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Virginia Statutes, Title 6.2

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Virginia/Statutes

← All Virginia coverage

Title 6.2, Financial Institutions and Services

28 chapters · 957 sections in this title.

All chapters in Title 6.2957 Ch 8, Banks.151 Ch 11, Savings Institutions.105 Ch 10, Entities Conducting Trust Business.100 Ch 13, Credit Unions.81 Ch 15, Consumer Finance Companies.48 Ch 4, Certain Lending Practices.38 Ch 19.1, Money Transmitters.36 Ch 18, Short-term Loans.35 Ch 22, Motor Vehicle Title Loans.35 Ch 3, Interest and Usury.30 Ch 16, Mortgage Lenders and Mortgage Brokers.30 Ch 22.2, Virtual Currency Kiosks.28 Ch 20, Agencies Providing Debt Management P…26 Ch 20.1, Debt Settlement Services Providers.25

11 sections·Filtered byTitle 6.2✕Ch 22.1✕

Va. Code Ann. § 6.2-2228 Definitions
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As used in this chapter, unless the context requires a different meaning: "Recipient" means a person whose principal place of business is in the Commonwealth and that applies for sales-based financing and is made a specific offer of sales-based financing by a provider. A recipien…
Va. Code Ann. § 6.2-2229 Exemptions
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The provisions of this chapter shall not apply to and shall not place any additional requirements or obligations upon any of the following: 1. A financial institution; 2. Any person, provider, or broker that enters into no more than five sales-based financing transactions with a …
Va. Code Ann. § 6.2-2230 Registration; authority to transact business
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On or before November 1, 2022, every sales-based financing provider and sales-based financing broker (i) shall register with the Commission in accordance with procedures established by the Commission and (ii) unless such provider or broker is organized under the laws of Virginia …
Va. Code Ann. § 6.2-2231 Disclosure requirements
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Each provider shall provide the following disclosures to a recipient at the time of extending a specific offer of sales-based financing, according to formatting prescribed by the Commission: 1. The total amount of the sales-based financing, and the disbursement amount, if differe…

Va. Code Ann. § 6.2-2232 Recipient place of business; required signature

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A. For the purpose of determining whether a person's principal place of business is in the Commonwealth, a provider or broker may rely upon (i) any written representation by the person as to whether the person's principal place of business is in the Commonwealth, or (ii) the busi…

Va. Code Ann. § 6.2-2233 Additional information

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Nothing in this chapter shall prevent a provider from providing or disclosing additional information on a sales-based financing being offered to a recipient, provided, however, that such additional information shall not be disclosed as part of the disclosure required by this chap…

Va. Code Ann. § 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

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A. Where a provider enters into a contract or agreement with a recipient to provide sales-based financing, any cause of action arising under such contract or agreement shall be brought in a court in the Commonwealth. Any provision in the contract or agreement mandating that such …

Va. Code Ann. § 6.2-2235 Applicability of chapter to internet transactions

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The provisions of this chapter shall apply to providers or brokers offering, obtaining, or making sales-based financing over the internet to or for a recipient, whether or not the provider or broker maintains a physical presence in the Commonwealth.

Va. Code Ann. § 6.2-2236 Validity of noncompliant sales-based financing

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If any provision of a sales-based financing agreement violates this chapter, such provision shall be unenforceable against the recipient.

Va. Code Ann. § 6.2-2237 Regulations

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The Commission shall adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before adopting any such regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to be heard, in accordanc…

Va. Code Ann. § 6.2-2238 Authority of Attorney General

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A. The Attorney General is authorized to seek to enjoin violations of this chapter. The circuit court having jurisdiction may enjoin such violations notwithstanding the existence of an adequate remedy at law. B. The Attorney General may also seek, and the circuit court may order …