Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. The following
				words and terms when used in this chapter shall have the following meanings
				unless the context clearly indicates otherwise:
"Act" means Chapter 18 (§ 6.2-1800 et seq.) of Title 6.2
				  of the Code of Virginia.
"Advertisement" means a commercial message in any medium that
				  promotes, directly or indirectly, a short-term loan. This includes a
				  communication sent to a consumer as part of a solicitation of business, but
				  excludes messages on promotional items such as pens, pencils, notepads, hats,
				  and calendars.
"Business check" for purposes of the Act and this chapter
				  means a paper check, an electronic check, or an electronic funds transfer
				  through the Automated Clearing House system.
"Business day" for purposes of the Act and this chapter means
				  a day on which the licensee is able to make loans pursuant to the Act.
"Duplicate original" means an exact copy of a signed
				  original, an exact copy with signatures created by the same impression as the
				  original, or an exact copy bearing an original signature.
"Good funds instrument" for purposes of the Act and this
				  chapter means a certified check, cashier's check, money order or, if the
				  licensee is equipped to handle such payments, payment effected by use of a
				  credit card, prepaid card, debit card, or the Automated Clearing House
				  system.
"Liquid assets" for purposes of the Act and this chapter
				  means funds held in a checking account or savings account at a depository
				  institution, money market funds, commercial paper, and treasury bills.
"Member of the military services of the United States" for
				  purposes of the Act and this chapter means a regular or reserve member of the
				  United States Army, Navy, Marine Corps, Air Force, Coast Guard, or National
				  Guard serving on active duty under a call or order that does not specify a
				  period of 30 days or fewer.
"Other dependent of a member of the military services of the
				  United States" for purposes of the Act and this chapter means (i) an individual
				  under the age of 18 whose mother or father is a member of the military services
				  of the United States or (ii) an individual for whom a member of the military
				  services of the United States provided more than one-half of the individual's
				  financial support for 180 days immediately preceding the date the individual
				  applied for a short-term loan.
"Payday loan" means a loan made pursuant to the Act and this
				  chapter prior to January 1, 2021.
"Prepaid card" means a card with a network logo (e.g., Visa,
				  MasterCard, American Express, or Discover) that is used by a cardholder to
				  access money that has been loaded onto the card in advance.
B. Other terms used in this chapter shall
				have the meanings set forth in § 6.2-100 or 6.2-1800 of the Code of
				Virginia.
Statutory Authority: §§ 6.2-1815 and 12.1-13 of
					 the Code of Virginia.