59.1-21.24 - (Repealed effective October 1, 2010) State Corporation Commission regulations.
§ 59.1-21.24. (Repealed effective October 1, 2010) State CorporationCommission regulations.
The State Corporation Commission shall adopt regulations to effectuate thepurposes of this chapter provided that such regulations conform to and are nobroader in scope than regulations, and amendments thereto, adopted by theBoard of Governors of the Federal Reserve System under the Consumer CreditProtection Act, Title VII. Such conforming regulations shall exempt from thecoverage of this chapter any class of transactions which may be exempted fromtime to time from the Consumer Credit Protection Act, Title VII, byregulations of the Federal Reserve System. No provision of this chapterimposing any liability shall apply to any act done or omitted in good faithin conformity with any rule, regulation, or interpretation thereof by theState Corporation Commission or by the Federal Reserve Board or officer oremployee duly authorized by the Board to issue such interpretation orapprovals under the comparable provisions of the federal Equal CreditOpportunity Act and regulations thereunder, notwithstanding that after suchact or omission has occurred, such rule, regulation, or interpretation isamended, rescinded, or determined by judicial or other authority to beinvalid for any reason. Compliance with the Equal Credit Opportunity Act, asamended, Title VII of the Federal Consumer Credit Protection Act, andregulations issued by the Federal Reserve Board thereunder, constitutescompliance with this chapter.
(1975, c. 627; 1977, c. 589.)