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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>374315</law_id><section_number>6.2-711</section_number><catch_line>Civil penalties; injunction</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="10" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="2" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="2" identifier="7">Acquisitions of Interests in Financial Institutions</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> To the extent provided for therein, the <span class="dictionary">Commission</span> may impose a civil <span class="dictionary">penalty</span> of not less than $100 but not exceeding $1,000 per day for each day of noncompliance upon <span class="dictionary">financial institution</span> holding companies subject to the <span class="dictionary">laws</span> of the Commonwealth that fail to comply with any of the provisions of &#xA7; <a class="law" title="Reports and examinations" href="/6.2-707/">6.2-707</a> for a period of longer than 30 days, after being called upon by the <span class="dictionary">Commission</span> for a statement, or to do such other act as is therein provided. The <span class="dictionary">Commission</span> may impose a civil <span class="dictionary">penalty</span> of not less than $25 but not exceeding $100 per day for each day of noncompliance upon any officer of any such <span class="dictionary">financial institution holding company</span>, who shall refuse to give any examiner the information or refuse to be sworn, as required by this title. <a id="paragraph-1397363" class="section-permalink" href="https://vacode.org/6.2-711/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> The <span class="dictionary">Commission</span> (i) may impose a civil <span class="dictionary">penalty</span> not exceeding $10,000 against any <span class="dictionary">financial institution holding company</span> subject to the <span class="dictionary">laws</span> of the Commonwealth or against any of its directors, officers, or employees for violating any lawful <span class="dictionary">order</span> of the <span class="dictionary">Commission</span> and (ii) may remove from office any director or officer who a second time violates any such <span class="dictionary">order</span>. In all cases the <span class="dictionary">defendant</span> shall have an opportunity to be heard and to introduce <span class="dictionary">evidence</span>, and the right to <span class="dictionary">appeal</span> as provided by <span class="dictionary">law</span>. <a id="paragraph-1397364" class="section-permalink" href="https://vacode.org/6.2-711/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> Any <span class="dictionary">person</span> violating any provision of this chapter or any regulation adopted thereunder shall be subject to <span class="dictionary">injunction</span> by the <span class="dictionary">Commission</span> or by an appropriate <span class="dictionary">court</span> on <span class="dictionary">motion</span> of any <span class="dictionary">party in interest</span>. In addition, the <span class="dictionary">Commission</span> may impose a civil <span class="dictionary">penalty</span> of not more than $1,000 per day for each day the violation continues upon any <span class="dictionary">person</span> violating any provision of this chapter or any regulation adopted thereunder. <a id="paragraph-1397365" class="section-permalink" href="https://vacode.org/6.2-711/#C"><i class="fa fa-link"/></a></p></section></text><history>1978, c. 683, &#xA7; 6.1-388; 1983, c. 194; 2010, c. 794.</history><metadata></metadata></law>
