reglab/housing_qa huggingface dataset:
VA Code § 6.2-1801 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1801. License requirement

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 and authorized by this chapter, Chapter 15 (§ 6.2-1500 et seq.), or Chapter 22 (§ 6.2-2200 et seq.) and without having first obtained a license under this chapter from the Commission.B. No person shall engage in the business of arranging or brokering short-term 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.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. 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.2002, c. 897, § 6.1-445; 2005, c. 571; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1802 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1802. Applicability

The provisions of this chapter shall not apply to any depository institution that does not elect to become licensed under this chapter. Electing to become licensed under this chapter shall constitute a waiver of the benefit of any and all laws of the Commonwealth and other states and federal laws preemptive of, or inconsistent with, the provisions of this chapter.2002, c. 897, § 6.1-446; 2010, c. 794.
VA Code § 6.2-1803 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1803. Application for license; form; content; fee

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 each member of the firm or partnership;3. If the applicant is a corporation or a limited liability company, the name and address of each officer, director, registered agent, and each principal;4. The addresses of the locations of the offices to be approved; and5. Such other information concerning the financial responsibility, background, experience and activities of the applicant and its members, officers, directors, and principals as the Commissioner may require.C. The application shall be accompanied by payment of an application fee of $500 or other reasonable amount that the Commission prescribes by regulation.D. The application fee shall not be refundable in any event. The fee shall not be abated by surrender, suspension, or revocation of the license.2002, c. 897, § 6.1-447; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1804 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1804. Bond required

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 $500,000. The form of such bond shall be approved by the Commission. The bond shall be continuously maintained thereafter in full force. The 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 him in his licensed business, and conducting his licensed business in conformity with this chapter and all other applicable law. 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.2002, c. 897, § 6.1-448; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1805 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1805. Investigation of applications

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.2002, c. 897, § 6.1-449; 2010, c. 794.
VA Code § 6.2-1806 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1806. Qualifications

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 offices specified in the application if it finds:1. That the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law; and2. That the applicant has unencumbered liquid assets per office available for the operation of the business of at least $25,000.B. If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.2002, c. 897, § 6.1-450; 2010, c. 794.
VA Code § 6.2-1807 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1807. Licenses; places of offices; changes

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; and3. Be prominently posted in each office of the licensee.B. No licensee shall:1. Use any name other than the name set forth on the license issued by the Commission; or2. Open an additional office or relocate any office without prior approval of the Commission.C. Applications for Commission approval to open an additional office or relocate any office shall be made in writing on a form provided by the Commissioner and shall be accompanied by payment of a $150 nonrefundable application fee or other reasonable amount as the Commission may prescribe by regulation. The application shall be approved unless the Commission finds that the applicant does not have the required liquid assets or has not conducted business under this chapter efficiently, fairly, in the public interest, and in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the Commission to the applicant within 30 days of the date the application is received by the Commission. After approval, the applicant shall give written notice to the Commissioner within 10 days of the commencement of business at the additional office or relocated office.D. Every licensee shall within 10 days notify the Commissioner, in writing, of the closing of any office and of the name, address, and position of each new senior officer, member, partner, or director and provide such other information with respect to any such change as the Commissioner may reasonably require.E. Licenses shall:1. Not be transferable or assignable, by operation of law or otherwise; and2. Remain in force until they have been surrendered, revoked, or suspended. The surrender, revocation, or suspension of a license shall not affect any preexisting legal right or obligation of the licensee.2002, c. 897, § 6.1-451; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1808 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1808. 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.2002, c. 897, § 6.1-452; 2010, c. 794.
VA Code § 6.2-1809 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1809. Retention of books, accounts, and records

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, accounts and records shall be maintained apart and separate from any other business in which the licensee is involved. Such records relating to short-term loans, including copies of checks given to a licensee as security for such loans, shall be retained for at least three years after final payment is made on any loan.2002, c. 897, § 6.1-453; 2004, c. 295; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1811 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1811. Annual report

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. Reports shall be made under oath and shall be in the form prescribed by the Commissioner.B. The Commissioner shall publish annually and make available to the public an analysis of the information required under this section and other information the Commissioner may choose to include. The published analysis shall include all of the following:1. The total number of borrowers, loans, defaulted loans, and charged-off loans and the total dollar value of the charged-off loans;2. The average loan size, average contracted annual percentage rate, average contracted loan charges, average loan charges actually paid, total contracted loan charges, and total loan charges actually paid;3. The total number of deposit item return fees and the total dollar value of those charges;4. The total number of licensee business locations and the average number of borrowers per location; and5. A summary of pending and completed enforcement actions, which shall include lists of suspended or revoked licenses, cease and desist orders, and civil penalties pursuant to this chapter.2002, c. 897, § 6.1-454; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1812 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1812. Other reporting requirements

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 proceedings against the licensee by any governmental authority;3. Any felony indictments of the licensee or any of its members, partners, directors, officers, or principals;4. Any felony conviction of the licensee or any of its members, partners, directors, officers, or principals; and5. Such other event as the Commission may prescribe by regulation.B. The report shall be in writing and describe the event and its expected impact on the business of the licensee.2002, c. 897, § 6.1-455; 2010, c. 794.
VA Code § 6.2-1813 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1813. Investigations; examinations

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 at least once in each three-year period. In the course of such investigations and examinations, the owners, members, officers, directors, partners, and employees of such person being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all premises, books, records, and information that the person making such investigation or examination deems necessary. For the foregoing purposes, the person making such investigation or examination shall have authority to administer oaths, examine under oath all the aforementioned persons, and compel the production of papers and objects of all kinds.2002, c. 897, § 6.1-456; 2003, c. 593; 2010, c. 794.
VA Code § 6.2-1814 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1814. Annual fees

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 their examinations, and to other factors relating to their supervision and regulation. All such fees shall be assessed on or before September 15 for every calendar year. All such fees shall be paid by the licensee to the State Treasurer on or before October 15 following each assessment.B. In addition to the annual fee prescribed in subsection A, when it becomes necessary to examine or investigate the books and records of a licensee at a location outside the Commonwealth, the licensee shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of its examination, supervision and regulation, or shall pay at a reasonable per diem rate approved by the Commission.2002, c. 897, § 6.1-457; 2010, c. 794.
VA Code § 6.2-1815 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1815. Regulations

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.2002, c. 897, § 6.1-458; 2010, c. 794.
VA Code § 6.2-1817 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1817. Authorized fees and charges

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 percent;2. Subject to § 6.2-1817.1, a monthly maintenance fee that does not exceed the lesser of eight percent of the originally contracted loan amount or $25, provided the fee is not added to the loan balance on which interest is charged;3. Any deposit item return fee incurred by the licensee, not to exceed $25, if a borrower's check or electronic draft is returned because the account on which it was drawn was closed by the borrower or contained insufficient funds, or the borrower stopped payment of the check or electronic draft, provided that the terms and conditions upon which such fee will be charged to the borrower are set forth in the written loan contract described in § 6.2-1816.1; and4. Damages and costs to which the licensee may become entitled to by law in connection with any civil action to collect a loan after default, except that the total amount of damages and costs shall not exceed the originally contracted loan amount.B. A licensee may impose a late charge according to the provisions of § 6.2-400 provided, however, that the late charge shall not exceed $20.2002, c. 897, § 6.1-460; 2008, cc. 849, 876; 2010, c. 794; 2020, cc. 1215, 1258.
VA Code § 6.2-1817.1 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1817.1. Inflation adjustment of maximum monthly maintenance fee

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 measuring the rate of inflation that the Commission determines is reliable and generally accepted.2020, cc. 1215, 1258.
VA Code § 6.2-1818.1 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1818.1. Refinancing of short-term loans

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.2020, cc. 1215, 1258.
VA Code § 6.2-1818.2 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1818.2. Statement of balance due; repayment and refunds

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. The licensee shall give the borrower dated receipts for each payment made, which shall state the updated balance due on the loan.C. When providing a statement of balance due on the loan, the licensee shall state the amount required to discharge the borrower's obligation in full as of the date the notice is provided and for each of the next three business days following that date. If the licensee cannot reasonably supply a firm statement of balance due when requested or required, the licensee may provide a good faith estimate of the balance due immediately and provide to the borrower or his agent a firm statement of balance due within two business days.D. The licensee shall provide any statement of balance due verbally and in writing, and shall not fail to provide the information by phone upon the request of the borrower or his agent.E. A licensee shall not fail to accept cash or other good funds instrument from the borrower, or a third party when submitted on behalf of the borrower, for repayment of a short-term loan in full or in part. Payments shall be credited by the licensee on the date received.F. Notwithstanding any other provision of law, if a short-term loan is prepaid in full or refinanced prior to the loan's maturity date, the licensee shall refund to the borrower a prorated portion of fees and charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, all charges made in connection with the loan shall be included when calculating the loan charges except for deposit item return fees and late charges authorized under § 6.2-1817.G. If a licensee presents a check held as security for a loan, the licensee shall refund any amount received that is in excess of the payment due on the loan as of the day the licensee presents the check. For purposes of this subsection, the payment due on the loan shall be no more than the amount of unpaid payments and fees that have already come due according to the loan contract or, if applicable, the amount due according to a valid contractual acceleration clause or demand feature as described in subdivision 23 of § 6.2-1816.H. The licensee shall provide any refund due to a borrower in the form of cash or business check as soon as reasonably possible and not later than two business days after receiving payment from the borrower.I. Upon repayment of the loan in full, the licensee shall mark the original loan agreement with the word "paid" or "canceled," return it to the borrower, and retain a copy in its records.2020, cc. 1215, 1258.
VA Code § 6.2-1818.3 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 18 - Short-Term Loans|§ 6.2-1818.3. Restriction on certain fees and charges

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 the originally contracted loan amount was $1,500 or less or (ii) 60 percent of the originally contracted loan amount, if the originally contracted loan amount was greater than $1,500. For purposes of this section, all charges made in connection with the loan shall be included when calculating the total loan charges except for deposit item return fees and late charges authorized under § 6.2-1817.2020, cc. 1215, 1258.