6.1-2 - (Repealed effective October 1, 2010) Use of funds collected under this title. - Virginia Statutes

§ 6.1-2. (Repealed effective October 1, 2010) Use of funds collected underthis title.

A. All fees assessed under any provision of this title and paid into thestate treasury shall be deposited to a special fund designated "FinancialInstitutions Special Fund - State Corporation Commission," and out of suchspecial fund and the unexpended balance thereof shall be appropriated thesums necessary for the regulation, supervision and examination of allentities subject to regulation under this title. The Commission shall havethe authority to maintain a reasonable margin in the nature of a reserve inthe Financial Institutions Special Fund for the expenses of operating theBureau of Financial Institutions.

B. In order to provide additional funds for the operation of the Bureau ofFinancial Institutions, the Commission is hereby authorized to increase thefees and assessments for the examination and supervision of banks, trustcompanies, savings institutions, industrial loan associations, credit unions,consumer finance licensees and mortgage lenders and brokers to the extent offifty percent of the fees and assessments provided for in §§ 6.1-32.25,6.1-94, 6.1-194.85, 6.1-225.5, 6.1-237.4, 6.1-299.1 and 6.1-420.

(Code 1950, § 6-4; 1966, c. 584; 1974, c. 183; 1987, cc. 556, 558; 1988, c.303; 1993, cc. 419, 432; 1994, c. 312.)