§ 6.2-1125. (Effective October 1, 2010) Access to books and records;communication with members.
A. Every person having an account or loan with a savings institution shallhave the right to inspect the books and records of the institution thatpertain to his loan or account. In all other situations the right to inspectand examine the institution's books and records shall be limited to:
1. The Commissioner or his duly authorized representatives;
2. Persons duly authorized to act for the institution; and
3. Any federal or state instrumentality or agency authorized to inspect orexamine the books and records of such institution.
B. The books and records pertaining to the accounts and loans of a savingsinstitution shall be kept confidential by the institution, its directors,officers, and employees except where the disclosure thereof shall becompelled by an appropriate court or otherwise required by law. No personshall have access to the books and records of the institution or shall befurnished or shall possess information concerning individual accounts orloans of the institution or concerning the owners of such accounts orborrowers, except as authorized in writing by the account owner or borroweror as otherwise expressly authorized by law. A savings institution isauthorized to release, publish or furnish general information and statisticaldata concerning its accounts and loans, provided the identity of individualaccount owners or borrowers, and other confidential information, is notrevealed.
C. If any member of a mutual savings institution desires to communicate withother members with reference to any questions pending or to be presented forconsideration at a meeting of the members, the institution shall furnish uponrequest a statement of the approximate number of members of the institutionat the time of such request and an estimate of the cost of forwarding suchcommunication. The requesting member shall then submit the communication,together with a sworn statement that the proposed communication is not forany reason other than the business welfare of the institution, to theCommissioner. If the Commissioner finds the communication to be appropriate,truthful and in the best interest of the institution and its members, heshall execute a certificate setting out such findings, forward thecertificate together with the communication to the institution, and directthat the communication be prepared and mailed by the institution to themembers upon the requesting member's payment to it of the expenses of suchpreparation and mailing. If the Commissioner finds such proposedcommunication to be inappropriate, untruthful, or contrary to the bestinterest of the institution and its members, he may make any disposition ofthe request to communicate that he deems proper and he shall execute acertificate setting out such findings and deliver it to the requesting membertogether with his order making disposition of the request.
D. Insofar as the provisions of this section are not inconsistent withfederal law, such provisions shall apply to federal savings institutionswhose home offices are located in the Commonwealth, except that thecommunication and statement provided for in subsection C shall be tendered tothe appropriate federal agency in the case of a federal savings institutionand forwarded only upon that agency's certificate and direction.
E. Nothing in this section shall be construed to prohibit a savingsinstitution from furnishing the names, addresses and telephone numbers of itscustomers to an affiliate of the institution or an entity with whom theinstitution has a direct contractual relationship, for purposes of furnishingfinancial services to the institution's customers. Such affiliate or entityshall not furnish such customer information to any third party without thewritten authorization of the customer.
(Code 1950, § 6-201.39; 1960, c. 402; 1966, c. 584, § 6.1-169; 1972, c. 796,§ 6.1-195.46; 1985, c. 425, § 6.1-194.18; 1988, c. 555; 1990, c. 3; 1994, c.319; 2010, c. 794.)
§ 6.2-1125. (Effective October 1, 2010) Access to books and records;communication with members.
A. Every person having an account or loan with a savings institution shallhave the right to inspect the books and records of the institution thatpertain to his loan or account. In all other situations the right to inspectand examine the institution's books and records shall be limited to:
1. The Commissioner or his duly authorized representatives;
2. Persons duly authorized to act for the institution; and
3. Any federal or state instrumentality or agency authorized to inspect orexamine the books and records of such institution.
B. The books and records pertaining to the accounts and loans of a savingsinstitution shall be kept confidential by the institution, its directors,officers, and employees except where the disclosure thereof shall becompelled by an appropriate court or otherwise required by law. No personshall have access to the books and records of the institution or shall befurnished or shall possess information concerning individual accounts orloans of the institution or concerning the owners of such accounts orborrowers, except as authorized in writing by the account owner or borroweror as otherwise expressly authorized by law. A savings institution isauthorized to release, publish or furnish general information and statisticaldata concerning its accounts and loans, provided the identity of individualaccount owners or borrowers, and other confidential information, is notrevealed.
C. If any member of a mutual savings institution desires to communicate withother members with reference to any questions pending or to be presented forconsideration at a meeting of the members, the institution shall furnish uponrequest a statement of the approximate number of members of the institutionat the time of such request and an estimate of the cost of forwarding suchcommunication. The requesting member shall then submit the communication,together with a sworn statement that the proposed communication is not forany reason other than the business welfare of the institution, to theCommissioner. If the Commissioner finds the communication to be appropriate,truthful and in the best interest of the institution and its members, heshall execute a certificate setting out such findings, forward thecertificate together with the communication to the institution, and directthat the communication be prepared and mailed by the institution to themembers upon the requesting member's payment to it of the expenses of suchpreparation and mailing. If the Commissioner finds such proposedcommunication to be inappropriate, untruthful, or contrary to the bestinterest of the institution and its members, he may make any disposition ofthe request to communicate that he deems proper and he shall execute acertificate setting out such findings and deliver it to the requesting membertogether with his order making disposition of the request.
D. Insofar as the provisions of this section are not inconsistent withfederal law, such provisions shall apply to federal savings institutionswhose home offices are located in the Commonwealth, except that thecommunication and statement provided for in subsection C shall be tendered tothe appropriate federal agency in the case of a federal savings institutionand forwarded only upon that agency's certificate and direction.
E. Nothing in this section shall be construed to prohibit a savingsinstitution from furnishing the names, addresses and telephone numbers of itscustomers to an affiliate of the institution or an entity with whom theinstitution has a direct contractual relationship, for purposes of furnishingfinancial services to the institution's customers. Such affiliate or entityshall not furnish such customer information to any third party without thewritten authorization of the customer.
(Code 1950, § 6-201.39; 1960, c. 402; 1966, c. 584, § 6.1-169; 1972, c. 796,§ 6.1-195.46; 1985, c. 425, § 6.1-194.18; 1988, c. 555; 1990, c. 3; 1994, c.319; 2010, c. 794.)
§ 6.2-1125. (Effective October 1, 2010) Access to books and records;communication with members.
A. Every person having an account or loan with a savings institution shallhave the right to inspect the books and records of the institution thatpertain to his loan or account. In all other situations the right to inspectand examine the institution's books and records shall be limited to:
1. The Commissioner or his duly authorized representatives;
2. Persons duly authorized to act for the institution; and
3. Any federal or state instrumentality or agency authorized to inspect orexamine the books and records of such institution.
B. The books and records pertaining to the accounts and loans of a savingsinstitution shall be kept confidential by the institution, its directors,officers, and employees except where the disclosure thereof shall becompelled by an appropriate court or otherwise required by law. No personshall have access to the books and records of the institution or shall befurnished or shall possess information concerning individual accounts orloans of the institution or concerning the owners of such accounts orborrowers, except as authorized in writing by the account owner or borroweror as otherwise expressly authorized by law. A savings institution isauthorized to release, publish or furnish general information and statisticaldata concerning its accounts and loans, provided the identity of individualaccount owners or borrowers, and other confidential information, is notrevealed.
C. If any member of a mutual savings institution desires to communicate withother members with reference to any questions pending or to be presented forconsideration at a meeting of the members, the institution shall furnish uponrequest a statement of the approximate number of members of the institutionat the time of such request and an estimate of the cost of forwarding suchcommunication. The requesting member shall then submit the communication,together with a sworn statement that the proposed communication is not forany reason other than the business welfare of the institution, to theCommissioner. If the Commissioner finds the communication to be appropriate,truthful and in the best interest of the institution and its members, heshall execute a certificate setting out such findings, forward thecertificate together with the communication to the institution, and directthat the communication be prepared and mailed by the institution to themembers upon the requesting member's payment to it of the expenses of suchpreparation and mailing. If the Commissioner finds such proposedcommunication to be inappropriate, untruthful, or contrary to the bestinterest of the institution and its members, he may make any disposition ofthe request to communicate that he deems proper and he shall execute acertificate setting out such findings and deliver it to the requesting membertogether with his order making disposition of the request.
D. Insofar as the provisions of this section are not inconsistent withfederal law, such provisions shall apply to federal savings institutionswhose home offices are located in the Commonwealth, except that thecommunication and statement provided for in subsection C shall be tendered tothe appropriate federal agency in the case of a federal savings institutionand forwarded only upon that agency's certificate and direction.
E. Nothing in this section shall be construed to prohibit a savingsinstitution from furnishing the names, addresses and telephone numbers of itscustomers to an affiliate of the institution or an entity with whom theinstitution has a direct contractual relationship, for purposes of furnishingfinancial services to the institution's customers. Such affiliate or entityshall not furnish such customer information to any third party without thewritten authorization of the customer.
(Code 1950, § 6-201.39; 1960, c. 402; 1966, c. 584, § 6.1-169; 1972, c. 796,§ 6.1-195.46; 1985, c. 425, § 6.1-194.18; 1988, c. 555; 1990, c. 3; 1994, c.319; 2010, c. 794.)
