2012 Virginia Legislation of Interest to Financial Institutions

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This is a brief summary of significant bills enacted in the 2012 Virginia General Assembly Session affecting financial institutions. Unless otherwise noted, each bill will become effective July 1, 2012.

H.B. 708 and S.B. 121

Bank-Owned Real Estate – These bills remove the 10-year limitation on the period of time in which a state bank may hold real estate acquired in satisfaction of a debt. The legislation permits state banks to hold such real estate indefinitely without writing down its value.

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Published In: Administrative Agency Updates, Elections & Politics Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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