6.2-102 - (Effective October 1, 2010) Use of funds collected under this title. - Virginia Statutes

§ 6.2-102. (Effective October 1, 2010) Use of funds collected under thistitle.

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.

B. In order to provide additional funds for the operation of the Bureau, theCommission is authorized to increase the fees and assessments for theexamination and supervision of banks, trust companies, savings institutions,industrial loan associations, credit unions, consumer finance licensees,mortgage lenders, and mortgage brokers by an amount not to exceed 50 percentof the fees and assessments provided for in §§ 6.2-908, 6.2-1033, 6.2-1202,6.2-1310, 6.2-1414, 6.2-1532, and 6.2-1612.

(Code 1950, § 6-4; 1966, c. 584, § 6.1-2; 1974, c. 183; 1987, cc. 556, 558;1988, c. 303; 1993, cc. 419, 432; 1994, c. 312; 2010, c. 794.)