Code of Virginia
Title 6.2 - Financial Institutions and Services

§ 6.2-1199. Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves or insolvency; appointment of Federal Deposit Insurance Corporation as receiver - A. If the Commission finds that: (i) the laws of...

§ 6.2-1200. Removal of director or officer; appeal; penalty for acting after removal - A. Whenever any director or officer of a savings institution...

§ 6.2-1201. Special examinations - When (i) written application is made to the Commission by...

§ 6.2-1202. Fees for supervision and regulation; investigations - A. For the purpose of defraying the expenses of supervision...

§ 6.2-1203. Examination of persons believed to be doing business without authority; doing business without authority; penalty - A. The Commissioner shall examine the accounts, books, and papers...

§ 6.2-1204. Compliance by savings institution holding companies with federal regulations constitutes compliance with Commission regulations - Any savings institution holding company that does not have any...

§ 6.2-1205. Merger, consolidation or transfer of assets of insolvent or financially unstable savings institution; notice and hearing; final order; priorities; examinations of resulting institutions - A. As used in this section: "Bank" or "savings institution"...

Chapter 13 - Credit Unions

§ 6.2-1300. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-1301. Effect of ownership of a share account - Ownership of a share account confers membership and voting rights...

§ 6.2-1302. Powers - In addition to the powers specified or implied elsewhere in...

§ 6.2-1303. Regulations - A. The Commission may adopt regulations to implement the provisions...

§ 6.2-1304. Franchise tax exemption - All credit unions organized under the laws of the Commonwealth...

§ 6.2-1305. Making or circulating derogatory statements affecting credit unions; penalty - Any person who willfully and maliciously makes, circulates, or transmits...

§ 6.2-1306. Unlawful use of words "credit union." - A. It shall be unlawful for any person, other than...

§ 6.2-1307. Use of credit union name, logo, or symbol for marketing purposes; penalty - A. Except as provided in subsection B, no person shall...

§ 6.2-1308. Supervision and regulation by Commission - Credit unions organized under the provisions of this chapter shall...

§ 6.2-1309. Examinations - A. Each credit union shall be examined as often as...

§ 6.2-1310. Fees for examination, supervision, and regulation - In order to defray the costs of an examination pursuant...

§ 6.2-1311. Reports to Commission; penalty for failure to make reports - A. No later than March 31 of each year, each...

§ 6.2-1312. Cease and desist orders; right to hearing - A. The Commission may issue and serve upon a credit...

§ 6.2-1313. Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver - A. If the Commission finds that (i) a credit union...

§ 6.2-1314. Penalties for violation of orders of Commission - The Commission may impose a civil penalty not exceeding $10,000...

§ 6.2-1315. Removal of director or officer; penalty for acting after removal - A. Whenever any director or officer of a credit union...

§ 6.2-1316. Offenses; penalty - Any officer, director, employee, receiver, or agent of a credit...

§ 6.2-1317. Supervisory merger or transfer of assets of insolvent or financially unstable credit union - A. If the Commission finds that (i) a state credit...

§ 6.2-1318. Repealed - Repealed by Acts 2021, Sp. Sess. I, c. 143, cl....

§ 6.2-1319. Involuntary dissolution - If the Commission determines that a credit union is violating...

§ 6.2-1320. Incorporation - A. Five or more residents of the Commonwealth who are...

§ 6.2-1321. Certificate of authority - A. Before it begins to do any business, an organizing...

§ 6.2-1322. Contents of bylaws; amendments to bylaws generally - The bylaws of a credit union shall specify: 1. The...

§ 6.2-1323. Amendments to articles of incorporation and bylaws - A. Subject to the provisions of subsection B and §§...

§ 6.2-1324. Bylaws amended by Commission - Any bylaw may be amended by the Commission by order...

§ 6.2-1325. Fiscal year - The fiscal year of every credit union shall end at...

§ 6.2-1326. Establishing, moving, and closing offices - A. As used in this section, "service facility" means a...

§ 6.2-1327. Membership defined; field of membership - A. The membership of a credit union shall consist of...

§ 6.2-1328. Expansion of field of membership - When practicable and consistent with reasonable safety-and-soundness standards, the Commission...

§ 6.2-1329. Membership meetings; voting - A. The annual meeting and any special meeting of the...

§ 6.2-1330. Special meetings - A. The supervisory committee by a majority vote may call...

§ 6.2-1331. Definitions - As used in this article, unless the context requires a...

§ 6.2-1332. Insurance of shares - Every credit union authorized to do business in the Commonwealth...

§ 6.2-1333. Establishment of corporation; purposes - A. Nine or more individuals, all of whom are duly...

§ 6.2-1334. Contents of corporation bylaws; amendments thereto - A. The bylaws of a corporation shall specify: 1. The...

§ 6.2-1335. Application for membership; share insurance required - A. Every credit union organized: 1. Prior to January 1,...

§ 6.2-1336. Loss reserve contributions - A. A corporation shall collect from each credit union accepted...

§ 6.2-1337. Annual and special assessments - A. A regular annual assessment, not to exceed one-twelfth of...

§ 6.2-1338. Duties and additional powers of corporation - A corporation shall have the following powers in addition to...

§ 6.2-1339. Duties and powers of Commission; judicial review - A. The Commission shall promptly forward to the corporation copies...

§ 6.2-1340. Supervision, reports and examinations by Commission - A. The corporation shall be subject to supervision and annual...

§ 6.2-1341. Audit by corporation and corrective measures; appeal - A. A corporation may require independent audits and investigations of...

§ 6.2-1342. Tax exemptions - Any corporation shall be exempt from all state and local...

§ 6.2-1343. Inconsistent laws inapplicable - All other general or special laws, or parts thereof, inconsistent...

§ 6.2-1344. Voluntary merger - A. A credit union organized under this chapter may merge,...

§ 6.2-1345. Voluntary dissolution - A. A credit union may dissolve in accordance with the...

§ 6.2-1346. Conversion of federal credit union to state credit union - A credit union organized under the laws of the United...

§ 6.2-1347. Conversion of state credit union to federal credit union - A state credit union may convert to a federal credit...

§ 6.2-1347.1. Conversion to a state mutual savings institution - A. A state credit union is authorized to convert to...

§ 6.2-1348. Board of directors; number; election; term; appointment of supervisory and credit committees - A. The board of directors shall have the authority and...

§ 6.2-1349. Board of directors; election of officers - A. At its first meeting after the annual election, the...

§ 6.2-1350. Executive committee - The board of directors may appoint from its own number...

§ 6.2-1351. Meetings of directors - The board of directors and the executive committee shall meet...

§ 6.2-1352. Compensation of officials - A. Compensation of members of the board of directors and...

§ 6.2-1353. Powers and duties of directors - In addition to any other duties set forth in this...

§ 6.2-1354. Credit committee or loan officers; appeal - A. The credit committee of a credit union shall approve...

§ 6.2-1355. Supervisory committee; suspension and removal of officials - The supervisory committee: 1. Shall make or cause to be...

§ 6.2-1356. Special audit - The Commissioner may require a credit union to have an...

§ 6.2-1357. Qualifications of officials - Every officer, director, and committee member shall be a member...

§ 6.2-1358. Share accounts - A. Every credit union may issue shares to and maintain...

§ 6.2-1359. Payment for shares; transfers; lien on shares - Shares shall be paid for in money. Shares may be...

§ 6.2-1360. Dividends - A. At such intervals and for such periods as the...

§ 6.2-1361. Ascertaining value of assets - In ascertaining the value of the assets of a credit...

§ 6.2-1362. Minors' accounts - A credit union may issue shares in the name of...

§ 6.2-1363. Individual retirement accounts and retirement or pension plans - A. A credit union may act as trustee or custodian...

§ 6.2-1364. Acceptance of money under Virginia Uniform Transfers to Minors Act - A credit union may accept money paid to it pursuant...

§ 6.2-1365. Accounts of deceased or incapacitated person - A. A credit union may pay any share balance due...

§ 6.2-1366. Repealed - Repealed by Acts 2010, c. 269, cl. 2.

§ 6.2-1367. Application of provisions to federal credit unions - The provisions of §§ 6.2-1365, 64.2-601, and 64.2-602 shall apply...

§ 6.2-1368. Accounts of fiduciaries - A credit union may issue shares and maintain share accounts...

§ 6.2-1369. Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary's personal account - A. If any fiduciary or agent purchases shares in a...

§ 6.2-1370. Purpose and condition of loans - A credit union may lend to its members for such...

§ 6.2-1371. Other charges - A. In addition to interest charged on loans, a credit...

§ 6.2-1372. Loan limits - A. No loan may be made by a credit union...

§ 6.2-1373. Loans to members of credit committee; nonmember loans - A. If the borrower or endorser on a loan by...

§ 6.2-1374. Lines of credit - Notwithstanding the requirements of § 6.2-1354, the credit committee or...

§ 6.2-1375. Cooperative loans - A credit union may originate loans to credit union members...

§ 6.2-1376. Authorized investments - The funds of a credit union that are not used...

§ 6.2-1377. Maintenance of regular reserves; special reserves - A. A credit union shall establish and maintain a regular...

§ 6.2-1378. Use of reserves - Losses may be charged to the reserve fund. Any sums...

§ 6.2-1379. Out-of-state credit unions - A. A credit union organized and doing business in another...

§ 6.2-1380. Examinations; periodic reports; cooperative agreements; assessment of fees - A. The Commission may make such examinations of an out-of-state...

Chapter 14 - Industrial Loan Associations

§ 6.2-1400. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-1401. Powers of associations - Associations shall have all the general powers and be subject...

§ 6.2-1402. Use of certain words in name prohibited - An association shall neither use in its corporate name nor...

§ 6.2-1403. Directors - A. Every association shall have at least five directors, each...

§ 6.2-1404. Commission may regulate issuance of evidences of debt - The Commission may by regulation prescribe the terms and conditions...

§ 6.2-1405. Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized - A. An association incorporated after July 1, 1960, shall have...

§ 6.2-1406. Sale of certificates of investment by certain associations prohibited - A. An association that had no certificates of investment issued...

§ 6.2-1407. Prohibitions on associations with certificates issued and outstanding; advertisements - A. An association that has certificates of investment issued and...

§ 6.2-1408. Associations to have one office; how office moved - An association shall not have more than one office for...

§ 6.2-1409. Prepayment by borrower from association; rebates for unearned interest; prepayment penalty - A. Any individual borrowing from an association shall have the...

§ 6.2-1410. Amount of loan - No loan made by an association shall be made for...

§ 6.2-1411. Retention of books, accounts, and records - A. Every association shall maintain in its offices such books,...

§ 6.2-1412. Annual report - Each association shall annually, on or before March 25, file...

§ 6.2-1413. Investigations; examinations - The Commission, as often as it deems necessary, may investigate...

§ 6.2-1414. Annual fees - Each association shall pay an annual fee calculated in accordance...

§ 6.2-1415. Regulations - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-1416. Prohibited practices - A. No association shall: 1. Obtain any agreement or instrument...

§ 6.2-1417. Escrow accounts - All moneys required by an association to be paid by...

§ 6.2-1418. Suspension or revocation of authority - A. The Commission may suspend or revoke the authority of...

§ 6.2-1419. Cease and desist orders - If the Commission determines that any association has violated any...

§ 6.2-1420. Notice of proposed suspension or revocation - The Commission may not revoke or suspend the authority of...

§ 6.2-1421. Civil penalties - In addition to the authority conferred upon the Commission by...

Chapter 15 - Consumer Finance Companies

§ 6.2-1500. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-1501. Compliance with chapter; license required; attempts to evade application of chapter - A. No person shall engage in the business of making...

§ 6.2-1502. Certain persons ineligible as licensees; exception for subsidiaries - A. No person doing business under the authority of any...

§ 6.2-1503. Scope of chapter - This chapter shall not apply to: 1. Any business transacted...

§ 6.2-1504. Restrictions on name - No licensee shall use a firm, corporate, or assumed name...

§ 6.2-1505. Application for license; application fee - A. Application for a license to make loans under this...

§ 6.2-1506. Investigation of application - A. Upon the filing of the application and the payment...

§ 6.2-1507. Issuance of license - A. The Commission shall issue to the applicant a license...

§ 6.2-1508. Notices to Commission - A. After receiving approval to conduct business at an additional...

§ 6.2-1508.1. Additional offices; relocation of offices - A. No licensee shall open an additional office without prior...

§ 6.2-1509. Contents, posting, transfer, and duration of license - A. Each license shall contain: 1. The address at which...

§ 6.2-1510. Acquisition of control; application - A. Except as provided in this section, no person shall...

§ 6.2-1511. Revocation of license - The Commission, upon 10 days' written notice to the licensee...

§ 6.2-1512. Suspension of license - If the Commission finds that probable cause for revocation of...

§ 6.2-1513. Record and notice of revocation or suspension - Whenever the Commission revokes or suspends a license issued pursuant...

§ 6.2-1514. Surrender of license - Any licensee may surrender any license by delivering it to...

§ 6.2-1515. Effect of license revocation, suspension, or surrender - The revocation, suspension, or surrender of any license shall not...

§ 6.2-1516. Reinstatement of license - The Commission may reinstate any suspended license, or issue a...

§ 6.2-1517. Place of business generally - A licensee shall not use any name other than the...

§ 6.2-1518. Notice of conduct of other business in same place of business; fee - A. A licensee shall not conduct the business of making...

§ 6.2-1519. Changing place of business - A. A licensee may change its place of business to...

§ 6.2-1520. Rate of interest; late charges; processing fees - A. A licensee may make installment loans of between $300...

§ 6.2-1521. Post-judgment charges - If judgment is obtained against any party on any loan...

§ 6.2-1522. Other limitations on interest - A. Any loan made under the provisions of this chapter...

§ 6.2-1523. Additional charges prohibited; exceptions - In addition to the interest, late payment fees, and loan...

§ 6.2-1523.1. Access partners - A. Notwithstanding the provisions of §§ 6.2-1501 and 6.2-1518, a...

§ 6.2-1523.2. Application of chapter to Internet loans - A. The provisions of this chapter, including specifically the licensure...

§ 6.2-1523.3. Bond required - An application for a license under this chapter shall be...

§ 6.2-1524. Required and prohibited activities and conduct - A. Each licensee shall maintain at all times the minimum...

§ 6.2-1525. Wage purchases - The payment of any amount in money, credit, goods or...

§ 6.2-1526. Wage assignments - A. A valid assignment or order for the payment of...

§ 6.2-1527. Liens on household furniture - No chattel mortgage or other lien on household furniture then...

§ 6.2-1528. Exemptions unimpaired - A. Nothing in this chapter shall have the effect of...

§ 6.2-1529. Collection of loans made outside Commonwealth - No loan made outside the Commonwealth for which greater rates...

§ 6.2-1530. Investigations; immunities - A. For the purpose of discovering violations of this chapter...

§ 6.2-1531. Examination - The Commission shall, as often as it deems to be...

§ 6.2-1532. Fees for examination, supervision and regulation - To defray the costs of examination, supervision and regulation of...

§ 6.2-1533. Books, accounts, and records; pledge or deposit of notes and securities - A. Each licensee shall maintain in its authorized consumer finance...

§ 6.2-1534. Annual reports - Each licensee shall annually, on or before April 1, file...

§ 6.2-1535. Regulations and orders - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-1536. Disclosures in connection with sale of securities - A. The Commission may adopt regulations prescribing required disclosures in...

§ 6.2-1537. Authority of Attorney General; impoundment of property and receivership - A. Whenever the Attorney General has reasonable cause to believe...

§ 6.2-1538. Copies of orders or licenses - On application of any person, and payment of the costs,...

§ 6.2-1539. Review by Commission - In addition to any other remedy he may have any...

§ 6.2-1540. Criminal penalties - Any person, including the members, officers, directors, agents, and employees...

§ 6.2-1541. Unlawful contracts void; recovery of amounts paid - A. A loan contract shall be void if any act...

§ 6.2-1542. Duty to refund unauthorized or excess charges; liability to borrower for penalty - A. If any amount not authorized by this chapter or...

§ 6.2-1543. Civil penalties - The Commission may impose a civil penalty not exceeding $10,000...

Chapter 16 - Mortgage Lenders and Mortgage Brokers

§ 6.2-1600. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-1601. License requirement - A. No person shall engage in business as a mortgage...

§ 6.2-1602. Persons exempt from chapter - The following shall be exempt from the licensing and other...

§ 6.2-1603. Application for license; form; content; fee - A. An application for a license under this chapter shall...

§ 6.2-1604. Bond required - The application for a license shall also be accompanied by...

§ 6.2-1605. Investigation of applications - A. The Commissioner may make such investigations as he deems...

§ 6.2-1606. Qualifications - A. Upon the filing and investigation of an application for...

§ 6.2-1607. Licenses; places of business; changes - A. Each license shall state the address of each office...

§ 6.2-1608. Acquisition of control; application - A. Except as provided in this section, no person shall...

§ 6.2-1609. Retention of books, accounts and records - A. Every mortgage lender or mortgage broker required to be...

§ 6.2-1610. Periodic reports - Each licensee shall file periodic written reports with the Commissioner...

§ 6.2-1611. Investigations; examinations - The Commission may, as often as it deems necessary, investigate...

§ 6.2-1612. Annual fees - A. To defray the costs of examination, supervision, and regulation,...

§ 6.2-1613. Regulations - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-1614. Prohibitions applicable to mortgage lenders and mortgage brokers - No mortgage lender or mortgage broker required to be licensed...

§ 6.2-1615. Other prohibitions applicable to mortgage lenders - No mortgage lender required to be licensed under this chapter...

§ 6.2-1616. Other prohibitions applicable to mortgage brokers - A. As used in this section: "Real estate broker" has...

§ 6.2-1617. Application to certain real estate brokers - The provisions of this chapter shall not be construed to...

§ 6.2-1618. Escrow accounts - A. All moneys required by a mortgage lender required to...

§ 6.2-1619. Suspension or revocation of license - A. The Commission may suspend or revoke any license issued...

§ 6.2-1620. Censuring, suspending, or barring persons - A. The Commission, after providing notice and an opportunity for...

§ 6.2-1621. Filing of written report with Commissioner; events affecting activities of licensee - A. A licensee shall file a written report with the...

§ 6.2-1622. Cease and desist orders - A. If the Commission determines that any mortgage lender or...

§ 6.2-1623. Notice of proposed suspension or revocation - The Commission may not revoke or suspend the license of...

§ 6.2-1624. Civil penalties - In addition to the authority conferred under §§ 6.2-1619 and...

§ 6.2-1625. Criminal penalties - Any person not exempt from the licensure requirements of this...

§ 6.2-1626. Authority of Attorney General; referral by Commission to Attorney General - A. If the Commission determines that a licensee is in...

§ 6.2-1627. Private actions - A. Nothing in this chapter shall be construed to preclude...

§ 6.2-1628. Enforcement of prohibitions on certain practices; recovery of attorney fees - A. The Attorney General, the Commission, or any party to...

§ 6.2-1629. Prohibited practices; authority of the Attorney General - A. Notwithstanding whether a person is licensed, is required to...

Chapter 17 - Mortgage Loan Originators

§ 6.2-1700. Definitions - As used in this chapter: "Act" means the federal Secure...

§ 6.2-1701. License requirement - A. Except as otherwise provided in § 6.2-1701.3, no individual...

§ 6.2-1701.1. Bona fide nonprofit organizations - A. The Commission shall prescribe by regulation (i) the procedures...

§ 6.2-1701.2. Repealed - Repealed by Acts 2019, c. 740, cl. 2, effective July...

§ 6.2-1701.3. Temporary authority to act as a mortgage loan originator - A. An individual shall be deemed to have temporary authority...

§ 6.2-1702. Application for license; form; content; fee - A. An application for a license under this chapter shall...

§ 6.2-1703. Bond required - A. The application for a license shall be accompanied by...

§ 6.2-1704. Mortgage loan originator background checks - A. In connection with an application for licensing as a...

§ 6.2-1705. Coordination of licensing - In connection with its administration and enforcement of this chapter,...

§ 6.2-1706. Qualifications - Upon the filing and investigation of an application for a...

§ 6.2-1707. Other conditions for mortgage loan originator licensing - In addition to the findings required by § 6.2-1706, the...

§ 6.2-1708. Pre-licensing education of mortgage loan originators - A. In order to meet the pre-licensing education requirement referred...

§ 6.2-1709. Testing of mortgage loan originator applicants - A. In order to meet the written test requirement referred...

§ 6.2-1710. Continuing education requirements - A. A licensed mortgage loan originator shall complete annually at...

§ 6.2-1711. Licenses; places of business; changes - A. Each license shall state fully the name and address...

§ 6.2-1712. Repealed - Repealed by Acts 2011, c. 435, cl. 3, effective July...

§ 6.2-1712.1. Inactive mortgage loan originator licenses - A. Notwithstanding any other provision of this chapter, if the...

§ 6.2-1713. Investigations; examinations - The Commission may, by its designated officers and employees, as...

§ 6.2-1714. Annual fees - A. In order to defray the costs of his examination,...

§ 6.2-1715. Advertising; use of a unique identifier - A. No individual required to be licensed under this chapter...

§ 6.2-1716. Suspension or revocation of license - The Commission may suspend or revoke any license issued under...

§ 6.2-1717. Filing of written report with Commissioner; events affecting a licensee - Within 15 days of becoming aware of the occurrence of...

§ 6.2-1718. Notice of proposed suspension or revocation - The Commission may not revoke or suspend the license of...

§ 6.2-1719. Civil penalties - The Commission may impose a civil penalty not exceeding $2,500...

§ 6.2-1720. Regulations; agreements between Commission and Registry - A. The Commission shall adopt such regulations as it deems...

§ 6.2-1721. Cease and desist orders - A. If the Commission determines that any mortgage loan originator...

Chapter 18 - Short-Term Loans

§ 6.2-1800. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-1801. License requirement - A. No person shall engage in the business of making...

§ 6.2-1802. Applicability - The provisions of this chapter shall not apply to any...

§ 6.2-1803. Application for license; form; content; fee - A. An application for a license under this chapter shall...

§ 6.2-1804. Bond required - The application for a license shall be accompanied by a...

§ 6.2-1805. Investigation of applications - The Commissioner may make such investigations as he deems necessary...

§ 6.2-1806. Qualifications - A. Upon the filing and investigation of an application for...

§ 6.2-1807. Licenses; places of offices; changes - A. Each license shall: 1. State the address of each...

§ 6.2-1808. Acquisition of control; application - A. Except as provided in this section, no person shall...

§ 6.2-1809. Retention of books, accounts, and records - Every licensee shall maintain in its approved offices such books,...

§ 6.2-1810. Loan database - A. The Commission shall certify and contract with one or...

§ 6.2-1811. Annual report - A. Each licensee under this chapter shall annually, on or...

§ 6.2-1812. Other reporting requirements - A. A licensee shall file a written report with the...

§ 6.2-1813. Investigations; examinations - The Commission may, as often as it deems necessary, investigate...

§ 6.2-1814. Annual fees - A. To defray the costs of examination, supervision and regulation,...

§ 6.2-1815. Regulations - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-1816. Required and prohibited business methods - Each licensee shall comply with the following requirements and prohibitions:...

§ 6.2-1816.1. Loan terms and conditions - A licensee may engage in the business of making short-term...

§ 6.2-1817. Authorized fees and charges - A. A licensee may charge, collect, and receive only the...

§ 6.2-1817.1. Inflation adjustment of maximum monthly maintenance fee - The Commission may, from time to time, by regulation, adjust...

§ 6.2-1818. Repealed - Repealed by Acts 2020, cc. 1215 and 1258, cl. 2,...

§ 6.2-1818.1. Refinancing of short-term loans - Subject to subsection F of § 6.2-1818.2, a licensee may...

§ 6.2-1818.2. Statement of balance due; repayment and refunds - A. The licensee shall, upon the request of the borrower...

§ 6.2-1818.3. Restriction on certain fees and charges - Notwithstanding any provision of this chapter to the contrary, a...

§ 6.2-1818.4. Verification of borrower's income - Before initiating a short-term loan transaction with a borrower, a...

§ 6.2-1819. Advertising - A. No person licensed or required to be licensed under...

§ 6.2-1820. Other business - No licensee shall conduct the business of making short-term loans...

§ 6.2-1821. Suspension or revocation of license - A. The Commission may suspend or revoke any license issued...

§ 6.2-1822. Cease and desist orders - If the Commission determines that any person has violated any...

§ 6.2-1823. Notice of proposed suspension or revocation - The Commission shall not revoke or suspend the license of...

§ 6.2-1824. Civil penalties - In addition to the authority conferred under §§ 6.2-1821 and...

§ 6.2-1825. Criminal penalties - Any person violating § 6.2-1801 is guilty of a Class...

§ 6.2-1826. Validity of noncompliant loan agreement; private right of action - A. If any provision of a written loan agreement violates...

§ 6.2-1827. Application of chapter to Internet loans - A. The provisions of this chapter, including specifically the licensure...

§ 6.2-1828. Authority of Attorney General; referral by Commission to Attorney General - A. If the Commission determines that a person is in...

§ 6.2-1829. Violation of the Virginia Consumer Protection Act - Any violation of the provisions of this chapter shall constitute...

Chapter 19 - Money Order Sellers and Money Transmitters

§ 6.2-1900. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-1901. License required; exception - A. No person shall engage in the business of selling...

§ 6.2-1902. Scope and construction of chapter - A. The provisions of this chapter shall not apply to:...

§ 6.2-1903. Application for license; financial statements; application fee - A. Applications for a license shall be made on forms...

§ 6.2-1904. Bond required - A. The application for a license shall be accompanied by...

§ 6.2-1904.1. Investigation of applications - A. The Commissioner may make such investigations as he deems...

§ 6.2-1905. Annual fees; expenses; annual reports; renewal - A. Each licensee shall pay to the Commission annually on...

§ 6.2-1906. Conditions prerequisite to issuance of license; net worth requirement - A. The Commission shall not issue a license to an...

§ 6.2-1906.1. Licenses; places of business; changes - A. Each license shall state the address at which the...

§ 6.2-1907. License revocation - A. The Commission may revoke a license issued under this...

§ 6.2-1908. Notice of proposed revocation - The Commission may not revoke a license issued under this...

§ 6.2-1909. Cease and desist orders - A. If the Commission determines that (i) any person has...

§ 6.2-1910. Investigations; examinations; reporting violations - A. The Commission shall have authority to investigate and examine...

§ 6.2-1911. Conduct of business through authorized delegates of licensee - A. A licensee may conduct its business through or by...

§ 6.2-1912. Liability of licensee for payment of money order; money order to bear name of licensee - A. A licensee shall be liable for the payment of...

§ 6.2-1913. Regulations - The Commission may adopt such regulations as it deems appropriate...

§ 6.2-1914. Acquisition of control; application - A. Except as provided in this section, no person shall...

§ 6.2-1915. Sale or issuance of bearer money orders; prohibition - A. No authorized delegate of a licensee shall sell a...

§ 6.2-1916. Retention of books, accounts, and records - A. Every licensee shall maintain in its principal place of...

§ 6.2-1917. Other reporting requirements - A. A licensee or other person shall file a report...

§ 6.2-1918. Maintenance of permissible investments - A. A licensee shall maintain at all times permissible investments...

§ 6.2-1919. Types of permissible investments - A. Except to the extent otherwise limited by the Commission...

§ 6.2-1920. Civil penalties - In addition to the authority conferred under §§ 6.2-1907 and...

§ 6.2-1921. Criminal penalty - Any person required by this chapter to have a license...

Chapter 20 - Agencies Providing Debt Management Plans

§ 6.2-2000. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-2001. License requirement; exceptions - A. No person shall engage in the business of providing...

§ 6.2-2002. Application for license; form; content; fee - A. An application for a license under this chapter shall...

§ 6.2-2003. Bond required - The application for a license shall be accompanied by a...

§ 6.2-2004. Investigation of applications - The Commissioner may make such investigations as he deems necessary...

§ 6.2-2005. Qualifications - A. Upon the filing and investigation of an application for...

§ 6.2-2006. Licenses; places of business; changes - A. Each license shall state the address or addresses at...

§ 6.2-2007. Acquisition of control; application - A. Except as provided in this section, no person shall...

§ 6.2-2008. Retention of books, accounts, and records; responding to Bureau - A. Every licensee shall maintain in its licensed offices such...

§ 6.2-2009. Annual report - Each licensee under this chapter shall annually, on or before...

§ 6.2-2010. Other reporting requirements - A. Within 15 days following the occurrence of any of...

§ 6.2-2011. Investigations; examinations - The Commission may, by its designated officers and employees, as...

§ 6.2-2012. Annual fees - A. To defray the costs of the examination, supervision, and...

§ 6.2-2013. Regulations - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-2014. Required and prohibited business methods - Each licensee shall comply with the following requirements: 1. Each...

§ 6.2-2015. Fees and contributions - For establishing and maintaining a DMP, a licensee may charge...

§ 6.2-2016. Additional charges - In addition to the fees and contributions permitted under §...

§ 6.2-2017. Advertising - No person licensed or required to be licensed under this...

§ 6.2-2018. Suspension or revocation of license - A. The Commission may suspend or revoke any license issued...

§ 6.2-2019. Cease and desist orders - A. If the Commission determines that any person has violated...

§ 6.2-2020. Notice of proposed suspension or revocation - The Commission shall not revoke or suspend the license of...

§ 6.2-2021. Civil penalties - A. In addition to the authority conferred under §§ 6.2-2018...

§ 6.2-2022. Criminal penalty - Any person violating subsection A of § 6.2-2001 is guilty...

§ 6.2-2023. Private right of action - Any person who suffers loss by reason of a violation...

§ 6.2-2024. Authority of Attorney General; referral by Commission to Attorney General - A. If the Commission determines that a person is in...

§ 6.2-2025. Violation of the Virginia Consumer Protection Act - Any violation of the provisions of this chapter shall constitute...

Chapter 20.1 - Debt Settlement Services Providers

§ 6.2-2026. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-2027. License requirement; exceptions - A. No person shall engage in the business of providing...

§ 6.2-2028. Application for license; form; content; fee - A. An application for a license under this chapter shall...

§ 6.2-2029. Bond required - The application for a license shall be accompanied by a...

§ 6.2-2030. Investigation of applications - The Commissioner may make such investigations as he deems necessary...

§ 6.2-2031. Qualifications - A. Upon the filing and investigation of an application for...

§ 6.2-2032. Licenses; places of business; changes - A. Each license shall state the address or addresses at...

§ 6.2-2033. Acquisition of control; application - A. Except as provided in this section, no person shall...

§ 6.2-2034. Retention of books, accounts, and records; responding to Bureau - A. Every licensee shall maintain in its licensed offices such...

§ 6.2-2035. Annual report - Each licensee under this chapter shall annually, on or before...

§ 6.2-2036. Other reporting requirements - A. Within 15 days following the occurrence of any of...

§ 6.2-2037. Investigations; examinations - The Commission may, by its designated officers and employees, as...

§ 6.2-2038. Annual fees - A. To defray the costs of the examination, supervision, and...

§ 6.2-2039. Regulations - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-2040. Licensees providing debt settlement services; prohibited and required business methods - Each licensee engaged in the business of providing or offering...

§ 6.2-2041. Fee - A. For providing debt settlement services, a licensee may charge...

§ 6.2-2042. Advertising - No person licensed or required to be licensed under this...

§ 6.2-2043. Suspension or revocation of license - A. The Commission may suspend or revoke any license issued...

§ 6.2-2044. Cease and desist orders - A. If the Commission determines that any person has violated...

§ 6.2-2045. Notice of proposed suspension or revocation - The Commission shall not revoke or suspend the license of...

§ 6.2-2046. Civil penalties - In addition to the authority conferred under §§ 6.2-2043 and...

§ 6.2-2047. Criminal penalty - Any person violating subsection A of § 6.2-2027 is guilty...

§ 6.2-2048. Private right of action - Any person who suffers loss by reason of a violation...

§ 6.2-2049. Authority of Attorney General; referral by Commission to Attorney General - A. If the Commission determines that a person is in...

§ 6.2-2050. Violation of the Virginia Consumer Protection Act - Any violation of the provisions of this chapter shall constitute...

Chapter 21 - Check Cashers

§ 6.2-2100. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-2101. Registration requirement; offices - A. No person shall engage in business as a check...

§ 6.2-2102. Exempt persons - This chapter shall not apply to: 1. Any person who:...

§ 6.2-2103. Registration fees; reports - A. Each registration form shall be accompanied by payment of...

§ 6.2-2104. Investigations - The Commission, upon receiving a complaint or upon its own...

§ 6.2-2105. Fees posted; endorsement of items cashed - A. A registrant shall conspicuously post and at all times...

§ 6.2-2106. Regulations - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-2107. Prohibited practices - No person required to be registered under this chapter shall:...

§ 6.2-2107.1. Recordkeeping requirements - A. As used in this section, a customer's "identification document"...

§ 6.2-2108. Civil penalties; civil action - A. The Commission may impose a civil penalty not exceeding...

§ 6.2-2109. Criminal penalties - Any person required to be registered under this chapter who...

§ 6.2-2110. Revocation of registration - A. The Commission may revoke a registration under this chapter...

§ 6.2-2111. Notice of proposed revocation - The Commission may not revoke a registration under this chapter...

Chapter 22 - Motor Vehicle Title Loans

§ 6.2-2200. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-2201. License required - A. Unless exempted from the provisions of this chapter pursuant...

§ 6.2-2202. Scope of chapter - A. The provisions of this chapter shall not apply to...

§ 6.2-2203. Application for license; form; content; fee - A. An application for a license under this chapter shall...

§ 6.2-2204. Bond required - The application for a license shall also be accompanied by...

§ 6.2-2205. Investigation of applications - The Commissioner may make such investigations as he deems necessary...

§ 6.2-2206. Qualifications - A. Upon the filing and investigation of an application for...

§ 6.2-2207. Licenses; places of business; changes - A. Each license shall state the address or addresses at...

§ 6.2-2208. Acquisition of control; application - A. Except as provided in this section, no person shall...

§ 6.2-2209. Retention of books, accounts, and records - Every licensee shall maintain in its licensed offices such books,...

§ 6.2-2210. Annual report - A. Each licensee under this chapter shall annually, on or...

§ 6.2-2211. Other reporting requirements - Within 15 days following the occurrence of any of the...

§ 6.2-2212. Investigations; examinations - The Commission may, by its designated officers and employees, as...

§ 6.2-2213. Annual fees - A. In order to defray the costs of their examination,...

§ 6.2-2214. Regulations - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-2215. Required and prohibited business methods - Each licensee shall comply with the following requirements and prohibitions:...

§ 6.2-2215.1. Loan terms and conditions - A licensee may engage in the business of making motor...

§ 6.2-2216. Authorized fees and charges - A. A licensee may charge, collect, and receive only the...

§ 6.2-2216.1. Inflation adjustment of maximum monthly maintenance fee - The Commission may, from time to time, by regulation, adjust...

§ 6.2-2216.2. Refinancing of motor vehicle title loan - Subject to subsection F of § 6.2-2216.3, a licensee may...

§ 6.2-2216.3. Statement of balance due; repayment and refunds - A. The licensee shall, upon the request of the borrower...

§ 6.2-2216.4. Restriction on certain fees and charges - Notwithstanding any provision of this chapter to the contrary, a...

§ 6.2-2216.5. Verification of borrower's income - Before initiating a motor vehicle title loan transaction with a...

§ 6.2-2217. Limited recourse; repossession and sale of motor vehicle - A. Except as otherwise provided in subsection E, a licensee...

§ 6.2-2218. Advertising - A. No person licensed or required to be licensed under...

§ 6.2-2218.1. Other business - A licensee shall not conduct the business of making motor...

§ 6.2-2219. Suspension or revocation of license - A. The Commission may suspend or revoke any license issued...

§ 6.2-2220. Cease and desist orders - If the Commission determines that any person has violated any...

§ 6.2-2221. Notice of proposed suspension or revocation - The Commission shall not revoke or suspend the license of...

§ 6.2-2222. Fines for violations - In addition to the authority conferred under §§ 6.2-2219 and...

§ 6.2-2223. Criminal penalty - Any person violating § 6.2-2201 shall, upon conviction, be guilty...

§ 6.2-2224. Validity of noncompliant loan agreement; private right of action - A. If any provision of a motor vehicle title loan...

§ 6.2-2225. Application of chapter to Internet loans - The provisions of this chapter, including specifically the licensure requirements...

§ 6.2-2226. Authority of Attorney General; referral by Commission to Attorney General - A. If the Commission determines that a person is in...

§ 6.2-2227. Violation of the Virginia Consumer Protection Act - Any violation of the provisions of this chapter shall constitute...

Chapter 22.1 - Sales-Based Financing Providers

§ 6.2-2228. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-2229. Exemptions - The provisions of this chapter shall not apply to and...

§ 6.2-2230. Registration; authority to transact business - On or before November 1, 2022, every sales-based financing provider...

§ 6.2-2231. Disclosure requirements - Each provider shall provide the following disclosures to a recipient...

§ 6.2-2232. Recipient place of business; required signature - A. For the purpose of determining whether a person's principal...

§ 6.2-2233. Additional information - Nothing in this chapter shall prevent a provider from providing...

§ 6.2-2234. Place for bringing action under a contract or agreement to provide sales-based financing; certain fees paid by provider; confessions of judgment prohibited - A. Where a provider enters into a contract or agreement...

§ 6.2-2235. Applicability of chapter to internet transactions - The provisions of this chapter shall apply to providers or...

§ 6.2-2236. Validity of noncompliant sales-based financing - If any provision of a sales-based financing agreement violates this...

§ 6.2-2237. Regulations - The Commission shall adopt such regulations as it deems appropriate...

§ 6.2-2238. Authority of Attorney General - A. The Attorney General is authorized to seek to enjoin...

Chapter 23 - Safe Deposit Boxes

§ 6.2-2300. Definitions - As used in this chapter, unless the context requires otherwise:...

§ 6.2-2301. Access to joint safe deposit box - When a box is rented from any company transacting business...

§ 6.2-2302. Limited access to safe deposit box upon death of lessee - A. Upon (i) the death of the sole lessee of...

§ 6.2-2303. Limited access to safe deposit box upon incapacity of lessee - A. Upon receiving a letter from a licensed physician that...

§ 6.2-2304. Duty to deny access to safe deposit boxes under certain conditions - A. As used in this section, unless the context requires...

§ 6.2-2305. Notice to lessee upon nonpayment of rent - Whenever any amount due for the use of any box...

§ 6.2-2306. Opening box; marking contents - Upon the expiration of 60 days from the date of...

§ 6.2-2307. Disposition of contents - When a package has been marked for identification by a...

§ 6.2-2308. Certificate of notary public - A. The notary public who placed a package in one...

§ 6.2-2309. Subsequent right of lessee to contents - At any time after the mailing of the notice as...

§ 6.2-2310. Sale of contents after two years - A. After the expiration of two years from the time...

§ 6.2-2311. Disposition of proceeds of sale - From the proceeds of any sale held pursuant to the...

§ 6.2-2312. Rental for storage unpaid for three years - If a company has received for safekeeping from any person...

§ 6.2-2313. Documents having pretium affectionis - Whenever the contents of any box opened under the provisions...

§ 6.2-2314. Provisions confer cumulative remedy - The provisions of this chapter shall not (i) preclude any...

Chapter 24 - Securitization Transactions

§ 6.2-2400. Definition - As used in this chapter: "Securitization transaction" means a transaction...

§ 6.2-2401. Securitization transactions; no interest retained by transferor - Notwithstanding any other provision of law, including § 8.9A-623, to...

§ 6.2-2402. Treatment of securitization transactions - Nothing contained in this chapter shall: 1. Be deemed to...

Chapter 25 - Refund Anticipation Loans

§ 6.2-2500. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-2501. Advertising; posting refund anticipation loan fee schedules; and disclosures - A. Any facilitator who advertises the availability of a refund...

§ 6.2-2502. Prohibited activities - Any facilitator who offers to facilitate, or who facilitates, a...

§ 6.2-2503. Right of rescission - A borrower who obtains a refund anticipation loan may rescind...

§ 6.2-2504. Preemption of local laws - This chapter shall preempt and be exclusive of all ordinances...

§ 6.2-2505. Violations; enforcement - Any violation of the provisions of this chapter shall constitute...

Chapter 26 - Qualified Education Loan Servicers

§ 6.2-2600. Definitions - As used in this chapter, unless the context requires a...

§ 6.2-2601. License requirement; exceptions - A. No person shall act as a qualified education loan...

§ 6.2-2602. Licensure of qualified education loan servicers; automatic issuance of license for federal student loan servicing contractors - A. A person seeking to act as a qualified education...

§ 6.2-2603. Application for license; form; content; fee - A. An application for a license under this chapter shall...

§ 6.2-2604. Bond required - The application for a license shall be accompanied by a...

§ 6.2-2605. Investigation of applications - A. The Commissioner may make such investigations as he deems...

§ 6.2-2606. Qualifications - A. Upon the filing and investigation of an application for...

§ 6.2-2607. Licenses; place of business; changes; renewal - A. Each license shall state the address at which the...

§ 6.2-2608. Retention of records; responding to the Bureau - A. Each licensee shall maintain in its principal place of...

§ 6.2-2609. Acquisition of control; application - A. Except as provided in this section, no person shall...

§ 6.2-2610. Prohibited activities; compliance with federal laws and regulations - A. No qualified education loan servicer shall: 1. Directly or...

§ 6.2-2611. Affirmative acts required of qualified education loan servicers - Except to the extent that this section is inconsistent with...

§ 6.2-2612. Reporting requirements - A. Within 15 days following the occurrence of any of...

§ 6.2-2613. Investigations; examinations - A. The Commission may, as often as it deems necessary,...

§ 6.2-2614. Annual fees - A. In order to defray the costs of their examination,...

§ 6.2-2615. Suspension or revocation of license - A. The Commission may suspend or revoke any license issued...

§ 6.2-2616. Notice of proposed suspension or revocation - The Commission shall not revoke or suspend the license of...

§ 6.2-2617. Cease and desist orders - A. If the Commission determines that any person has violated...

§ 6.2-2618. Civil penalties - The Commission may impose a civil penalty not exceeding $2,500...

§ 6.2-2619. Private cause of action - A. A qualified education loan servicer shall: 1. Comply with...

§ 6.2-2620. Investigating and restraining prohibited acts - A. Notwithstanding the provisions of § 59.1-199, whenever the Attorney...

§ 6.2-2621. Violation of the Virginia Consumer Protection Act - Notwithstanding the provisions of § 59.1-199, any violation of the...

§ 6.2-2622. Regulations - The Commission shall adopt such regulations as it deems appropriate...

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Code of Virginia Title 6.2 - Financial Institutions and Services

Code of Virginia
Title 6.2 - Financial Institutions and Services