6.2-601 - (Effective October 1, 2010) Federal insurance of deposits required for all banks or savings institutions. - Virginia Statutes

§ 6.2-601. (Effective October 1, 2010) Federal insurance of deposits requiredfor all banks or savings institutions.

Notwithstanding any other provisions contained in this title, no bank orsavings institution doing business in the Commonwealth shall accept depositsunless its deposit accounts are insured by the Federal Deposit InsuranceCorporation or other federal insurance agency, up to the limits of theinsurance provided thereby. No bank or savings institution shall solicitdeposits in the Commonwealth, nor shall any other person solicit or acceptdeposits in the Commonwealth on behalf of a bank or savings institution,unless the deposit accounts of such bank or savings institution are insuredby the Federal Deposit Insurance Corporation or other federal insuranceagency, up to the limits of the insurance provided thereby.

(1986, c. 500, § 6.1-2.9:4; 1990, c. 3; 1996, c. 16; 2010, c. 794.)