Title 6.2, Title 6.2. Financial Institutions and Services

The Commission may, from time to time, by regulation, adjust the dollar amount of $15 specified in subdivision A 2 of § 6.2-2216 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…

Subject to subsection F of § 6.2-2216.3, a licensee may refinance a title loan, provided that the refinanced loan is also a title loan.

A. The licensee shall, upon the request of the borrower or his agent, provide a statement of balance due on a motor vehicle title 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…

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

Before initiating a motor vehicle title 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 inco…

A. Except as otherwise provided in subsection E, a licensee taking a security interest in a motor vehicle pursuant to this chapter shall be limited, upon default by the borrower, to seeking repossession of, preparing for sale, and selling the motor vehicle in accordance with Titl…

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…

A licensee shall not conduct the business of making motor vehicle title loans under this chapter at any office, suite, room, or place of business where any other business is solicited or conducted except a registered check cashing business, a short-term loan business licensed und…

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 by the Commission pursuant thereto, or violated any other law or regulation applicable to the conduct of a licensee's business, the Commission may, upon 21 days' noti…

The Commission shall not revoke or suspend the license of any person licensed under this chapter upon any of the grounds set forth in § 6.2-2219 until it has given the licensee 21 days' notice in writing of the reasons for the proposed revocation or suspension and an opportunity …

In addition to the authority conferred under §§ 6.2-2219 and 6.2-2220, the Commission may impose a fine or penalty not exceeding $1,000 upon any person who it determines, in proceedings commenced in accordance with the Commission's Rules of Practice and Procedure, has violated an…

Any person violating § 6.2-2201 shall, upon conviction, be guilty of a Class 1 misdemeanor. For the purposes of this section, each violation shall constitute a separate offense.

A. If any provision of a motor vehicle title loan agreement violates a requirement of 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 enf…

The provisions of this chapter, including specifically the licensure requirements of § 6.2-2201, shall apply to persons making motor vehicle title loans over the Internet to Virginia residents or any individuals in Virginia, whether or not the person making the loan maintains a p…

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: "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…

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 …

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 …

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…

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…

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…

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 …

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.

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

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 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 …

As used in this chapter, unless the context requires a different meaning: "Blockchain analytics" means the analysis of data from blockchains or public distributed ledgers, including associated transaction information. "Blockchain analytics and tracing software" means a software s…

The provisions of this chapter establish minimum standards of conduct for virtual currency kiosk operators, and no provision of this chapter shall be construed to (i) limit the authority of any county, municipality, or other political subdivision of the Commonwealth to adopt or e…

No virtual currency kiosk operator shall (i) engage or offer to engage in a virtual currency kiosk transaction with or on behalf of any other person or (ii) locate or permit a third party to locate a virtual currency kiosk in the Commonwealth, except after first obtaining a licen…

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 and (i) if the applicant is a partnership, firm, or association, the n…

An application for a license under this chapter shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute the bond in the Commonwealth and in the principal amount as determined by the Commission. The amount of the bond shall be not les…

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 §§ 6.2-2242 and 6.2-2243, the Commission shall issue and deliver to the applicant the license to engage in business under this chapter at the locations spe…

A. Each license shall state the licensee's principal place of business and the legal name of the licensee as well as any fictitious name by which the licensee is operating in the Commonwealth. Licenses shall not be transferable or assignable, by operation of law or otherwise. No …

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 licensee under this chapter unless such person has: 1. Filed an application with th…

A. Every licensee shall maintain in its licensed offices such books, accounts, and records as the Commission may reasonably require in order to determine whether the licensee is complying with the provisions of this chapter and other applicable laws. Such books, accounts, and rec…

A. Annually on or before March 31, each licensee under this chapter shall file a written report with the Commissioner containing such information as the Commissioner may require concerning its business and operations during the preceding calendar year in each location. Reports sh…

Within 15 days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event and its expected impact on the business of the licensee: 1. The filing of bankruptcy, reorganization, or receivership proceedin…

A. The Commission may, by its designated officers and employees, 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 insofar as they pertain to any business for w…

A. To defray the costs of the examination, supervision, and regulation of licensees, every licensee under this chapter 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 …

A. A licensee shall disclose in a clear, conspicuous, and reasonably understandable manner in the chosen language of the user all relevant terms and conditions associated with the products, services, and activities of virtual currency transactions, including transaction charges c…

A. Each licensee shall take reasonable steps to detect and prevent fraud and money laundering, including by establishing and maintaining a written antifraud policy and abiding by all relevant provisions of the federal Bank Secrecy Act (31 U.S.C. § 5311 et seq.). Such policy shall…

A. No licensee shall accept a transaction of greater than $2,000 in U.S. dollars or the equivalent in virtual currency for any new user per day. A licensee's maximum daily transaction limit for a user shall not exceed $5,000, and a licensee's maximum monthly transaction limit for…

No licensee shall collect any charge from a user relating to a single virtual currency kiosk transaction that exceeds 18 percent of the value of such transaction. Such percentage shall include any charge related to the annual fee required by § 6.2-2252.