6.1-194.95 - (Repealed effective October 1, 2010) Prohibitions on conduct of savings institution business; use of certain terms prohibited; exceptions; penalty.

§ 6.1-194.95. (Repealed effective October 1, 2010) Prohibitions on conduct ofsavings institution business; use of certain terms prohibited; exceptions;penalty.

A. No person shall engage in the savings institution business in theCommonwealth except entities which are state associations, federal savingsinstitutions authorized to transact business in the Commonwealth or foreignsavings institutions which have been authorized to transact a savingsinstitution business in the Commonwealth pursuant to the provisions ofArticle 5 (§ 6.1-194.41 et seq.) or Article 11 (§ 6.1-194.96 et seq.) of thischapter. However, nothing in this chapter shall prevent any person who is notauthorized to engage in the savings institution business from lending moneyon real estate or personal security or collateral, or from guaranteeing thepayment of bonds, notes, bills or other obligations, or from purchasing orselling stocks and bonds, so long as such person does not hold himself out asbeing engaged in the savings institution business.

B. No person not engaged in the business of a savings institution in theCommonwealth under the provisions of this chapter shall use any sign havingthereon any assumed or corporate name containing the words "savings andloan," "building and loan," "savings bank," or other words indicatingthat its office is the office of a savings institution; nor shall any suchperson use or circulate any written or printed material having thereon anyassumed or corporate name or word or words indicating that the business ofsuch person is that of a savings institution. However, the use of any ofthese terms in the name of any other corporation or in connection with anyother business is not prohibited when additional words show clearly anddefinitely that the corporation is not, and that the business is not that of,a savings institution.

C. Any person violating the provisions of this section shall be guilty of aClass 6 felony.

D. The provisions of this section as to the use of a corporate name shall notapply to any industrial loan association which was authorized to do businessin this Commonwealth on January 1, 1960, and which on that date had the words"savings and loan" or "building and loan" as part of its corporate name.

(1985, c. 425; 1986, c. 509; 1992, c. 136.)