6.2-1400 - (Effective October 1, 2010) Definitions. - Virginia Statutes

§ 6.2-1400. (Effective October 1, 2010) Definitions.

As used in this chapter, unless the context requires a different meaning:

"Affiliated person of an association" means any person which is asubsidiary, stockholder, partner, trustee, director, officer, or employee ofan association, and any corporation 10 percent or more of the capital stockof which is owned by an association or by any person which is a subsidiary,stockholder, partner, trustee, director, officer, or employee of anassociation.

"Association" means a corporation organized as an industrial loanassociation under the provisions of the Virginia Stock Corporation Act (§13.1-601 et seq.), the business of which is substantially confined to thebusiness of making loans and issuing certificates of investment.

"Mortgage loan" means a loan made to an individual, the proceeds of whichare to be used primarily for personal, family or household purposes, whichloan is secured by a mortgage or deed of trust upon any interest in one- tofour-family residential property located in the Commonwealth, regardless ofwhere made, including the renewal or refinancing of any such loan, butexcluding (i) loans or extensions of credit to buyers of real property forany part of the purchase price of such property by persons selling suchproperty owned by them, (ii) loans to persons related to the lender by bloodor marriage, and (iii) loans to persons who are bona fide employees of thelender. "Mortgage loan" shall not include any loan secured by a mortgage ordeed of trust upon any interest in a more than four-family residentialproperty or property used for a commercial or agricultural purpose.

(2010, c. 794.)