6.2-708 - (Effective October 1, 2010) Unsafe or unsound practices; cease and desist orders. - Virginia Statutes

§ 6.2-708. (Effective October 1, 2010) Unsafe or unsound practices; cease anddesist orders.

Upon finding that any activity of a financial institution holding company,including the control of an entity other than a Virginia financialinstitution, is or may be detrimental to the safety or soundness of afinancial institution that is subject to regulation under the laws of theCommonwealth, the Commission, after reasonable notice to the financialinstitution holding company and an opportunity for it to be heard, shall haveauthority to order it to cease and desist from such activity.

(1978, c. 683, § 6.1-385; 2010, c. 794.)