6.2-1103 - (Effective October 1, 2010) Prohibitions on conduct of savings institution business; exceptions; penalty. - Virginia Statutes

§ 6.2-1103. (Effective October 1, 2010) Prohibitions on conduct of savingsinstitution business; exceptions; penalty.

A. No person shall engage in the savings institution business in theCommonwealth except entities that are state associations, savings banks,federal savings institutions authorized to transact business in theCommonwealth, or foreign savings institutions that have been authorized totransact a savings institution business in the Commonwealth pursuant to theprovisions of Article 5 (§ 6.2-1148 et seq.) of this chapter.

B. Nothing in this chapter shall prevent any person who is not authorized toengage in the savings institution business from lending money on real estateor personal security or collateral, or from guaranteeing the payment ofbonds, notes, bills or other obligations, or from purchasing or sellingstocks and bonds, so long as such person does not hold himself out as beingengaged in the savings institution business.

C. Any person who violates this section is guilty of a Class 6 felony.

(1985, c. 425, § 6.1-194.95; 1986, c. 509; 1992, c. 136; 2010, c. 794.)