- A. Every industrial loan association as defined in Chapter 14 (§ 6.2-1400 et seq.) of Title 6.2 of the Code of Virginia shall obtain and keep in force upon all its active officers a bond or bonds in a surety company authorized to do business in this Commonwealth in the penalty of whatever amount is deemed appropriate by its board of directors.
- B. No bond given pursuant to this section may be cancelled without first giving the Commissioner of Financial Institutions 10 days written notice of such cancellation, and every such bond shall contain a provision to that effect.
Statutory Authority
§ 6.2-1404 of the Code of Virginia.Historical NotesDerived from VR225-01-0502, eff. February 27, 1981; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.