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Can you summarize 10 VAAC Agency 5, Chapter 130?
State Corporation Commission > Virginia Financial Institution Holding Companies
Short Summary
This legal document pertains to the reporting requirements for companies that have control over any Virginia financial institution. These companies are required to annually file a copy of the report they submit to the federal regulatory agency with the Bureau of Financial Institutions. However, certain exemptions apply, including companies exempt from reporting to a federal agency under the Bank Holding Company Act and companies that acquire a controlling interest in a Virginia financial institution solely in specific capacities. The document does not specify any penalties for non-compliance. The statutory authority for this requirement is 6.2-713 of the Code of Virginia. According to 6.2-702 of the Code of Virginia, every Virginia financial institution holding company that existed as of November 1, 1978, must register by filing a copy of the registration statement with the Bureau of Financial Institutions. The registration statement should be filed with a federal agency under the Bank Holding Company Act or the Home Owners’ Loan Act. Any company that becomes a Virginia financial institution holding company after November 1, 1978, must file a copy of the registration statement with the Bureau of Financial Institutions within 180 days of becoming such a company. The statutory authority for this requirement is 6.2-713 of the Code of Virginia. The historical notes indicate that this provision was derived from VR225-01-1301 and was last amended in the Virginia Register Volume 28, Issue 20, effective June 1, 2012.
Whom does it apply to?
Companies that have control over any Virginia financial institution
What does it govern?
Reporting requirements for companies that have control over any Virginia financial institution
What are exemptions?
Companies exempt from reporting to a federal agency under the Bank Holding Company Act and companies that acquire a controlling interest in a Virginia financial institution solely in specific capacities
What are the Penalties?
The document does not specify any penalties for non-compliance.
Jurisdiction
Virginia