{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/2.2-2295.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/2.2-2295.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/2.2-2295.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/2.2-2295.html"}],"law_id":352461,"edition_id":2,"section_id":352461,"structure_id":50400,"section_number":"2.2-2295","catch_line":"Regulations of the Authority","history":"1984, c. 749, \u00a7 9-219; 2001, c. 844; 2003, c. 339.","full_text":"Prior to carrying out the powers granted under \u00a7\u00a7 2.2-2293 and 2.2-2294, the Authority shall adopt rules and regulations governing its activities including but not limited to rules and regulations relating to the following:\n\n1\n\nProcedures for the submission of requests or invitations and proposals for making loans to lenders and the investment in, purchase, assignment and sale of loans;\n\n2\n\nThe reinvestment by a lender of the proceeds, or an equivalent amount, from any loan to a lender in loans to provide financing for eligible business in the Commonwealth;\n\n3\n\nAssurances that the eligible business to be financed will improve employment conditions or otherwise improve industrial development in the Commonwealth;\n\n4\n\nRates, fees, charges, and other terms and conditions for originating or servicing loans in order to protect against realization of an excessive financial return or benefit by the originator or servicer;\n\n5\n\nThe type and amount of collateral or security to be provided to assure repayment of loans to lenders made by the Authority;\n\n6\n\nThe type of collateral, payment bonds, performance bonds or other security to be provided for any loans made by a lender for construction loans;\n\n7\n\nThe nature and amount of fees to be charged by the Authority to provide for expenses and reserves of the Authority;\n\n8\n\nStandards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions and interest rates for loans made, purchased, sold, assigned or committed pursuant hereto;\n\n9\n\nCommitment requirements for financing by lenders involving money provided, directly or indirectly, by the Authority; or\n\n10\n\nAny other appropriate matters related to the duties or exercise of the Authority’s powers.\n\n","order_by":null,"text":{"0":{"id":1312100,"text":"Prior to carrying out the powers granted under \u00a7\u00a7 2.2-2293 and 2.2-2294, the Authority shall adopt rules and regulations governing its activities including but not limited to rules and regulations relating to the following:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1312101,"text":"Procedures for the submission of requests or invitations and proposals for making loans to lenders and the investment in, purchase, assignment and sale of loans;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1312102,"text":"The reinvestment by a lender of the proceeds, or an equivalent amount, from any loan to a lender in loans to provide financing for eligible business in the Commonwealth;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":1312103,"text":"Assurances that the eligible business to be financed will improve employment conditions or otherwise improve industrial development in the Commonwealth;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":1312104,"text":"Rates, fees, charges, and other terms and conditions for originating or servicing loans in order to protect against realization of an excessive financial return or benefit by the originator or servicer;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":1312105,"text":"The type and amount of collateral or security to be provided to assure repayment of loans to lenders made by the Authority;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":1312106,"text":"The type of collateral, payment bonds, performance bonds or other security to be provided for any loans made by a lender for construction loans;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":1312107,"text":"The nature and amount of fees to be charged by the Authority to provide for expenses and reserves of the Authority;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":1312108,"text":"Standards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions and interest rates for loans made, purchased, sold, assigned or committed pursuant hereto;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":1312109,"text":"Commitment requirements for financing by lenders involving money provided, directly or indirectly, by the Authority; or","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":1312110,"text":"Any other appropriate matters related to the duties or exercise of the Authority’s powers.","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9"}},"ancestry":[{"id":50400,"edition_id":2,"name":"Virginia Small Business Financing Authority","identifier":"7","label":"article","depth":5,"order_by":6,"parent_id":50391,"metadata":{"child_laws":38,"child_structures":0},"date_created":"2026-08-02 02:27:54","date_modified":"2026-08-02 12:27:01","permalink":{"id":1401463,"object_type":"structure","relational_id":50400,"identifier":"7","token":"2.2\/I\/D\/22\/7","url":"\/2.2\/I\/D\/22\/7\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50391,"edition_id":2,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":2,"parent_id":50385,"metadata":{"child_laws":179,"child_structures":12},"date_created":"2026-08-02 02:27:40","date_modified":"2026-08-02 12:26:59","permalink":{"id":1400947,"object_type":"structure","relational_id":50391,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50385,"edition_id":2,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":4,"parent_id":50327,"metadata":{"child_laws":398,"child_structures":113},"date_created":"2026-08-02 02:27:36","date_modified":"2026-08-02 12:26:59","permalink":{"id":1400915,"object_type":"structure","relational_id":50385,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50327,"edition_id":2,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":50326,"metadata":{"child_laws":1084,"child_structures":230},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398457,"object_type":"structure","relational_id":50327,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50326,"edition_id":2,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":3,"parent_id":null,"metadata":{"child_laws":1509,"child_structures":292},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398455,"object_type":"structure","relational_id":50326,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":352443,"structure_id":50400,"section_number":"2.2-2279","catch_line":"Short title; definitions","url":"\/2.2-2279\/","token":"2.2\/I\/D\/22\/7\/2.2-2279","metadata":false},{"id":352445,"structure_id":50400,"section_number":"2.2-2280","catch_line":"Declaration of public purpose; Authority created","url":"\/2.2-2280\/","token":"2.2\/I\/D\/22\/7\/2.2-2280","metadata":false},{"id":352446,"structure_id":50400,"section_number":"2.2-2281","catch_line":"Construction of article","url":"\/2.2-2281\/","token":"2.2\/I\/D\/22\/7\/2.2-2281","metadata":false},{"id":352447,"structure_id":50400,"section_number":"2.2-2282","catch_line":"Board of directors; membership; terms, compensation and expenses; chairman, vice-chairman, secretary and treasurer; quorum; staff","url":"\/2.2-2282\/","token":"2.2\/I\/D\/22\/7\/2.2-2282","metadata":false},{"id":352448,"structure_id":50400,"section_number":"2.2-2283","catch_line":"Meetings of the Board","url":"\/2.2-2283\/","token":"2.2\/I\/D\/22\/7\/2.2-2283","metadata":false},{"id":352449,"structure_id":50400,"section_number":"2.2-2284","catch_line":"Executive Director; appointment; duties","url":"\/2.2-2284\/","token":"2.2\/I\/D\/22\/7\/2.2-2284","metadata":false},{"id":352450,"structure_id":50400,"section_number":"2.2-2285","catch_line":"Powers of the Authority","url":"\/2.2-2285\/","token":"2.2\/I\/D\/22\/7\/2.2-2285","metadata":false},{"id":352451,"structure_id":50400,"section_number":"2.2-2286","catch_line":"Power to condemn","url":"\/2.2-2286\/","token":"2.2\/I\/D\/22\/7\/2.2-2286","metadata":false},{"id":352452,"structure_id":50400,"section_number":"2.2-2287","catch_line":"Power to borrow money and issue bonds","url":"\/2.2-2287\/","token":"2.2\/I\/D\/22\/7\/2.2-2287","metadata":false},{"id":352453,"structure_id":50400,"section_number":"2.2-2288","catch_line":"Power to issue bonds to purchase ninety percent guaranteed portion of loans","url":"\/2.2-2288\/","token":"2.2\/I\/D\/22\/7\/2.2-2288","metadata":false},{"id":352454,"structure_id":50400,"section_number":"2.2-2289","catch_line":"Power to issue umbrella bonds","url":"\/2.2-2289\/","token":"2.2\/I\/D\/22\/7\/2.2-2289","metadata":false},{"id":352456,"structure_id":50400,"section_number":"2.2-2290","catch_line":"Insurance or guarantee fund","url":"\/2.2-2290\/","token":"2.2\/I\/D\/22\/7\/2.2-2290","metadata":false},{"id":352457,"structure_id":50400,"section_number":"2.2-2291","catch_line":"Security for bonds; fees and expenses; limitations","url":"\/2.2-2291\/","token":"2.2\/I\/D\/22\/7\/2.2-2291","metadata":false},{"id":352458,"structure_id":50400,"section_number":"2.2-2292","catch_line":"Public hearing and approval","url":"\/2.2-2292\/","token":"2.2\/I\/D\/22\/7\/2.2-2292","metadata":false},{"id":352459,"structure_id":50400,"section_number":"2.2-2293","catch_line":"Loans to lenders; conditions","url":"\/2.2-2293\/","token":"2.2\/I\/D\/22\/7\/2.2-2293","metadata":false},{"id":352460,"structure_id":50400,"section_number":"2.2-2294","catch_line":"Investment in, purchase or assignment of loans; conditions","url":"\/2.2-2294\/","token":"2.2\/I\/D\/22\/7\/2.2-2294","metadata":false},{"id":352461,"structure_id":50400,"section_number":"2.2-2295","catch_line":"Regulations of the Authority","url":"\/2.2-2295\/","token":"2.2\/I\/D\/22\/7\/2.2-2295","metadata":false},{"id":352462,"structure_id":50400,"section_number":"2.2-2296","catch_line":"How bonds paid and secured","url":"\/2.2-2296\/","token":"2.2\/I\/D\/22\/7\/2.2-2296","metadata":false},{"id":352463,"structure_id":50400,"section_number":"2.2-2297","catch_line":"Liability of Commonwealth, political subdivisions and members of Board","url":"\/2.2-2297\/","token":"2.2\/I\/D\/22\/7\/2.2-2297","metadata":false},{"id":352464,"structure_id":50400,"section_number":"2.2-2298","catch_line":"Authorization of bonds by resolution; contents of bond sale; manner","url":"\/2.2-2298\/","token":"2.2\/I\/D\/22\/7\/2.2-2298","metadata":false},{"id":352465,"structure_id":50400,"section_number":"2.2-2299","catch_line":"Resolution authorizing issuance of bonds; provisions","url":"\/2.2-2299\/","token":"2.2\/I\/D\/22\/7\/2.2-2299","metadata":false},{"id":352467,"structure_id":50400,"section_number":"2.2-2300","catch_line":"Pledge by Authority","url":"\/2.2-2300\/","token":"2.2\/I\/D\/22\/7\/2.2-2300","metadata":false},{"id":352468,"structure_id":50400,"section_number":"2.2-2301","catch_line":"Purchase of bonds of Authority","url":"\/2.2-2301\/","token":"2.2\/I\/D\/22\/7\/2.2-2301","metadata":false},{"id":352469,"structure_id":50400,"section_number":"2.2-2302","catch_line":"Bonds secured by indenture; contents; expenses; how treated","url":"\/2.2-2302\/","token":"2.2\/I\/D\/22\/7\/2.2-2302","metadata":false},{"id":352470,"structure_id":50400,"section_number":"2.2-2303","catch_line":"Signatures of prior members or officers; validity","url":"\/2.2-2303\/","token":"2.2\/I\/D\/22\/7\/2.2-2303","metadata":false},{"id":352471,"structure_id":50400,"section_number":"2.2-2304","catch_line":"Deposit of money; expenditures; security for deposits","url":"\/2.2-2304\/","token":"2.2\/I\/D\/22\/7\/2.2-2304","metadata":false},{"id":352472,"structure_id":50400,"section_number":"2.2-2305","catch_line":"Contracts with holders of bonds; how money secured","url":"\/2.2-2305\/","token":"2.2\/I\/D\/22\/7\/2.2-2305","metadata":false},{"id":352473,"structure_id":50400,"section_number":"2.2-2306","catch_line":"Bondholder protection","url":"\/2.2-2306\/","token":"2.2\/I\/D\/22\/7\/2.2-2306","metadata":false},{"id":352474,"structure_id":50400,"section_number":"2.2-2307","catch_line":"Bonds as legal investments and securities","url":"\/2.2-2307\/","token":"2.2\/I\/D\/22\/7\/2.2-2307","metadata":false},{"id":352475,"structure_id":50400,"section_number":"2.2-2308","catch_line":"Expenses of Authority; liability of Commonwealth or political subdivision prohibited","url":"\/2.2-2308\/","token":"2.2\/I\/D\/22\/7\/2.2-2308","metadata":false},{"id":352476,"structure_id":50400,"section_number":"2.2-2309","catch_line":"Creation, administration, and management of Virginia Export Fund","url":"\/2.2-2309\/","token":"2.2\/I\/D\/22\/7\/2.2-2309","metadata":false},{"id":352478,"structure_id":50400,"section_number":"2.2-2310","catch_line":"Creation, administration, and management of Virginia Small Business Growth Fund","url":"\/2.2-2310\/","token":"2.2\/I\/D\/22\/7\/2.2-2310","metadata":false},{"id":352480,"structure_id":50400,"section_number":"2.2-2311","catch_line":"Repealed","url":"\/2.2-2311\/","token":"2.2\/I\/D\/22\/7\/2.2-2311","metadata":false},{"id":352479,"structure_id":50400,"section_number":"2.2-2311.1","catch_line":"Creation, administration, and management of the Small, Women-owned, and Minority-owned Business Loan Fund","url":"\/2.2-2311.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2311.1","metadata":false},{"id":352482,"structure_id":50400,"section_number":"2.2-2312","catch_line":"Annual report; audit","url":"\/2.2-2312\/","token":"2.2\/I\/D\/22\/7\/2.2-2312","metadata":false},{"id":352481,"structure_id":50400,"section_number":"2.2-2312.1","catch_line":"Risk-based review of outstanding loans; report","url":"\/2.2-2312.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2312.1","metadata":false},{"id":352483,"structure_id":50400,"section_number":"2.2-2313","catch_line":"Exemption from taxation","url":"\/2.2-2313\/","token":"2.2\/I\/D\/22\/7\/2.2-2313","metadata":false},{"id":352484,"structure_id":50400,"section_number":"2.2-2314","catch_line":"Administrative Process Act not applicable","url":"\/2.2-2314\/","token":"2.2\/I\/D\/22\/7\/2.2-2314","metadata":false}],"previous_section":{"id":352460,"structure_id":50400,"section_number":"2.2-2294","catch_line":"Investment in, purchase or assignment of loans; conditions","url":"\/2.2-2294\/","token":"2.2\/I\/D\/22\/7\/2.2-2294","metadata":false},"next_section":{"id":352462,"structure_id":50400,"section_number":"2.2-2296","catch_line":"How bonds paid and secured","url":"\/2.2-2296\/","token":"2.2\/I\/D\/22\/7\/2.2-2296","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2295\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 749 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2001, chapter 844<\/a>; in 2003, chapter 339<\/a>.<\/p>","references":false,"refers_to":[{"id":352459,"section_number":"2.2-2293","catch_line":"Loans to lenders; conditions","order_by":null,"url":"\/2.2-2293\/"},{"id":352460,"section_number":"2.2-2294","catch_line":"Investment in, purchase or assignment of loans; conditions","order_by":null,"url":"\/2.2-2294\/"}],"permalink":{"id":1401529,"object_type":"law","relational_id":352461,"identifier":"2.2-2295","token":"2.2\/I\/D\/22\/7\/2.2-2295","url":"\/2.2-2295\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/2.2-2295\/","token":"2.2\/I\/D\/22\/7\/2.2-2295","dublin_core":{"Title":"Regulations of the Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2295","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Prior to carrying out the powers granted under \u00a7\u00a7 2.2-2293<\/a> and 2.2-2294<\/a>, the Authority<\/span> shall adopt rules and regulations governing its activities including but not limited to rules and regulations relating to the following:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Procedures for the submission of requests or invitations and proposals for making loans to lenders and the investment in, purchase, assignment and sale of loans; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The reinvestment by a lender of the proceeds, or an equivalent amount, from any loan to a lender in loans to provide financing for eligible business in the Commonwealth<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Assurances that the eligible business to be financed will improve employment conditions or otherwise improve industrial development in the Commonwealth<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Rates, fees, charges, and other terms and conditions for originating or servicing loans in order<\/span> to protect against realization of an excessive financial return or benefit by the originator or servicer; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The type and amount of collateral<\/span> or security to be provided to assure repayment of loans to lenders made by the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The type of collateral<\/span>, payment bonds<\/span><\/span>, performance bonds<\/span><\/span> or other security to be provided for any loans made by a lender for construction loans; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The nature and amount of fees to be charged by the Authority<\/span> to provide for expenses and reserves of the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Standards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions and interest rates for loans made, purchased, sold, assigned or committed pursuant hereto; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Commitment requirements for financing by lenders involving money provided, directly or indirectly, by the Authority<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Any other appropriate matters related to the duties or exercise of the Authority<\/span>’s powers. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREGULATIONS OF THE AUTHORITY (\u00a7 2.2-2295)\n\nPrior to carrying out the powers granted under \u00a7\u00a7 2.2-2293 and 2.2-2294, the\nAuthority shall adopt rules and regulations governing its activities including\nbut not limited to rules and regulations relating to the following:\n\n1. Procedures for the submission of requests or invitations and proposals for\nmaking loans to lenders and the investment in, purchase, assignment and sale of\nloans;\n\n2. The reinvestment by a lender of the proceeds, or an equivalent amount, from\nany loan to a lender in loans to provide financing for eligible business in the\nCommonwealth;\n\n3. Assurances that the eligible business to be financed will improve employment\nconditions or otherwise improve industrial development in the Commonwealth;\n\n4. Rates, fees, charges, and other terms and conditions for originating or\nservicing loans in order to protect against realization of an excessive\nfinancial return or benefit by the originator or servicer;\n\n5. The type and amount of collateral or security to be provided to assure\nrepayment of loans to lenders made by the Authority;\n\n6. The type of collateral, payment bonds, performance bonds or other security to\nbe provided for any loans made by a lender for construction loans;\n\n7. The nature and amount of fees to be charged by the Authority to provide for\nexpenses and reserves of the Authority;\n\n8. Standards and requirements for the allocation of available money among\nlenders and the determination of the maturities, terms, conditions and interest\nrates for loans made, purchased, sold, assigned or committed pursuant hereto;\n\n9. Commitment requirements for financing by lenders involving money provided,\ndirectly or indirectly, by the Authority; or\n\n10. Any other appropriate matters related to the duties or exercise of the\nAuthority’s powers.\n\nHISTORY: 1984, c. 749, \u00a7 9-219; 2001, c. 844; 2003, c. 339.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}