Virginia § 58.1-1216 - Penalty upon bank for failure to comply with chapter
Full text of Virginia Code of Virginia § 58.1-1216 — Penalty upon bank for failure to comply with chapter, with citation guidance and answers to common questions.
§ 58.1-1216. Penalty upon bank for failure to comply with chapter
Any bank which fails to file a return or pay the state tax required by this chapter or fails to comply with any other provision of this chapter shall be subject to a penalty of five percent of the tax due. If the Commissioner is satisfied that such failure is due to providential or other good cause, such return and payment of tax shall be accepted exclusive of such penalty, but with interest determined in accordance with § 58.1-15.
Code 1950, § 58-485.018; 1980, c. 578; 1984, c. 675.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 58.1-1216
What does Code of Virginia § 58.1-1216 cover?
Section 58.1-1216 ("Penalty upon bank for failure to comply with chapter") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 58.1-1216?
A common citation format is "Code of Virginia § 58.1-1216" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 58.1-1216 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.