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Can you summarize 10 VAAC Agency 5, Chapter 140?
State Corporation Commission > Financial Service Center Banks
Short Summary
This legal document governs the process of acquiring a financial service center bank in Virginia. It applies to applicants who wish to acquire such banks. The applicant must file an application with the Bureau of Financial Institutions using the prescribed form and pay the required fee. The Bureau will investigate the application and may request additional information. Once the application is accepted, the Bureau will publish notice of the application. If a written objection is filed, a hearing may be established. If no hearing is requested within 20 days, the Bureau will submit its findings and recommendations to the Commission. The Commission will consider various criteria, including the financial and managerial resources of the applicant, future prospects, financial history, concentration of resources, competition, and the convenience and needs of the public. The Commission will grant or deny the application based on the record, providing reasons for denial if applicable. The statutory authority for this document is 6.1-393 and 6.1-395 of the Code of Virginia.
Whom does it apply to?
Applicants who wish to acquire financial service center banks
What does it govern?
Acquiring a financial service center bank in Virginia
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Sanctions set forth in 6.1-396 of the Code of Virginia
Jurisdiction
Virginia