6.1-194.18 - (Repealed effective October 1, 2010) Access to books and records; communication with members.
§ 6.1-194.18. (Repealed effective October 1, 2010) Access to books andrecords; communication with members.
A. 1. Every person having an account or loan with a savings institution shallhave the right to inspect such books and records of the institution insofaras they pertain to his loan or account. Otherwise, the right of inspectionand examination of the institution's books and records shall be limited:
a. To the Commissioner or his duly authorized representatives;
b. To persons duly authorized to act for the institution; and
c. To any federal or state instrumentality or agency authorized to inspect orexamine the books and records of such institution.
2. 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 a court of competent jurisdiction or otherwise required by law.No person shall have access to the books and records of the institution orshall be furnished or shall possess information concerning individualaccounts or loans of the institution or concerning the owners of suchaccounts or borrowers, except as authorized in writing by the account owneror borrower or as otherwise expressly authorized by law. However, a savingsinstitution is authorized to release, publish or furnish general informationand statistical data concerning its accounts and loans, so long as theidentity of individual account owners or borrowers, or other confidentialinformation, is not revealed.
B. In the event, however, that any member or members of a mutual savingsinstitution desire to communicate with other members with reference to anyquestions pending or to be presented for consideration at a meeting of themembers, the institution shall furnish upon request a statement of theapproximate number of members of the institution at the time of such request,and an estimate of the cost of forwarding such communication. The requestingmember or members shall then submit the communication, together with a swornstatement that the proposed communication is not for any reason other thanthe business welfare of the institution, to the Commissioner. If theCommissioner finds the communication to be appropriate, truthful and in thebest interest of the institution and its members, he shall execute acertificate setting out such findings, forward the certificate together withthe communication to the institution, and direct that the communication beprepared and mailed by the institution to the members upon the requestingmember's or members' payment to it of the expenses of such preparation andmailing. If the Commissioner finds such proposed communication to beinappropriate, untruthful, or contrary to the best interest of theinstitution and its members, he shall have the discretion to make anydisposition of the request to communicate which he deems proper and he shallexecute a certificate setting out such findings and deliver it to therequesting member together with his order making disposition of the request.
C. 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 B of this sectionshall be tendered to the appropriate federal agency in the case of a federalsavings institution and forwarded only upon that agency's certificate anddirection.
D. 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, 6.1-169, 6.1-195.46; 1960, c. 402; 1966, c. 584;1972, c. 796; 1985, c. 425; 1988, c. 555; 1990, c. 3; 1994, c. 319.)