6.1-194.48 - (Repealed effective October 1, 2010) Activities which are not considered "doing business". - Virginia Statutes

§ 6.1-194.48. (Repealed effective October 1, 2010) Activities which are notconsidered "doing business".

For the purposes of this chapter and any other law of the Commonwealthprohibiting, limiting, regulating, charging or taxing the doing of businessin the Commonwealth by foreign savings institutions or foreign corporationsof any type, any federal savings institution the principal place of businessof which is located outside the Commonwealth, and any foreign savingsinstitution which is subject to state or federal supervision, or both, whichby law is subject to periodic examination by such supervisory authority andto a requirement of periodic audit, shall not be considered to be doingbusiness or to have a tax situs or nexus in or with the Commonwealth byreason of engaging in any of the following activities:

1. The purchase, acquisition, inspection, appraisement, holding, sale,assignment, transfer, collecting and enforcement of obligations or anyinterest therein secured by real estate mortgages, deeds of trust or othersimilar instruments, covering real property located in the Commonwealth, orthe foreclosure of such instruments, or the acquisition of title to suchproperty by foreclosure, or otherwise, as a result of default under suchinstruments, or the holding, protection, rental, maintenance and operation ofsaid property so acquired, or the disposition thereof.

2. The advertising or solicitation of deposit accounts, or the making of anyrepresentations with respect thereto in this Commonwealth through the mediaof the mail, radio, television, magazines, newspapers or any other mediawhich are published or circulated within the Commonwealth, provided that suchadvertising, solicitation or the making of such representations shall beaccurately descriptive of fact, and provided further, that no suchadvertising, solicitation or the making of such representations shall containany reference to insurance or guarantee of accounts, unless the accounts ofsuch institution are insured by the Federal Deposit Insurance Corporation orother insurer approved by the Commissioner.

(1985, c. 425; 1990, c. 3.)