Section 50. Responding to requests from the Bureau of Financial Institutions; providing false, misleading, or deceptive information

A. When the bureau requests a written response, books, records, documentation, or other information from a licensee in connection with the bureau's investigation, enforcement, or examination of compliance with applicable laws, the licensee shall deliver a written response as well as any requested books, records, documentation, or information within the time period specified in the bureau's request. If no time period is specified, a written response as well as any requested books, records, documentation, or information shall be delivered by the licensee to the bureau not later than 30 days from the date of such request. In determining the specified time period for responding to the bureau and when considering a request for an extension of time to respond, the bureau shall take into consideration the volume and complexity of the requested written response, books, records, documentation, or information, and such other factors as the bureau determines to be relevant under the circumstances.

B. A licensee shall not provide any false, misleading, or deceptive information to the bureau.

C. Requests made by the bureau pursuant to subsection A are deemed to be in furtherance of the bureau's investigation and examination authority provided for in § 6.2-1813 of the Code of Virginia. Failure to comply with subsection A or any violation of subsection B may result in civil penalties, license suspension, or license revocation.

Historical Notes

Derived from Volume 18, Issue 24, eff. July 22, 2002; amended Virginia Register Volume 28, Issue 20, eff. June 1, 2012; Volume 30, Issue 17, eff. May 1, 2014.

Statutory Authority

§§ 6.2-1815 and 12.1-13 of the Code of Virginia.