6.2-803 - (Effective October 1, 2010) Entities authorized to engage in banking business.
§ 6.2-803. (Effective October 1, 2010) Entities authorized to engage inbanking business.
A. No person, except (i) corporations duly chartered and already conductingbanking business in the Commonwealth under authority of the laws of theCommonwealth or the United States, (ii) corporations that shall hereafter beincorporated under, and authorized to conduct banking business in theCommonwealth under authority of, the laws of the Commonwealth, (iii)corporations that shall hereafter be authorized to do business in theCommonwealth under the banking laws of the United States, and (iv) banksauthorized, after July 1, 1995, to establish and operate one or more branchesin the Commonwealth under Article 6 (§ 6.2-836 et seq.) or Article 7 (§6.2-849 et seq.) of this chapter, shall engage in the banking business in theCommonwealth. No foreign corporation, except as permitted in Chapter 7 (§6.2-700 et seq.), shall engage in a banking business in the Commonwealth.
B. Nothing in this chapter shall prevent:
1. An individual from qualifying and acting as trustee, personalrepresentative, guardian, conservator, committee or in any other fiduciarycapacity;
2. Any person from (i) lending money on real estate and personal security orcollateral, (ii) guaranteeing the payment of bonds, notes, bills and otherobligations, or (iii) purchasing or selling stocks and bonds;
3. Any bank organized under the laws of the Commonwealth from qualifying andacting in another state as trustee, personal representative, guardian of aminor, conservator, or committee or in any other fiduciary capacity, whenpermitted so to do by the laws of such other state; or
4. An incorporated association that is authorized to sell burial associationgroup life insurance certificates in the Commonwealth, as described in thedefinition of limited burial insurance authority in § 38.2-1800, theprincipal purpose of which is to assist its members in (i) financial planningfor their funerals and burials and (ii) obtaining insurance for the payment,in whole or in part, for funeral, burial, and related expenses, from servingas trustee of a trust established pursuant to § 54.1-2822.
C. Nothing in this section shall be construed:
1. To prevent banks organized in the Commonwealth and chartered under thelaws of the United States from transacting business in the Commonwealth; or
2. To prevent a real estate broker as defined in § 54.1-2100 from owning oroperating a bank provided that the requirements of this chapter are met.
(Code 1950, § 6-9; 1966, c. 584, § 6.1-5; 1985, c. 544; 1995, c. 301; 1997,c. 801; 1999, c. 835; 2003, cc. 536, 558, 910; 2007, c. 621; 2010, c. 794.)