Virginia Administrative Code Title 10 - FINANCE AND FINANCIAL INSTITUTIONS
Title 10 of the Virginia Administrative Code (VAC) is specifically dedicated to FINANCE AND FINANCIAL INSTITUTIONS. This title consolidates the regulations that govern a wide array of financial activities and entities within the Commonwealth of Virginia. Its primary purpose is to ensure the stability, integrity, and consumer protection within the financial sector.
The key regulatory authority responsible for administering and enforcing the regulations in Title 10 is the State Corporation Commission (SCC), specifically through its various bureaus. The SCC is a unique, independent governmental agency in Virginia with regulatory authority over many business and financial sectors, including:
Financial Institutions: Banks, credit unions, savings institutions, trust companies.
Consumer Finance: Mortgage lenders and brokers, payday lenders, money transmitters, debt management companies, motor vehicle title lenders, consumer finance companies.
Securities: Broker-dealers, investment advisors, and securities offerings.
Insurance: Licensing and regulation of insurance companies and agents.
Utilities: Regulation of electric, gas, and water companies.
Railroads and Motor Carriers.
Corporations: Overseeing corporate filings and governance.
Key Agencies and Their Areas of Regulation within Title 10:
Virtually all the regulations within Title 10 fall under Agency 5 - State Corporation Commission. Within Agency 5, specific chapters are often associated with particular bureaus or divisions of the SCC.
Here's a breakdown of the types of financial institutions and activities covered, with examples of relevant chapters:
I. Bureau of Financial Institutions (BFI): * Banks and Trust Companies (e.g., Chapter 10 - Banks; Chapter 20 - Trust Companies): * Licensing and chartering of state-chartered banks and trust companies. * Regulations on capital requirements, lending limits, branching, mergers, and acquisitions. * Supervision and examination to ensure financial soundness and compliance. * Comparable Powers: Regulations often exist to allow state-chartered institutions to have powers comparable with federally chartered depository institutions. * Savings Institutions (e.g., Chapter 30 - Savings Institutions): * Similar regulatory oversight for state-chartered savings institutions. * Credit Unions (e.g., Chapter 40 - Credit Unions): * Licensing, supervision, and regulation of state-chartered credit unions. * Industrial Loan Associations (e.g., Chapter 50 - Industrial Loan Associations): * Regulation of these specialized lending institutions. * Consumer Finance Companies (e.g., Chapter 60 - Consumer Finance Companies): * Licensing and operational rules for companies making small loans. * Mortgage Lenders and Brokers (e.g., Chapter 80 - Mortgage Lenders and Brokers): * Extensive regulations for the licensing, conduct, and ethics of mortgage companies and individual loan originators. This includes advertising, disclosure requirements, and prohibited acts. * Money Order Sellers and Money Transmitters (e.g., Chapter 90 - Money Order Sellers and Money Transmitters): * Licensing and regulatory oversight for businesses that transmit money or issue money orders. * Payday Lenders (e.g., Chapter 100 - Payday Lenders): * Specific regulations for short-term, high-interest loans, reflecting the unique risks and consumer protection concerns in this area. * Debt Management Plans (e.g., Chapter 110 - Debt Management Plans): * Regulation of companies offering services to help consumers manage and consolidate their debts. * Check Cashers (e.g., Chapter 120 - Check Cashers): * Registration and conduct rules for businesses that cash checks for a fee. * Motor Vehicle Title Lenders (e.g., Chapter 130 - Motor Vehicle Title Lenders): * Regulations for loans secured by vehicle titles. * Financial Institution Holding Companies (e.g., Chapter 140 - Financial Institution Holding Companies): * Registration and reporting requirements for entities that own or control financial institutions. * Equal Credit Opportunity (e.g., Chapter 150 - Equal Credit Opportunity): * Regulations to ensure fair and non-discriminatory lending practices. * Retail Installment Sales (e.g., Chapter 160 - Retail Installment Sales): * Rules governing installment contracts for consumer goods. * Virginia Housing Development Authority: Regulations related to this authority's financing activities. * Safe Deposit Boxes: Regulations concerning safe deposit box services.
II. Other SCC Bureaus (also contributing to Title 10 but with different focuses):
While most of Title 10 is BFI, the SCC's overall authority means other bureaus might have related chapters, though often these are more specifically covered in other VAC Titles (e.g., Insurance in Title 14, Securities in Title 21). However, some cross-cutting financial elements may appear.
Purpose of Regulation in Title 10:
The regulations in Title 10 serve several critical purposes:
Consumer Protection: Safeguarding individuals from predatory lending practices, unfair fees, deceptive advertising, and financial fraud.
Financial Stability: Ensuring that banks and other financial institutions operate soundly, maintain adequate capital, and manage risk appropriately to prevent systemic failures.
Market Integrity: Promoting fair and transparent practices within the financial markets.
Combating Illicit Activities: Implementing rules to prevent money laundering and other financial crimes.
Promoting Economic Development: Creating a stable and predictable regulatory environment that supports responsible financial innovation and economic growth.
Where to Find the Full Text:
The most current and complete text of Title 10 of the Virginia Administrative Code can be found on:
Virginia General Assembly's Legislative Information System (LIS) - Virginia Administrative Code: This is the official and most up-to-date source. Navigate to
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