Section 20. Surety bond upon all active officers

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 Notes

Derived from VR225-01-0502, eff. February 27, 1981; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.