6.1-394.1 - (Repealed effective October 1, 2010) Examination and supervision. - Virginia Statutes

§ 6.1-394.1. (Repealed effective October 1, 2010) Examination and supervision.

Any credit card bank formed pursuant to this chapter for the purpose of beingacquired by a general business corporation shall file with the Commissioner acopy of periodic reports of examination conducted by the federal insuringagency and shall file annually with the Commissioner audited financialstatements pertaining to the credit card bank, the general businesscorporation and all of the subsidiaries and affiliates of such corporation.In lieu of separate financial statements, the general business corporationmay annually file an audited consolidated financial statement for itself andall of its affiliates and subsidiaries. Such audited financial statementsshall be filed within 120 days of the completion of the fiscal years of thecredit card bank, the general business corporation and all of thesubsidiaries and affiliates of such corporation. The State CorporationCommission shall have authority to take such action as it may deem necessaryto require and enforce compliance with the provisions of this chapter by acredit card bank, including the authority to supervise and examine such bankand the authority to promulgate standards to govern the examination andsupervision of such bank; but otherwise shall have no duty or authority tosupervise or examine the general business corporation or any other affiliatesor subsidiaries thereof and may include in its reports of examination astatement consistent with this provision. The Commissioner may rely upon adetermination by the federal insuring agency that the credit card bank isoperating in compliance with the provisions and restrictions of this chapter.

(1989, c. 751; 1989, Sp. Sess., cc. 4, 7.)