Administrative Letters: An administrative letter is
the method by which the Commissioner of Financial Institutions formally communicates
with entities regulated by the Bureau of Financial Institutions. Administrative
Letters are not regulations or laws, but are positions that the Bureau of Financial
Institutions has taken on issues affecting financial institutions. Administrative
Letters are often issued after the Bureau of Financial Institutions identifies or
receives a number of questions or concerns about a particular issue, regulation
or law. Administrative Letters provide helpful direction, guidance, instructions,
interpretations, or general information.
Administrative Letters issued by the Bureau of Financial
Regulations: Regulations are administrative rules.
The Virginia General Assembly, through the legislative process, imparts responsibilities
upon the Commission, which include the promulgation of its own rules and regulations
to help it carry out its statutory responsibilities.
Title 10 of the Virginia Administrative Code contains Bureau of Financial Institutions
Statutes or Laws*: Virginia statutes and laws are enacted
through the legislative representative process by the Virginia General Assembly.
Virginia banking and finance statutes and laws are found in
Title 6.2 of the Code of Virginia*.
The Code of Virginia and the Virginia Administrative Code are available on-line
through Legislative Information Systems (LIS).
You may also place an order for Financial Institutions Laws and Related Laws of
Virginia from the LexisNexis Group.
*NOTE: Title 6.1 Banking and Finance is known
Title 6.2 Financial Institutions and Services,
effective October 1, 2010. Title 6.1 has been repealed, however, this does not mean the
prohibitions or requirements stated in that statute are no longer valid. All
statutes in Title 6.1 have been renumbered, and most are now found in Title 6.2.