6.2-1502 - (Effective October 1, 2010) Certain persons ineligible as licensees; exception for subsidiaries. - Virginia Statutes

§ 6.2-1502. (Effective October 1, 2010) Certain persons ineligible aslicensees; exception for subsidiaries.

A. No person doing business under the authority of any law of theCommonwealth or of the United States relating to banks, savings institutions,trust companies, building and loan associations, industrial loanassociations, or credit unions shall be eligible for licensure under thischapter.

B. Nothing contained in subsection A or any other section of this title shallbe construed to prevent a subsidiary of a bank or savings institution frombecoming a licensee under this chapter. A licensee that is a subsidiary oraffiliate of a bank or savings institution shall be governed by theprovisions of this chapter, and all regulations adopted hereunder, as fullyas if such licensee were not such a subsidiary or affiliate.

(Code 1950, § 6-280; 1966, c. 584, § 6.1-250; 1996, c. 16; 2000, c. 192;2010, c. 794.)