§ 6.2-1156. (Effective October 1, 2010) Activities that are not considered"doing business.".
For the purposes of this chapter and any other law of the Commonwealthprohibiting, limiting, regulating, charging or taxing the doing of businessin the Commonwealth by foreign savings institutions or foreign corporationsof any type, any federal savings institution the principal place of businessof which is located outside the Commonwealth, and any foreign savingsinstitution that is subject to state or federal supervision, or both, that bylaw is subject to periodic examination by such supervisory authority and to arequirement of periodic audit, shall not be considered to be doing businessor to have a tax situs or nexus in or with the Commonwealth by reason ofengaging in any of the following activities:
1. The purchase, acquisition, inspection, appraisement, holding, sale,assignment, transfer, collecting, and enforcement of obligations or anyinterest therein secured by real estate mortgages, deeds of trust, or othersimilar instruments, covering real property located in the Commonwealth, orthe foreclosure of such instruments, or the acquisition of title to suchproperty by foreclosure, or otherwise, as a result of default under suchinstruments, or the holding, protection, rental, maintenance and operation ofsaid property so acquired, or the disposition thereof; or
2. The advertising or solicitation of deposit accounts, or the making of anyrepresentations with respect thereto in the Commonwealth through the media ofthe mail, radio, television, magazines, newspapers, or any other media thatare published or circulated within the Commonwealth, if (i) such advertising,solicitation or the making of such representations is accurately descriptiveof fact and (ii) no such advertising, solicitation, or the making of suchrepresentations contains any reference to insurance or guarantee of accounts,unless the accounts of such institution are insured by the Federal DepositInsurance Corporation or other insurer approved by the Commissioner.
(1985, c. 425, § 6.1-194.48; 1990, c. 3; 2010, c. 794.)
§ 6.2-1156. (Effective October 1, 2010) Activities that are not considered"doing business.".
For the purposes of this chapter and any other law of the Commonwealthprohibiting, limiting, regulating, charging or taxing the doing of businessin the Commonwealth by foreign savings institutions or foreign corporationsof any type, any federal savings institution the principal place of businessof which is located outside the Commonwealth, and any foreign savingsinstitution that is subject to state or federal supervision, or both, that bylaw is subject to periodic examination by such supervisory authority and to arequirement of periodic audit, shall not be considered to be doing businessor to have a tax situs or nexus in or with the Commonwealth by reason ofengaging in any of the following activities:
1. The purchase, acquisition, inspection, appraisement, holding, sale,assignment, transfer, collecting, and enforcement of obligations or anyinterest therein secured by real estate mortgages, deeds of trust, or othersimilar instruments, covering real property located in the Commonwealth, orthe foreclosure of such instruments, or the acquisition of title to suchproperty by foreclosure, or otherwise, as a result of default under suchinstruments, or the holding, protection, rental, maintenance and operation ofsaid property so acquired, or the disposition thereof; or
2. The advertising or solicitation of deposit accounts, or the making of anyrepresentations with respect thereto in the Commonwealth through the media ofthe mail, radio, television, magazines, newspapers, or any other media thatare published or circulated within the Commonwealth, if (i) such advertising,solicitation or the making of such representations is accurately descriptiveof fact and (ii) no such advertising, solicitation, or the making of suchrepresentations contains any reference to insurance or guarantee of accounts,unless the accounts of such institution are insured by the Federal DepositInsurance Corporation or other insurer approved by the Commissioner.
(1985, c. 425, § 6.1-194.48; 1990, c. 3; 2010, c. 794.)
§ 6.2-1156. (Effective October 1, 2010) Activities that are not considered"doing business.".
For the purposes of this chapter and any other law of the Commonwealthprohibiting, limiting, regulating, charging or taxing the doing of businessin the Commonwealth by foreign savings institutions or foreign corporationsof any type, any federal savings institution the principal place of businessof which is located outside the Commonwealth, and any foreign savingsinstitution that is subject to state or federal supervision, or both, that bylaw is subject to periodic examination by such supervisory authority and to arequirement of periodic audit, shall not be considered to be doing businessor to have a tax situs or nexus in or with the Commonwealth by reason ofengaging in any of the following activities:
1. The purchase, acquisition, inspection, appraisement, holding, sale,assignment, transfer, collecting, and enforcement of obligations or anyinterest therein secured by real estate mortgages, deeds of trust, or othersimilar instruments, covering real property located in the Commonwealth, orthe foreclosure of such instruments, or the acquisition of title to suchproperty by foreclosure, or otherwise, as a result of default under suchinstruments, or the holding, protection, rental, maintenance and operation ofsaid property so acquired, or the disposition thereof; or
2. The advertising or solicitation of deposit accounts, or the making of anyrepresentations with respect thereto in the Commonwealth through the media ofthe mail, radio, television, magazines, newspapers, or any other media thatare published or circulated within the Commonwealth, if (i) such advertising,solicitation or the making of such representations is accurately descriptiveof fact and (ii) no such advertising, solicitation, or the making of suchrepresentations contains any reference to insurance or guarantee of accounts,unless the accounts of such institution are insured by the Federal DepositInsurance Corporation or other insurer approved by the Commissioner.
(1985, c. 425, § 6.1-194.48; 1990, c. 3; 2010, c. 794.)
