Title 6.2, Title 6.2. Financial Institutions and Services

A. An application for a license under this chapter shall be made in writing, under oath and on a form provided by the Commissioner. B. The application shall set forth: 1. The name and address of the applicant; 2. If the applicant is a firm or partnership, the name and address of …

The application for a license shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond in the Commonwealth, in the sum of $10,000 per office, or such greater sum as the Commission may require, but not to exceed a total of $5…

The Commissioner may make such investigations as he deems necessary to determine if the applicant has complied with all applicable provisions of law and regulations adopted thereunder.

A. Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of §§ 6.2-1803 and 6.2-1804, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the o…

A. Each license shall: 1. State the address of each approved office at which the business is to be conducted; 2. State fully the name of the licensee; and 3. Be prominently posted in each office of the licensee. B. No licensee shall: 1. Use any name other than the name set forth …

A. Except as provided in this section, no person shall acquire, directly or indirectly, 25 percent or more of the voting shares of a corporation or 25 percent or more of the ownership of any other person licensed to conduct business under this chapter unless such person first: 1.…

Every licensee shall maintain in its approved offices such books, accounts and records as the Commission may reasonably require in order to determine whether such licensee is complying with the provisions of this chapter and regulations adopted in furtherance thereof. Such books,…

A. The Commission shall certify and contract with one or more third parties to develop, implement, and maintain a real-time, Internet-accessible database that contains such short-term loan information as the Commission may require from time to time by administrative rule or polic…

A. Each licensee under this chapter shall annually, on or before March 25, file a written report with the Commissioner containing such information as the Commissioner may require concerning his business and operations during the preceding calendar year as to each approved office.…

A. A licensee shall file a written report with the Commissioner within 15 days following the occurrence of any of the following: 1. The filing of bankruptcy, reorganization or receivership proceedings by or against the licensee; 2. The institution of administrative or regulatory …

The Commission may, as often as it deems necessary, investigate and examine the affairs, business, premises and records of any person licensed or required to be licensed under this chapter or any person who may be violating § 6.2-1801. Examinations of licensees shall be conducted…

A. To defray the costs of examination, supervision and regulation, every licensee shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the business volume of licensees, the actual costs of the…

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…

Each licensee shall comply with the following requirements and prohibitions: 1. A licensee shall not make a loan that does not comply with § 6.2-1816.1. 2. A licensee shall not charge, collect, or receive, directly or indirectly, credit insurance premiums, charges for any ancilla…

A licensee may engage in the business of making short-term loans, provided that each loan meets all of the following conditions: 1. The total amount of the loan does not exceed $2,500. 2. The minimum duration of the loan is four months and the maximum duration of the loan is 24 m…

A. A licensee may charge, collect, and receive only the following fees and charges in connection with a short-term loan, provided such fees and charges are set forth in the written loan contract described in § 6.2-1816.1: 1. Interest at a simple annual rate not to exceed 36 perce…

The Commission may, from time to time, by regulation, adjust the dollar amount of $25 specified in subsection A of § 6.2-1817 to reflect the rate of inflation from the previous date that the dollar amount was established, as measured by the Consumer Price Index or other method of…

Subject to subsection F of § 6.2-1818.2, a licensee may refinance a short-term loan, provided that the refinanced loan is also a short-term loan.

A. The licensee shall, upon the request of the borrower or his agent, provide a statement of balance due on a short-term loan. B. A borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. …

Notwithstanding any provision of this chapter to the contrary, a licensee shall not contract for, charge, collect, or receive in connection with a short-term loan a total amount of fees and charges that exceeds either (i) 50 percent of the originally contracted loan amount, if th…

Before initiating a short-term loan transaction with a borrower, a licensee shall make a reasonable attempt to verify the borrower's income. At a minimum, the licensee shall obtain from the borrower one or more recent pay stubs or other written evidence of recurring income, such …

A. No person licensed or required to be licensed under this chapter shall use or cause to be published any advertisement that (i) contains any false, misleading or deceptive statement or representation; or (ii) identifies the person by any name other than the name set forth on th…

No licensee shall conduct the business of making short-term loans under this chapter at any office, suite, room, or other place of business where any other business is solicited or conducted except a registered check cashing business, a motor vehicle title loan business licensed …

A. The Commission may suspend or revoke any license issued under this chapter upon any of the following grounds: 1. Any ground for denial of a license under this chapter; 2. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto,…

If the Commission determines that any person has violated any provision of this chapter or any regulation adopted hereunder, the Commission may, upon 21 days' notice in writing, order such person to cease and desist from such practices and to comply with the provisions of this ch…

The Commission shall not revoke or suspend the license of any licensee upon any of the grounds set forth in § 6.2-1821 until it has given the licensee 21 days' notice in writing of the reasons for the proposed revocation or suspension and an opportunity to introduce evidence and …

In addition to the authority conferred under §§ 6.2-1821 and 6.2-1822, the Commission may impose a civil penalty not exceeding $1,000 upon any person who it determines, in proceedings commenced in accordance with the Commission's Rules, has violated any of the provisions of this …

Any person violating § 6.2-1801 is guilty of a Class 6 felony. For the purposes of this section, each violation shall constitute a separate offense.

A. If any provision of a written loan agreement violates this chapter, such provision shall be unenforceable against the borrower. B. Any person who suffers loss by reason of a violation of any provision of this chapter may bring a civil action to enforce such provision. Any pers…

A. The provisions of this chapter, including specifically the licensure requirements of § 6.2-1801, shall apply to persons making short-term loans over the Internet to Virginia residents or any individual in the Commonwealth, whether or not the person making the loan maintains a …

A. If the Commission determines that a person is in violation of, or has violated, any provision of this chapter, the Commission may refer the information to the Attorney General and may request that the Attorney General investigate such violations. With or without such referral,…

Any violation of the provisions of this chapter shall constitute a prohibited practice in accordance with § 59.1-200 and shall be subject to any and all of the enforcement provisions of the Virginia Consumer Protection Act (§ 59.1-196 et seq.).

As used in this chapter, unless the context requires a different meaning: "Authorized delegate" means a person a licensee designates to engage in money transmission on behalf of the licensee. "Average daily money transmission liability" means the amount of a person's outstanding …

The provisions of this chapter shall not apply to: 1. An operator of a payment system, to the extent that it provides processing, clearing, or settlement services between or among persons exempted by this section, or licensees, in connection with wire transfers, credit card trans…

A. In order to carry out the purposes of this chapter, the Commission may: 1. Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burden …

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…

A. The Commission may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter or by a regulation adopted or order issued under this chapter as reasonably necessary or appropriate to administer an…

A. To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the Commission is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank …

A. In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission shall be governed by the applicable federal law to the extent of the inconsistency. B. I…

A. No person shall engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person is licensed under this chapter. B. No person that is an authorized delegate of a person licensed under this chapter acting w…

A. In order to establish consistent licensing between the Commonwealth and other states, the Commission may (i) implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted similar provisions or multistate licensing process…

A. Applicants for a license, which shall be entities, shall apply in a form and in a medium as prescribed by the Commission. Each such form shall contain content as set forth in regulation, instruction, or procedure of the Commission and may be changed or updated by the Commissio…

A. Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the Commission through NMLS the following items: 1. The individual's fingerprints for submission to the Federal Bureau of …

A. When the Commission determines that an application is complete, the Commission shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and shall approve or deny the application within 120 days after the completion date…

A. A license issued under this chapter shall be renewed annually. An annual renewal fee of $750 shall be paid no more than 60 days before the license expiration. The renewal term shall be for a period of one year and shall begin on January 1 of each year after the initial license…

If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the Commission may suspend or revoke the licensee's license in accordance with the procedures established by this chapter or oth…