Title 6.2, Title 6.2. Financial Institutions and Services

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,…

A. 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…

The Commission shall not revoke or suspend the license of any person licensed under this chapter upon any of the grounds set forth in § 6.2-2261 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 § 6.2-2251, 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 any provision of…

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 otherwise: "Box" or "safe deposit box" means any safe or box that is available for rent within the vaults of a company. "Company" means a bank, trust company, or other entity conducting the business of renting safe deposit boxe…

When a box is rented from any company transacting business in the Commonwealth under the name of two or more persons with (i) the right of access being given to either or (ii) access to either the survivor or survivors of such persons, any one or more of such persons, whether the…

A. Upon (i) the death of the sole lessee of a box or (ii) the death of a lessee of a box rented under the name of two or more persons upon proof satisfactory to the company that no then co-lessee is reasonably available for access to the box, the company may permit limited access…

A. Upon receiving a letter from a licensed physician that in his professional opinion an individual, who is the sole lessee of a box, is incapable of receiving and evaluating information effectively or responding to people, events, or environments to such an extent that the indiv…

A. As used in this section, unless the context requires otherwise: "Creditor" means (i) a judgment creditor, (ii) a plaintiff who has obtained a pre-judgment attachment order, or (iii) an appropriate federal or state tax official. "Defendant" means the lessee of a box who is name…

Whenever any amount due for the use of any box of any company shall remain unpaid for a period of one year, the company may, at the expiration of such period, send to the lessee of the box a notice in writing by registered or certified mail, postage prepaid, at his last known pos…

Upon the expiration of 60 days from the date of mailing the notice required by § 6.2-2305 and the failure within such period of the lessee of the box according to the records of the company to pay the amount due for the rental thereof, together with any charges for which the rent…

When a package has been marked for identification by a notary public as required under the provisions of § 6.2-2306, it shall, in the presence of an officer of the company, be placed by the notary public in one of the general safes or boxes of the company. The lessee shall be lia…

A. The notary public who placed a package in one of the general safes or boxes of the company as required under the provisions of § 6.2-2307 shall, upon doing so, file with the company a certificate, under seal, which shall set out the date of the opening of such box, the name of…

At any time after the mailing of the notice as required by § 6.2-2308 and before the expiration of two years, the lessee may require the delivery of the contents of the box as shown by the certificate, upon payment of all rentals due at the time of opening the box, the cost of op…

A. After the expiration of two years from the time of mailing the certificate provided for in § 6.2-2308, if the lessee has not obtained delivery of the contents, the company shall: 1. Mail in a securely closed envelope, by registered or certified mail, return receipt requested, …

From the proceeds of any sale held pursuant to the provisions of § 6.2-2310, the company shall deduct all its charges, as stated in such notice, together with any further charges that shall have accrued since the mailing thereof, including reasonable expenses for notices, adverti…

If a company has received for safekeeping from any person any package or box to be stored in its general vault, and the rental for such storage shall have remained unpaid for a period of three years, the company shall have the right to open such package or box and to have the con…

Whenever the contents of any box opened under the provisions of this chapter shall consist either wholly or in part of documents, letters, or other papers of a private nature, or articles having a pretium affectionis, such documents, letters, papers, or articles shall not be sold…

The provisions of this chapter shall not (i) preclude any other remedy existing for the enforcement of the claims of a company against the person in whose name the box is rented, nor (ii) bar the right of the company to recover the unpaid portion of the debt from the proceeds of …

As used in this chapter: "Securitization transaction" means a transaction relating to the issuance or transfer by a special purpose entity of beneficial interests or undivided interests, which entitle their holders to receive payments or other distributions that depend primarily …

Notwithstanding any other provision of law, including § 8.9A-623, to the extent set forth in the transaction documents relating to a securitization transaction: 1. Any property, assets, or rights purported to be transferred, in whole or in part, in the securitization transaction …

Nothing contained in this chapter shall: 1. Be deemed to require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state tax purposes or to change any appl…

As used in this chapter, unless the context requires a different meaning: "Applicant" means a customer who applies for a refund anticipation loan through a facilitator. "Borrower" means an applicant who receives a refund anticipation loan through a facilitator. "Customer" means a…

A. Any facilitator who advertises the availability of a refund anticipation loan shall not directly or indirectly represent the loan as a customer's actual refund. Any advertisement that mentions a refund anticipation loan shall state conspicuously that it is a loan and that a fe…

Any facilitator who offers to facilitate, or who facilitates, a refund anticipation loan shall not: 1. Require a customer to enter into a loan arrangement in order to complete a tax return; 2. Misrepresent a material factor or condition of a refund anticipation loan; 3. Fail to p…

A borrower who obtains a refund anticipation loan may rescind the loan, on or before the close of business on the next day of business, by either returning the original check issued for the loan or providing the amount of the loan in cash to the lender or the facilitator. The fac…

This chapter shall preempt and be exclusive of all ordinances of any locality relating to refund anticipation loans. This section shall be given retroactive and prospective effect.

Any violation of the provisions of this chapter shall constitute a prohibited practice under the provisions of § 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: "Licensee" means a person to whom a license has been issued under this chapter. "Nationwide Multistate Licensing System and Registry" or "Registry" means the nationwide multistate licensing system and regis…

A. No person shall act as a qualified education loan servicer, directly or indirectly, whether or not the person has an office or any other physical presence in the Commonwealth, except in accordance with the provisions of this chapter and without having first obtained a license …

A. A person seeking to act as a qualified education loan servicer is exempt from the application procedures described in subsections A and B of § 6.2-2603 upon determination by the Commissioner that the person (i) has an agreement with the U.S. Secretary of Education under 20 U.S…

A. An application for a license under this chapter shall be made in writing and on a form provided by the Commission. B. The application shall set forth: 1. The name and address of the applicant, the name and address of each senior officer, and (i) if the applicant is a partnersh…

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 principal amount as determined by the Commissioner. The amount of the bond shall be not less than $50,000 nor more than $500,000.…

A. 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. B. For the purpose of investigating individuals who are members, senior officers, directors, trustees, and prin…

A. Upon the filing and investigation of an application for a license, compliance by the applicant with the provisions of §§ 6.2-2603 and 6.2-2604, and compliance by the persons identified in subsection B of § 6.2-2605 with the provisions contained therein, the Commission shall is…

A. Each license shall state the address at which the principal place of business is to be conducted and shall state fully the legal name of the licensee as well as any fictitious names by which the licensee is conducting business under this chapter. Licenses shall not be transfer…

A. Each licensee shall maintain in its principal place of business such books, accounts, and records as the Commissioner may reasonably require in order to determine whether such person is complying with the provisions of this chapter and other laws applicable to the conduct of i…

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.…

A. No qualified education loan servicer shall: 1. Directly or indirectly employ any scheme, device, or artifice to defraud or mislead qualified education loan borrowers; 2. Engage in any unfair or deceptive act or practice toward any person or misrepresent or omit any material in…

Except to the extent that this section is inconsistent with any provision of federal law or regulation, and then only to the extent of the inconsistency, a person engaged in qualified education loan servicing shall: 1. Evaluate a qualified education loan borrower for eligibility …

A. 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 upon the business of the licensee: 1. The filing of bankruptcy, reorganization, or receivership proc…

A. 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 insofar as they pertain to any business for which a license is required by this chapter…

A. In order to defray the costs of their examination, supervision, and regulation, every licensee under this chapter shall pay an annual fee calculated in accordance with a schedule set by the Commission. All such fees shall be assessed on or before April 1 for every calendar yea…

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,…