.2-1347. Conversion of state credit union to federal credit union - A state credit union may convert to a federal credit...
§ 6.2-1347.1. Conversion to a state mutual savings institution - A. A state credit union is authorized to convert to...
§ 6.2-1348. Board of directors; number; election; term; appointment of supervisory and credit committees - A. The board of directors shall have the authority and...
§ 6.2-1349. Board of directors; election of officers - A. At its first meeting after the annual election, the...
§ 6.2-1350. Executive committee - The board of directors may appoint from its own number...
§ 6.2-1351. Meetings of directors - The board of directors and the executive committee shall meet...
§ 6.2-1352. Compensation of officials - A. Compensation of members of the board of directors and...
§ 6.2-1353. Powers and duties of directors - In addition to any other duties set forth in this...
§ 6.2-1354. Credit committee or loan officers; appeal - A. The credit committee of a credit union shall approve...
§ 6.2-1355. Supervisory committee; suspension and removal of officials - The supervisory committee: 1. Shall make or cause to be...
§ 6.2-1356. Special audit - The Commissioner may require a credit union to have an...
§ 6.2-1357. Qualifications of officials - Every officer, director, and committee member shall be a member...
§ 6.2-1358. Share accounts - A. Every credit union may issue shares to and maintain...
§ 6.2-1359. Payment for shares; transfers; lien on shares - Shares shall be paid for in money. Shares may be...
§ 6.2-1360. Dividends - A. At such intervals and for such periods as the...
§ 6.2-1361. Ascertaining value of assets - In ascertaining the value of the assets of a credit...
§ 6.2-1362. Minors' accounts - A credit union may issue shares in the name of...
§ 6.2-1363. Individual retirement accounts and retirement or pension plans - A. A credit union may act as trustee or custodian...
§ 6.2-1364. Acceptance of money under Virginia Uniform Transfers to Minors Act - A credit union may accept money paid to it pursuant...
§ 6.2-1365. Accounts of deceased or incapacitated person - A. A credit union may pay any share balance due...
§ 6.2-1366. Repealed - Repealed by Acts 2010, c. 269, cl. 2.
§ 6.2-1367. Application of provisions to federal credit unions - The provisions of §§ 6.2-1365, 64.2-601, and 64.2-602 shall apply...
§ 6.2-1368. Accounts of fiduciaries - A credit union may issue shares and maintain share accounts...
§ 6.2-1369. Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary's personal account - A. If any fiduciary or agent purchases shares in a...
§ 6.2-1370. Purpose and condition of loans - A credit union may lend to its members for such...
§ 6.2-1371. Other charges - A. In addition to interest charged on loans, a credit...
§ 6.2-1372. Loan limits - A. No loan may be made by a credit union...
§ 6.2-1373. Loans to members of credit committee; nonmember loans - A. If the borrower or endorser on a loan by...
§ 6.2-1374. Lines of credit - Notwithstanding the requirements of § 6.2-1354, the credit committee or...
§ 6.2-1375. Cooperative loans - A credit union may originate loans to credit union members...
§ 6.2-1376. Authorized investments - The funds of a credit union that are not used...
§ 6.2-1377. Maintenance of regular reserves; special reserves - A. A credit union shall establish and maintain a regular...
§ 6.2-1378. Use of reserves - Losses may be charged to the reserve fund. Any sums...
§ 6.2-1379. Out-of-state credit unions - A. A credit union organized and doing business in another...
§ 6.2-1380. Examinations; periodic reports; cooperative agreements; assessment of fees - A. The Commission may make such examinations of an out-of-state...