reglab/housing_qa huggingface dataset:
VA Code § 6.2-1500 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1500. Definitions

As used in this chapter, unless the context requires a different meaning:"Access partner" means a person that, at the person's physical location in the Commonwealth, facilitates the making and servicing of a loan through provision of some or all of the services described in § 6.2-1523.1 pursuant to a contract with a licensee. The term does not include (i) a person licensed under Chapter 25.1 (§ 59.1-335.1 et seq.) of Title 59.1; (ii) a person that is ineligible for licensure under § 6.2-1502 or to which this chapter shall not apply under § 6.2-1503; (iii) a person that has had any license revoked by the Commission at any time in the previous three years; (iv) a person that has violated or participated in the violation of § 6.2-1501 in the previous five years; or (v) a person who is licensed under Chapter 18 (§ 6.2-1800 et seq.) or Chapter 22 (§ 6.2-2200 et seq.)."Arranging or brokering" means, with respect to consumer finance loans, negotiating, placing, or finding consumer finance loans for consumers, or offering to negotiate, place, or find consumer finance loans for consumers, in return for compensation paid directly by the consumers."Consumer finance company" means a person engaged in the business of making loans to individuals for personal, family, household, or other nonbusiness purposes."Licensee" means a consumer finance company to which a license has been issued by the Commission pursuant to this chapter."Principal" means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in another person.Code 1950, § 6-275; 1966, c. 584, § 6.1-245; 1978, c. 14; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1501 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1501. Compliance with chapter; license required; attempts to evade application of chapter

A. No person shall engage in the business of making loans to individuals for personal, family, household, or other nonbusiness purposes, and charge, contract for, or receive, directly or indirectly, on or in connection with any loan interest, charges, compensation, consideration, or expense that in the aggregate is greater than the interest permitted by § 6.2-303, whether or not the person has a location in the Commonwealth, except as provided in and authorized by this chapter, Chapter 18 (§ 6.2-1800 et seq.), or Chapter 22 (§ 6.2-2200 et seq.) and without first having obtained a license from the Commission.B. Subject to subdivision C 3 and subsection C of § 6.2-1524, the prohibition in subsection A shall not be construed to prevent any person, other than a licensee, from:1. Providing the services of an access partner described in § 6.2-1523.1;2. Making a mortgage loan pursuant to §§ 6.2-325 and 6.2-326 or §§ 6.2-327 and 6.2-328 in any principal amount; or3. Extending credit as described in § 6.2-312 in any amount.C. The provisions of subsection A shall apply to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including:1. The loan, forbearance, use, or sale of (i) credit, as guarantor, surety, endorser, comaker, or otherwise; (ii) money; (iii) goods; or (iv) things in action;2. The use of collateral or related sales or purchases of goods or services, or agreements to sell or purchase, whether real or pretended; receiving or charging compensation for goods or services, whether or not sold, delivered, or provided; and3. The real or pretended negotiation, arrangement, or procurement of a loan through any use or activity of a third person, whether real or fictitious.D. No person shall engage in the business of arranging or brokering consumer finance loans for any consumer residing in the Commonwealth, whether or not the person has an office or conducts business at a location in the Commonwealth.E. The provisions of this section shall apply to any person, whether or not the person has an office or conducts business at a location in the Commonwealth.F. Any loan made in violation of this section is void, and no person shall have the right to collect, receive, or retain any principal, interest, fees, or other charges in connection with the loan.Code 1950, §§ 6-279, 6-281; 1956, c. 71; 1966, c. 584, §§ 6.1-249, 6.1-251; 1968, c. 489; 1974, c. 371; 1986, c. 502; 1995, c. 2; 1998, c. 9; 2001, c. 308; 2002, c. 897; 2010, cc. 477, 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1502 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1502. Certain persons ineligible as licensees; exception for subsidiaries

A. No person doing business under the authority of any law of the Commonwealth or of the United States relating to banks, savings institutions, trust companies, building and loan associations, industrial loan associations, or credit unions shall be eligible for licensure under this chapter.B. Nothing contained in subsection A or any other section of this title shall be construed to prevent a subsidiary of a bank or savings institution from becoming a licensee under this chapter. A licensee that is a subsidiary or affiliate of a bank or savings institution shall be governed by the provisions of this chapter, and all regulations adopted hereunder, as fully as if such licensee were not such a subsidiary or affiliate.Code 1950, § 6-280; 1966, c. 584, § 6.1-250; 1996, c. 16; 2000, c. 192; 2010, c. 794.
VA Code § 6.2-1503 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1503. Scope of chapter

This chapter shall not apply to:1. Any business transacted by any person under the authority of and as permitted by any law of the Commonwealth or of the United States relating to banks, savings institutions, trust companies, building and loan associations, industrial loan associations, or credit unions;2. Any bona fide pawnbroking business transacted under a pawnbroker's license; or3. Any person operating in accordance with the specific provisions of any other provision of this title currently in effect or hereafter enacted.Code 1950, § 6-280; 1966, c. 584, § 6.1-250; 1996, c. 16; 2000, c. 192; 2010, c. 794.
VA Code § 6.2-1504 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1504. Restrictions on name

No licensee shall use a firm, corporate, or assumed name that contains any of the words "savings," "trust," "trustee," "bank," "banker," "banking," "investment," "thrift," "building," or "industrial."Code 1950, § 6-283; 1966, c. 584, § 6.1-253; 2010, c. 794.
VA Code § 6.2-1505 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1505. Application for license; application fee

A. Application for a license to make loans under this chapter shall be in writing, under oath, and in the form prescribed by the Commission.B. The application shall contain:1. The name and address of the applicant;2. If the applicant is a partnership or association, the name and address of each partner or member of the partnership or association;3. If the applicant is a corporation or limited liability company, the name and address of each senior officer, director, member, registered agent, and principal;4. If the applicant is a business trust, the name and address of each trustee and beneficiary;5. The addresses of the locations where the business is to be conducted; and6. Such other information as may be required by the Commission.C. The application shall be accompanied by payment of an application fee of $500.Code 1950, § 6-284; 1966, c. 584, § 6.1-254; 1976, c. 658; 1981, c. 452; 1989, c. 239; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1506 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1506. Investigation of application

A. Upon the filing of the application and the payment of the application fee, the Commission shall make such investigation relative to the application and the requirements provided for in § 6.2-1507 as it deems appropriate.B. The Commission shall grant or deny each application for a license within 60 days from the date the application, together with all required information and the application fee, is filed unless the period is extended by order of the Commission that recites the reasons for the extension.Code 1950, § 6-285; 1956, c. 71; 1966, c. 584, § 6.1-255; 1989, c. 239; 2010, c. 794.
VA Code § 6.2-1507 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1507. Issuance of license

A. The Commission shall issue to the applicant a license to make loans in accordance with the provisions of this chapter if it finds:1. That the financial responsibility, experience, character and general fitness of the applicant and its members, senior officers, directors, and principals are such as to command the confidence of the public and to warrant belief that this business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter;2. That the applicant has available, for the operation of the business, unencumbered liquid assets of at least $25,000 per location;3. That the applicant has complied with all of the prerequisites to obtaining the license prescribed by § 6.2-1505; and4. That the applicant will not make loans in accordance with the provisions of this chapter at the same location at which the applicant, its affiliate, or its subsidiary conducts business under either Chapter 18 (§ 6.2-1800 et seq.) or Chapter 22 (§ 6.2-2200 et seq.).If the Commission fails to make the findings required by subdivisions 1, 2, 3, and 4, it shall deny the application for a license.B. If the Commission denies an application for a license, it shall notify the applicant of the denial. The Commission shall retain the application fee.Code 1950, § 6-287; 1966, c. 584, § 6.1-257; 1982, c. 79, § 6.1-256.1; 1995, c. 2; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1508 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1508. Notices to Commission

A. After receiving approval to conduct business at an additional location pursuant to subsection B of § 6.2-1507 or providing notice of relocation pursuant to § 6.2-1519, a licensee shall give written notice to the Commissioner within 10 days of the commencement of business at the additional location or relocated place of business.B. Every licensee shall notify the Commissioner, in writing, within 10 days of (i) the closing of any business location, and (ii) the name, address and position of each new senior officer, member, partner, or director. The licensee also shall provide such other information with respect to any such event as the Commissioner may reasonably require.1982, c. 79, § 6.1-256.1; 1995, c. 2; 2005, c. 63; 2010, c. 794.
VA Code § 6.2-1508.1 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1508.1. Additional offices; relocation of offices

A. No licensee shall open an additional office without prior approval of the Commission. Applications for such approval shall be made in writing on a form prescribed by the Commissioner and shall be accompanied by payment of a $150 nonrefundable application fee. The application shall be approved unless the Commission finds that the applicant does not have the required liquid assets or surety bond or has not conducted business under this chapter efficiently, fairly, in the public interest, and in accordance with the law. The application shall be deemed approved if notice to the contrary has not been sent by the Commission to the applicant within 30 days of the date the application is received by the Commission.B. Prior approval of the Commission shall not be required in the event that a licensee needs to temporarily open an office due to a natural disaster or act of God. However, the licensee shall notify the Commission within 10 days of opening the office.C. A licensee shall notify the Commission in writing within 10 days of relocating any approved office.2020, cc. 1215, 1258.
VA Code § 6.2-1509 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1509. Contents, posting, transfer, and duration of license

A. Each license shall contain:1. The address at which the business is to be conducted;2. The full name of the licensee or, if the licensee is a partnership or association, the names of the partners or members; and3. If the licensee is a corporation, the date and place of incorporation.B. The licensee shall post the license prominently in each approved place of business of the licensee. The licensee shall prominently disclose on its website the license number assigned by the Commission to the licensee.C. The license shall not be transferable or assignable.D. Each license shall remain in full force and effect until surrendered, revoked, or suspended as provided by this chapter or by lawful order of the Commission.Code 1950, §§ 6-288, 6-289; 1966, c. 584, §§ 6.1-258, 6.1-259; 1980, c. 211; 1982, c. 609; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1510 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1510. Acquisition of control; application

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. Files an application with the Commission in such form as the Commissioner may prescribe from time to time;2. Delivers such other information to the Commissioner as the Commissioner may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, principals, and members, and of any proposed new directors, senior officers, principals, or members of the licensee; and3. Pays such application fee as the Commission may prescribe.B. Upon the filing and investigation of an application, the Commission shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members if applicable, its directors, senior officers, and principals, and any proposed new directors, members, senior officers, and principals have the financial responsibility, character, reputation, experience, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. The Commission shall grant or deny the application within 60 days from the date a completed application accompanied by the required fee is filed unless the period is extended by order of the Commissioner reciting the reasons for the extension. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial.C. The provisions of this section shall not apply to (i) the acquisition of an interest in a licensee, directly or indirectly, including an acquisition by merger or consolidation, by or with a person licensed by this chapter, (ii) the acquisition of an interest in a licensee, directly or indirectly, including an acquisition by merger or consolidation, by or with a person affiliated through common ownership with the licensee, or (iii) the acquisition of an interest in a licensee by a person by bequest, descent, survivorship or operation of law. The person acquiring an interest in a licensee in a transaction that is exempt from filing an application by this subsection shall send written notice to the Commissioner of such acquisition within 30 days of its closing.2005, c. 63, § 6.1-258.1; 2010, c. 794.
VA Code § 6.2-1511 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1511. Revocation of license

The Commission, upon 10 days' written notice to the licensee stating the contemplated action and in general the grounds therefor, and upon reasonable opportunity to be heard, may revoke any license issued hereunder if it finds that:1. The licensee has failed to pay the annual fee assessed pursuant to § 6.2-1532 or to comply with any order of the Commission lawfully made pursuant to and within the authority of this chapter;2. The licensee, either knowingly or without the exercise of due care to prevent the same, has violated any provision of this chapter or any regulation lawfully made by the Commission under § 6.2-1535; or3. Any fact or condition exists that clearly would have warranted the Commission to refuse originally to issue the license.Code 1950, § 6-290; 1956, c. 71; 1966, c. 584, § 6.1-260; 2010, c. 794.
VA Code § 6.2-1512 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1512. Suspension of license

If the Commission finds that probable cause for revocation of any license exists and that enforcement of the law requires immediate suspension of the license pending investigation, it may, upon three days' written notice and a hearing, by the Commission or by the Commissioner, enter an order suspending the license for a period not exceeding 30 days.Code 1950, § 6-291; 1966, c. 584, § 6.1-261; 2010, c. 794.
VA Code § 6.2-1513 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1513. Record and notice of revocation or suspension

Whenever the Commission revokes or suspends a license issued pursuant to this chapter, it shall:1. Enter an order to that effect, which order shall set forth its findings;2. Compile a record containing (i) a summary of the evidence, (ii) the findings with respect thereto, (iii) the order, and (iv) the reasons supporting the revocation or suspension; and3. Serve a copy of the order upon the licensee.Code 1950, § 6-292; 1966, c. 584, § 6.1-262; 2010, c. 794.
VA Code § 6.2-1514 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1514. Surrender of license

Any licensee may surrender any license by delivering it to the Commission with written notice of its surrender. The surrender shall not affect the licensee's civil or criminal liability for acts previously committed.Code 1950, § 6-293; 1966, c. 584, § 6.1-263; 2010, c. 794.
VA Code § 6.2-1515 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1515. Effect of license revocation, suspension, or surrender

The revocation, suspension, or surrender of any license shall not impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.Code 1950, § 6-294; 1966, c. 584, § 6.1-264; 2010, c. 794.
VA Code § 6.2-1516 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1516. Reinstatement of license

The Commission may reinstate any suspended license, or issue a new license to a person any license of whom has been revoked, if no fact or condition then exists that clearly would have warranted the Commission to refuse originally to issue a license under this chapter.Code 1950, § 6-295; 1966, c. 584, § 6.1-265; 2010, c. 794.
VA Code § 6.2-1517 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1517. Place of business generally

A licensee shall not use any name other than the legal name or fictitious name set forth on the license issued by the Commission. No licensee shall conduct the business of making loans provided for by this chapter within any place of business other than is designated in the license issued by the Commission.Code 1950, §§ 6-296, 6-298; 1966, c. 584, §§ 6.1-266, 6.1-268; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1518 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1518. Notice of conduct of other business in same place of business; fee

A. A licensee shall not conduct the business of making loans under this chapter within any office, suite, room, or other place of business in which any other business is solicited or engaged in, or in association or conjunction with any other business, unless the licensee has first given 30 days' written notice to the Commission. Every notice shall be accompanied by a fee of $300.B. Upon receipt of such notice and fee, the Commission may require the licensee to provide information relating to the other business, including how and by whom it will be conducted. The Commission shall have the authority to investigate the conduct of such other businesses in the licensee's place of business.C. The provisions of this section shall not affect (i) any regulations adopted by the Commission prior to July 1, 2000, governing the conduct of other businesses in the place of business designated in a license or (ii) the authority of the Commission to adopt such regulations as the Commission deems necessary.D. If the Commission finds that the other business (i) is of such a nature or is being conducted in such a manner as to conceal or facilitate a violation or evasion of the provisions of this chapter or regulations adopted pursuant to it; (ii) is contrary to the public interest; or (iii) is otherwise being conducted in an unlawful manner, the Commission may, after notice to the licensee and an opportunity for a hearing, prohibit or limit the conduct of such other business in the place of business designated in the license.E. Any authority granted under this section shall remain in full force and effect until surrendered, or until revoked or suspended by the Commission as provided in this chapter or by lawful order of the Commission.F. A licensee that conducts the business of making loans pursuant to this chapter solely over the Internet shall not offer, sell, or make available any other products or services to Virginia residents, except as permitted by Commission regulation or upon approval of a written application with the Commission, payment of a fee of $300, and provision of such information as the Commission may deem pertinent.G. This section shall not apply to any other business that is transacted solely with persons residing outside the Commonwealth.Code 1950, § 6-297; 1966, c. 584, § 6.1-267; 1981, c. 452, § 6.1-267.1; 1982, c. 609; 2000, c. 192; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1519 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 15 - Consumer Finance Companies|§ 6.2-1519. Changing place of business

A. A licensee may change its place of business to a different location in the Commonwealth if the new location is:1. Within the original locality; or2. From the original locality to a location in a contiguous locality.B. A licensee shall notify the Commission of a change in the place of business within 10 days of such relocation. Upon receipt of the notification, the Commission shall issue and deliver to the licensee an amended license covering the new location if it finds that the change in the place of business meets one of the criteria listed in subsection A. Each notice of change of location under this section shall be accompanied by a fee of $250.1982, c. 78, § 6.1-269.1; 1988, c. 147; 2000, c. 192; 2010, c. 794.