6.2-1203 - (Effective October 1, 2010) Examination of persons believed to be doing business without authority; doing business without authority; penalty.

VIRGINIA STATUTES AND CODES

6.2-1203 - (Effective October 1, 2010) Examination of persons believed to be doing business without authority; doing business without authority; penalty.

§ 6.2-1203. (Effective October 1, 2010) Examination of persons believed to bedoing business without authority; doing business without authority; penalty.

A. The Commissioner shall examine the accounts, books, and papers of anyperson or entity that he has reason to believe is doing the business of asavings institution in the Commonwealth without legal authority to do so. Anyperson having possession, custody, or control of such accounts, books, andpapers refusing to produce such documents for examination by the Commissioneris guilty of a Class 1 misdemeanor.

B. Every person who does the business of a savings institution in theCommonwealth without authority, and every officer and agent of a corporationdoing such business without authority who knowingly participates therein, isguilty of a Class 6 felony.

(Code 1950, §§ 6-201.50, 6-201.51; 1960, c. 402; 1966, c. 584, §§ 6.1-180,6.1-181; 1972, c. 796, §§ 6.1-195.60, 6.1-195.61; 1985, c. 425, § 6.1-194.86;1992, c. 136; 2010, c. 794.)