reglab/housing_qa huggingface dataset:
VA Code § 6.2-1520 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1520. Rate of interest; late charges; processing fees

A. A licensee may make installment loans of between $300 and $35,000, which loans shall have a term of no fewer than six months and no more than 120 months and shall be repayable in at least six substantially equal consecutive payments. A licensee may charge and collect interest on a loan made under this chapter at a single annual rate not to exceed 36 percent. Interest shall not be charged on an add-on basis and shall not be compounded but shall be computed and paid only as a percentage of the unpaid principal balance. Interest shall be computed on the basis of the number of days elapsed; however, if part or all of the consideration for a loan contract is the unpaid principal balance of a prior loan, then the principal amount payable under the loan contract may include any unpaid interest on the prior loan that has accrued within 90 days before the making of the new loan contract. For the purpose of computing interest, a day may equal 1/360th or 1/365th of a year.B. A licensee may charge a late payment fee of $20 for any payment or portion of a payment not received and applied within 10 days of the contractual due date. For purposes of this section, a late payment fee for any individual scheduled contractual payment due may be assessed only once. The late payment fee shall be specified in the contract between the lender and the borrower.C. A licensee may charge a loan processing fee not to exceed the greater of $50 or six percent of the principal amount of the loan, provided that the loan processing fee shall in no event exceed $150. The loan processing fee shall be stated in the loan contract. The loan processing fee shall not be deemed to constitute interest charged on the principal amount of the loan for purposes of determining whether the interest charged exceeds the 36 percent annual contract interest rate limitation imposed by subsection A. Upon payment of the full amount of principal due plus accrued interest and any other applicable fees within the first 30 days, whether through outside funds or a refinancing under a new loan advance, the borrower shall be entitled to a full rebate of the loan processing fee less an amount not to exceed $50 or the actual loan processing fee, whichever is less. If a loan is refinanced or renewed, a licensee may assess an additional loan processing fee on the loan no more than once during any 12-month period.D. A licensee may collect from the borrower the amount of any actual fees necessary to file, record, or release its security interest with any public official or agency of a locality or the Commonwealth as may be required by law.1995, c. 2, § 6.1-272.1; 2001, c. 308; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1521 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1521. Post-judgment charges

If judgment is obtained against any party on any loan made under the provisions of this chapter, neither the judgment nor the loan shall carry, from the date of the judgment, any charges against any party to the loan other than court costs, attorney fees, and interest on the amount of the judgment at the rate fixed by § 6.2-302.Code 1950, § 6-603; 1966, c. 584, § 6.1-273; 1975, c. 270; 1987, c. 196; 2010, c. 794.
VA Code § 6.2-1522 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1522. Other limitations on interest

A. Any loan made under the provisions of this chapter that is properly scheduled in a bankruptcy proceeding shall bear interest against any party to the loan from 90 days after the date of adjudication, whether there is an ultimate discharge or an extension, if any interest is allowable at all, at six percent per year. This limitation shall not apply (i) to a comaker not currently in bankruptcy when the bankrupt is not entitled to a discharge, or (ii) if the particular obligation is not dischargeable under the provisions of Title 11 of the United States Code.B. After 90 days from the date of the death of the borrower, no other charges than interest at six percent per year shall be computed or collected from any party to the loan upon the unpaid principal balance of the loan.C. For the period beginning six months after the date of maturity, as originally scheduled or as deferred in the event of deferment, of any loan contract under the provisions of this chapter, no further charges than interest at six percent per year shall be computed or collected from any party to the loan upon the unpaid balance of the loan.Code 1950, §§ 6-304, 6-305, 6-306; 1966, c. 584, §§ 6.1-274, 6.1-275, 6.1-276; 1968, c. 489; 1987, c. 410; 2010, c. 794.
VA Code § 6.2-1523 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1523. Additional charges prohibited; exceptions

In addition to the interest, late payment fees, and loan processing fee permitted under § 6.2-1520, no further or other amount whatsoever for any examination service, brokerage, commission, fine, notarial fee, or other thing or otherwise shall be directly or indirectly charged, contracted for, collected, or received, except:1. Insurance premiums actually paid out by the licensee to any insurance company or agent duly authorized to do business in the Commonwealth or another state for insurance for the protection and benefit of the borrower written in connection with any loan;2. The actual cost of recordation fees or, on loans over $100, the amount of the lawful premiums, no greater than such fees, actually paid for insurance against the risk of not recording any instrument securing the loan; and3. A handling fee not to exceed $25 for each check returned to the licensee because the drawer had no account or insufficient funds in the payor bank.Code 1950, § 6-308; 1966, c. 584, § 6.1-278; 1978, c. 625; 1981, cc. 37, 38; 1984, c. 296; 1986, c. 502; 1990, c. 751; 1995, c. 2; 2001, c. 308; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1523.2 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1523.2. Application of chapter to Internet loans

A. The provisions of this chapter, including specifically the licensure requirements of § 6.2-1501, shall apply to persons making loans over the Internet to Virginia residents or any individuals in Virginia, whether or not the person maintains a physical presence in the Commonwealth.B. The Commission may, from time to time, by administrative rule or policy statement, set requirements that the Commission reasonably deems necessary to ensure compliance with this section.2020, cc. 1215, 1258.
VA Code § 6.2-1523.3 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1523.3. Bond required

An application for a license under this chapter 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 $25,000, or such greater sum as the Commission may require, but not to exceed a total of $500,000. The form of such bond shall be approved by the Commission. Such bond shall be continuously maintained thereafter in full force. Such bond shall be conditioned upon the applicant or licensee performing all written agreements with borrowers or prospective borrowers, correctly and accurately accounting for all funds received by it in its licensed business, and conducting its licensed business in conformity with this chapter and all applicable laws. Any person who may be damaged by noncompliance of the licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.2020, cc. 1215, 1258.
VA Code § 6.2-1525 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1525. Wage purchases

The payment of any amount in money, credit, goods or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commission, or other compensation for services, whether earned or to be earned, shall for the purposes of this chapter be deemed a loan of money secured by the sale, assignment or order. The amount by which the compensation so sold, assigned or ordered paid exceeds the amount of consideration actually paid (i) shall be deemed for the purpose of this chapter to be interest upon the loan from the date of the payment to the date the compensation is payable and (ii) shall not, in any case, be more than is sufficient to yield, to the person making the loan, interest on his investment at the annual rate of 10 percent. Such transaction shall in all other respects be governed by and subject to the provisions of this chapter.Code 1950, § 6-317; 1956, c. 71; 1966, c. 584, § 6.1-288; 1968, c. 489; 1974, c. 371; 1995, c. 2; 2001, c. 308; 2010, c. 794.
VA Code § 6.2-1526 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1526. Wage assignments

A. A valid assignment or order for the payment of future salary, wages, commissions, or other compensation for services may be given as security for a loan made by any licensee, notwithstanding the provisions of any other law to the contrary.B. No assignment of, or order for payment of, any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure any loan made by any licensee shall be valid unless:1. The amount of the loan is paid to the borrower simultaneously with its execution; and2. The assignment or order is in writing, signed in person by the borrower, and not by an attorney, or if the borrower is married unless it is signed in person by both spouses, and not by an attorney. Written assent of a spouse shall not be required when the spouses have been living separate and apart for a period of at least five months prior to the giving of the assignment or order. The provisions of this section are in addition to, and not in derogation of, the general statutes pertaining to the subject.C. Under the assignment or order, an amount equal to not more than 10 percent of the borrower's salary, wages, commissions, or other compensation for services shall be collectible from the employer of the borrower by the licensee at the time of each payment to the borrower of the salary, wages, commission, or other compensation for services, from the time that a copy of the assignment, verified by the oath of the licensee or his agent, together with a similarly verified statement of the amount unpaid upon the loan and a printed copy of this section, is served upon the employer.Code 1950, §§ 6-318, 6-319; 1966, c. 584, §§ 6.1-289, 6.1-290; 2010, c. 794; 2020, c. 900.
VA Code § 6.2-1527 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1527. Liens on household furniture

No chattel mortgage or other lien on household furniture then in the possession and use of the borrower given to secure any loan made by a licensee shall be valid unless it is in writing, signed in person by the borrower, and not by an attorney, or if the borrower is married unless it is signed in person by both spouses, and not by an attorney. Written assent of a spouse shall not be required when the spouses have been living separate and apart for a period of at least five months prior to the giving of the mortgage or lien.Code 1950, § 6-318; 1966, c. 584, § 6.1-289; 2010, c. 794; 2020, c. 900.
VA Code § 6.2-1528 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1528. Exemptions unimpaired

A. Nothing in this chapter shall have the effect of impairing any rights on the part of anyone as to exemptions under the poor debtors law or under any other applicable exemption law now in effect or hereafter enacted.B. The provisions of subdivision B 2 of § 6.2-1526 and § 6.2-1527 are in addition to, and not in derogation of, the general statutes pertaining to the subject.Code 1950, § 6-318; 1966, c. 584, § 6.1-289; 2010, c. 794.
VA Code § 6.2-1529 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1529. Collection of loans made outside Commonwealth

No loan made outside the Commonwealth for which greater rates of interest, consideration or charges than are permitted by the law applicable to such loan in the state in which the loan was made, have been charged, contracted for, or received shall be collected in the Commonwealth. Every person in any way participating in an effort to enforce the collection of such loan in the Commonwealth shall be subject to the provisions of this chapter.Code 1950, § 6-320; 1956, c. 71; 1966, c. 584, § 6.1-291; 1968, c. 489; 1974, c. 371; 1995, c. 2; 2001, c. 308; 2010, c. 794.
VA Code § 6.2-1531 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1531. Examination

The Commission shall, as often as it deems to be in the public interest, examine the affairs, business, office, and records of each licensee that pertain to any business licensed under this chapter. Such examination shall be conducted at least once in every three-year period. The licensee shall furnish promptly by mail or otherwise such facts and statements in connection with its business transacted in the Commonwealth that the Commission may request from time to time.Code 1950, § 6-327; 1966, c. 584, § 6.1-298; 1976, c. 658; 1998, c. 44; 2010, c. 794.
VA Code § 6.2-1532 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1532. Fees for examination, supervision and regulation

To defray the costs of examination, supervision and regulation of licensed consumer finance companies, every licensee shall pay an annual fee to be calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the total assets, including loans under this chapter and other loans, of various licensees and their affiliates doing business in authorized consumer finance company offices, to the actual cost of their respective examinations, and to other factors relating to their supervision and regulation. Fees shall be assessed pursuant to this section on or before May 1 of every calendar year. All such fees shall be paid by the licensees to the State Treasurer on or before June 1 following each assessment.1982, c. 609, § 6.1-299.1; 2010, c. 794.
VA Code § 6.2-1533 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1533. Books, accounts, and records; pledge or deposit of notes and securities

A. Each licensee shall maintain in its authorized consumer finance company office, or at such other place within or outside the Commonwealth as the Commission may approve, such books, accounts, and records as the Commission may reasonably require to determine whether the licensee is complying with the provisions of this chapter and with regulations adopted in furtherance thereof. Such books, accounts, and records shall be maintained in paper form or, with the Commission's approval, in any electronic format available for examination on the basis of computer printed reproduction, video display, or other medium. Any books, accounts, and records not maintained in paper form shall be convertible into clearly legible paper documents within a reasonable time. Every licensee shall preserve the books, accounts, and records for at least three years after making the final entry on any loan recorded therein.B. If any note or security taken under this chapter shall be pledged as collateral or deposited within or outside the Commonwealth, the licensee shall notify promptly the Commission in writing of the identity and location of the person holding such paper. Prior approval of the Commission shall not be required. Any pledged or deposited paper shall be subject to examination by the Commission in accordance with subsection C as fully as if maintained in an approved location.C. All books, accounts, and records shall be subject to examination by the Commission. If such books, accounts, and records are examined outside the Commonwealth, all reasonable costs associated with such examination shall be paid by the licensee.Code 1950, § 6-329; 1966, c. 584, § 6.1-300; 1998, c. 44; 2010, c. 794.
VA Code § 6.2-1534 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1534. Annual reports

Each licensee shall annually, on or before April 1, file a report with the Commission giving such relevant information as may reasonably be required concerning its business and operations during the preceding calendar year as to each authorized consumer finance company office. Reports shall be made under oath and shall be in the form prescribed by the Commission.Code 1950, § 6-330; 1966, c. 584, § 6.1-301; 1968, c. 489; 2000, c. 55; 2010, c. 794.
VA Code § 6.2-1535 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1535. Regulations and orders

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 accordance with the Commission's Rules. A copy of each regulation and order adopting it shall be mailed to all licensees at least 10 days before the effective date thereof.Code 1950, § 6-331; 1966, c. 584, § 6.1-302; 1993, c. 366; 2010, c. 794.
VA Code § 6.2-1536 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1536. Disclosures in connection with sale of securities

A. The Commission may adopt regulations prescribing required disclosures in connection with the offer or sale of any "security," as that term is defined in § 13.1-501 of the Virginia Securities Act (§ 13.1-501 et seq.), issued by any licensee organized under the laws of the Commonwealth.B. The disclosures prescribed by subsection A shall be printed in bold, 10-point type and shall contain substantially the following language: "This security or these securities are being offered in Virginia pursuant to an exemption from the registration requirements of the Virginia Securities Act. The State Corporation Commission does not pass upon the adequacy or accuracy of the security or this offering circular or upon the merits of this security or this offering. These securities are not insured or guaranteed by any state or federal agency."Code 1950, § 6-331; 1966, c. 584, § 6.1-302; 1993, c. 366; 2010, c. 794.
VA Code § 6.2-1537 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1537. Authority of Attorney General; impoundment of property and receivership

A. Whenever the Attorney General has reasonable cause to believe that (i) any person, not licensed under this chapter, is violating, has violated, is threatening to violate or intends to violate any provision of this chapter or any order or regulation lawfully made pursuant to the authority of this chapter and (ii) the facts justify it, the Attorney General shall institute and prosecute a lawsuit for monetary or injunctive relief or both in the Circuit Court of the City of Richmond, in the name of the Commonwealth. The court may grant monetary relief or may enjoin and restrain or both any such person from engaging in or continuing any such violation or from doing any act or acts in furtherance thereof. In any such suit a decree or order may be entered awarding such monetary relief or preliminary or final injunctive relief as may be deemed proper.B. In addition to all other means provided by law for the enforcement of an award of monetary relief, a temporary restraining order, temporary injunction, or final injunction, the court may impound, and appoint a receiver for, (i) the property and business of the defendant, including books, papers, documents, and records pertaining thereto, (ii) so much thereof as the court deems reasonably necessary to prevent further violation of this chapter through or by means of the use of such property and business, or (iii) so much thereof as is necessary to identify borrowers who have been damaged and the amount of their damages, and to refund the amount of any such damages to the borrowers pursuant to subsection C. The receiver, when appointed and qualified, shall have such powers and duties as to custody, collection, administration, payment of debts and liquidation of the property and business as from time to time are conferred upon him by the court.C. The Attorney General may seek and the circuit court may order or decree such other relief allowed by law, including restitution to the extent available to borrowers under § 6.2-1541.D. In any action brought by the Attorney General by virtue of the authority granted in this section, the Attorney General shall be entitled to seek attorney fees and costs.E. Nothing in this section shall be construed to preclude any person who suffers a loss as a result of a violation of § 6.2-1501 from maintaining an action to recover damages or restitution under § 6.2-1541.F. No individual shall be entitled to refuse to testify in a suit brought under this section because the person's testimony would tend to incriminate such person or subject the individual to penalty or forfeiture. If called to testify by the Commonwealth or by the court trying the case, the individual may not thereafter be prosecuted for any crime or subjected to any penalty or forfeiture growing out of the transaction concerning which the individual testifies.Code 1950, §§ 6-322, 6-333; 1966, c. 584, §§ 6.1-303, 6.1-304; 1988, c. 186; 1992, c. 9; 2010, c. 794.
VA Code § 6.2-1538 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1538. Copies of orders or licenses

On application of any person, and payment of the costs, the Commission shall furnish such person with a certified copy of any order entered or license issued by it. Such copy shall be prima facie evidence in any court or proceeding of the fact of the entry of the order or of the issuance of the license.Code 1950, § 6-334; 1966, c. 584, § 6.1-305; 2010, c. 794.
VA Code § 6.2-1539 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1539. Review by Commission

In addition to any other remedy he may have any licensee or any other person considering himself aggrieved by any action of the Commissioner under this chapter pursuant to authority conferred upon him or delegated to him by the Commission may, within 30 days of the action complained of, file a petition as a matter of right with the Commission to review the action. The proceeding on review shall be de novo and the record and summary of the evidence before, and findings of, the Commissioner shall be admissible as evidence before the Commission.Code 1950, § 6-335; 1966, c. 584, § 6.1-306; 2010, c. 794.
VA Code § 6.2-1540 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1540. Criminal penalties

Any person, including the members, officers, directors, agents, and employees of an entity, who violates or participates in the violation of any provision of § 6.2-1501 is guilty of a Class 2 misdemeanor.Code 1950, § 6-337; 1966, c. 584, § 6.1-308; 1986, c. 502; 2010, c. 794.