6.1-32.40 - (Repealed effective October 1, 2010) Examinations; periodic reports; cooperative agreements; assessment of fees.
§ 6.1-32.40. (Repealed effective October 1, 2010) Examinations; periodicreports; cooperative agreements; assessment of fees.
A. The Commission may make such examinations of any office established andmaintained in this Commonwealth pursuant to this article by an out-of-statetrust institution as the Commission may deem necessary to determine whetherthe office is operating in compliance with the laws of this Commonwealth andto ensure the office is being operated in a safe and sound manner. Theprovisions of § 6.1-87 shall apply to such examinations. The Commission shallalso have authority to examine the principal office of an out-of-state trustinstitution, as necessary, and when any such examination is conducted outsidethe Commonwealth, the out-of-state trust institution shall be liable for andshall pay to the Commission within thirty days of the presentation of anitemized statement, the actual travel and reasonable living expenses incurredon account of such examination, or shall pay for such examination at areasonable per diem rate approved by the Commission.
B. The Commission may require periodic reports from any out-of-state trustinstitution that maintains an office in Virginia to the extent such reportingrequirements (i) apply equally to similarly situated trust institutionshaving Virginia as their home state and (ii) are not preempted by federallaws. Such reports shall be filed under oath with such frequency and in suchscope and detail as may be appropriate for the purpose of assuring continuingcompliance with the provisions of this article.
C. The Commission may enter into cooperative agreements with the appropriatestate bank supervisors and federal bank regulatory agencies for theexamination of any trust office in this Commonwealth of an out-of-state trustinstitution or any office of a state trust institution in any host state, andmay accept such agency's report of examination and report of investigation inlieu of conducting its own examinations or investigations. The Commission mayenter into joint actions with other state bank supervisors and federalbanking agencies having concurrent jurisdiction over any office maintained inthis state by an out-of-state trust institution or any office established andmaintained by a state trust institution in any host state; however, theCommission may take such actions independently to carry out itsresponsibilities under this article and to assure compliance with the laws ofthis Commonwealth.
D. Out-of-state trust institutions may be assessed and, if assessed, shallpay supervisory and examination fees in accordance with the laws of thisCommonwealth and regulations of the Commission. Such fees may be shared withother state and federal bank supervisory agencies in accordance withagreements between them and the Commission.
(1999, c. 835.)