reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-80 - Enforcement; civil penalties

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Failure to comply with any provision of Chapter 17 or this chapter may result
				in civil penalties, license suspension, license revocation, the entry of a
				cease and desist order, or other appropriate enforcement action.
B. Pursuant to § 6.2-1719 of the Code of
				Virginia, an individual required to be licensed under Chapter 17 shall be
				subject to a separate civil penalty of up to $2,500 for every violation of
				Chapter 17, this chapter, or other law or regulation applicable to the conduct
				of the individual's business. Furthermore, if an individual violates any
				provision of Chapter 17, this chapter, or other law or regulation applicable to
				the conduct of the individual's business in connection with multiple borrowers,
				loans, or prospective loans, the individual shall be subject to a separate
				civil penalty for each borrower, loan, or prospective loan. For example, if an
				individual originates five loans and the individual violates two applicable
				laws in connection with each of the five loans, the individual shall be subject
				to a maximum civil penalty of $25,000.
Statutory Authority
§§ 6.2-1720 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-90 - Commission authority

Current through Register Vol. 40, No. 24, July 15, 2024
The commission may, at its discretion, waive or grant
				  exceptions to any provision of this chapter for good cause
				  shown.
Statutory Authority §§
											6.2-1720
					 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Form - FORMS (10VAC5-161)

Current through Register Vol. 40, No. 24, July 15, 2024
Application
				  for Determination of a Bona Fide Non-Profit Status, Form CCB-8821
				  (undated)
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 180 - EQUAL CREDIT OPPORTUNITY › Section 10VAC5-180-10 - Virginia equal credit opportunity regulation

Current through Register Vol. 40, No. 24, July 15, 2024
Regulation B - Equal Credit Opportunity (
				  12 CFR
				  202.1 et seq.), of the Board of Governors of
				  the Federal Reserve Bank effective October 28, 1975, hereby is incorporated by
				  reference and adopted for use in the Commonwealth of
				  Virginia.
Statutory Authority
§ 59.1-21.24 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 190 - COMMON TRUST FUNDS › Section 10VAC5-190-10 - Definition of terms

Current through Register Vol. 40, No. 24, July 15, 2024
As used in this chapter:
"Common trust fund" shall have the meaning set forth in
				  § 6.2-1009 of the Code of Virginia.
"Common trust fund" will be equivalent in meaning to the term
				  "collective investment fund" used in the regulations of the Comptroller of the
				  Currency ( 12 CFR
				  9.18 ) and will include the following types
				  of fund:
(i) a fund maintained by a
				bank exclusively for the collective investment and re-investment of moneys
				contributed thereto by the bank in its capacity as trustee, executor,
				administrator, guardian, or custodian under a uniform gifts-to-minors act, and
(ii) a fund consisting solely of
				assets of retirement, pensions, profit-sharing, stock-bonus, or other such
				trusts.
Funds described in (i) above will be referred to herein as
				  "fiduciary funds," and funds described in (ii) will be called "employee benefit
				  trusts."
Statutory Authority
§§ 6.2-1009 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 190 - COMMON TRUST FUNDS › Section 10VAC5-190-30 - Investment authorization

Current through Register Vol. 40, No. 24, July 15, 2024
To the extent not otherwise prohibited by Virginia law, funds
				  or other property received or held by a bank as fiduciary may be invested
				  collectively as follows:
1.
a. In a single real estate loan, a direct
				obligation of the United States, or an obligation fully guaranteed by the
				United States, or in a single, fixed-amount security, obligation, or other
				property (real, personal, or mixed) of a single issuer; or
b. On a short-term basis, in a
				variable-amount note of a borrower of prime credit. However, such note shall be
				maintained by the bank on its premises and may be utilized by it only for
				investment of moneys held in its trust department accounts.
Furthermore, a bank may not own any participation in a loan
				  or obligation authorized for investment under subdivisions 1a or 1b and may
				  have no interest in any investment therein except in its capacity as
				  fiduciary.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 190 - COMMON TRUST FUNDS › Section 10VAC5-190-40 - Status of Comptroller's "Precedents and Opinions."

Current through Register Vol. 40, No. 24, July 15, 2024
Certain statements designated "Precedents and Opinions" of
				  the Comptroller of the Currency and numbered 9.5000 through 9.6940 relate to
				  § 9.18 of the Comptroller's regulations, "Collective Investment."
These "Precedents and Opinions" are not binding on the Bureau
				  of Financial Institutions. However, such statements may furnish guidance and
				  may be persuasive in determining the Bureau's position on an
				  issue.
Statutory Authority
§ 6.2-1009 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-20 - Requirements for licensees; operating rules; acquisitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall maintain unencumbered
				liquid assets per place of business of at least $25,000 at all times. The
				minimum liquid assets required to be maintained pursuant to this subsection
				shall be separate and apart from, and in addition to, any minimum liquid assets
				that the licensee is required to maintain in connection with any other business
				conducted in the same office.
B.
				Any person submitting an application to acquire, directly or indirectly, 25% or
				more of the voting shares of a corporation or 25% or more of the ownership of
				any other person licensed to conduct business under the Act shall pay a
				nonrefundable application fee of $500.
C. Loans made pursuant to the Act prior to
				January 1, 2021, that remain outstanding on or after January 1, 2021, may be
				collected in accordance with the preexisting terms of the loan contracts
				provided that such terms were permitted by law when the loans were
				made.
D. If a person has filed a
				bond with the bureau, as required by §
									6.2-1804
				of the Code of Virginia, such bond shall be retained by the bureau
				notwithstanding the occurrence of any of the following events:
1. The person's license is surrendered,
				suspended, or revoked;
2. The
				person ceases engaging in business as a short-term lender; or
3. The person's application for a license is
				withdrawn or denied.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-30 - Short-term lending pamphlet

Current through Register Vol. 40, No. 24, July 15, 2024
A. A
				licensee shall provide each applicant for a short-term loan with a pamphlet
				that uses the exact language set forth in
				10VAC5-200-80.
				The pamphlet shall be printed without alteration separate from all other papers
				or documents obtained by the licensee in type of size not less than that known
				as 12 point. The title of the pamphlet (" Short-Term Lending in the
				Commonwealth of Virginia-Borrower Rights and Responsibilities") and the
				headings for the individual sections of the pamphlet (e.g., "In General,"
				"Short-Term Lending Database," "Limitations on Security Interest / Obtaining
				PINs," etc.) shall be in bold-face print or type.
B.
The end of each application form shall contain a separate
				  acknowledgment stating the following: "I acknowledge that I have received the
				  pamphlet entitled " Short-Term Lending in the Commonwealth of Virginia-Borrower
				  Rights and Responsibilities."
The acknowledgment must be initialed and dated by each
				  applicant for a short-term loan.
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-33

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-35

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-40

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-50 - Responding to requests from the Bureau of Financial Institutions

Current through Register Vol. 40, No. 24, July 15, 2024
A. When the bureau
				requests a written response, books, records, documentation, or other
				information from a licensee in connection with the bureau's investigation,
				enforcement, or examination of compliance with applicable laws, the licensee
				shall deliver a written response as well as any requested books, records,
				documentation, or information within the time period specified in the bureau's
				request. If no time period is specified, a written response as well as any
				requested books, records, documentation, or information shall be delivered by
				the licensee to the bureau not later than 30 days from the date of such
				request. In determining the specified time period for responding to the bureau
				and when considering a request for an extension of time to respond, the bureau
				shall take into consideration the volume and complexity of the requested
				written response, books, records, documentation, or information, and such other
				factors as the bureau determines to be relevant under the
				circumstances.
B. A licensee shall
				not provide any false, misleading, or deceptive information to the
				bureau.
C. Requests made by the
				bureau pursuant to subsection A are deemed to be in furtherance of the bureau's
				investigation and examination authority provided for in § 6.2-1813 of the
				Code of Virginia. Failure to comply with subsection A or any violation of
				subsection B may result in civil penalties, license suspension, or license
				revocation.
Statutory Authority: §§ 6.2-1815 and 12.1-13 of
					 the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-60 - Posting of charges

Current through Register Vol. 40, No. 24, July 15, 2024
A. A
				licensee shall conspicuously post the following in each licensed location and
				on its website:
1. A schedule of payments,
				fees and interest charges, with examples using (i) a $300 loan that is repaid
				in three months; (ii) a $500 loan that is repaid in five months; and (iii) a
				$1,000 loan that is repaid in 10 months. A licensee may post additional
				examples when posting the information required by this subsection.
2. A notice with this statement: "If you wish
				to file a complaint against us, you may contact the Virginia Bureau of
				Financial Institutions at (800) 552-7945 or at scc.virginia.gov."
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-70 - Additional business requirements and restrictions

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall post on its website, and
				in or on its licensed locations so that the posting is legible from the
				outside, the days and hours during which it is open for business.
B. Subject to subdivision 11 or 12 of §
									6.2-1816
				of the Code of Virginia, if applicable, a licensee may charge and collect from
				a borrower the actual amount of one or more deposit item return fees incurred
				by the licensee provided that (i) the conditions prescribed in §
									6.2-1817A
				3 of the Code of Virginia are met, and (ii) the amount charged and collected
				does not exceed $25 per deposit item return fee.
C. A licensee shall not knowingly make a
				short-term loan to a member of the military services of the United States, or
				the spouse or other dependent of a member of the military services of the
				United States. To enable a licensee to make this determination, a licensee
				shall clearly and conspicuously include the following questions in its written
				loan application, which the licensee shall require each applicant to answer
				before making a short-term loan. A licensee shall not make a short-term loan to
				an applicant unless the applicant answers "no" to all of these questions:
1. Are you 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?
2. Are
				you married to 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?
3. Are you under the age of
				18 and the son or daughter of 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?
4. Was more than one-half of
				your financial support for the past 180 days provided by 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?
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-75 - Annual reporting requirements

Current through Register Vol. 40, No. 24, July 15, 2024
Unless otherwise directed by the commissioner, licensees
				  shall provide the following data regarding loans made pursuant to the Act when
				  making the annual report required by §
									6.2-1811
				  of the Code of Virginia:
1. The total
				number and dollar amount of loans made.
2. The total number of individual borrowers
				to whom loans were made.
3. The
				minimum and maximum contracted loan amount.
4. The average contracted annual percentage
				rate.
5. The total amount of
				contracted loan charges.
6. The
				total amount of loan charges actually paid.
7. The total number and dollar amount of
				deposit item return fees paid by borrowers.
8. The total number of defaulted
				loans.
9. The total number of
				charged-off loans and the total dollar amount charged off.
10. The total number of individual borrowers
				against whom civil actions were brought.
11. Any additional information required by
				the commissioner.
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-85 - Advertising

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall
				disclose the following information in its advertisements:
1. The name of the short-term lender as set
				forth in the license issued by the commission.
2. A statement that the short-term lender is
				"licensed by the Virginia State Corporation Commission."
3. The license number assigned by the
				commission to the short-term lender (i.e., PL-XXX).
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-90 - Schedule of annual fees for the examination, supervision, and regulation of short-term lenders

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to §
									6.2-1814 of the Code
				  of Virginia, the commission sets the following schedule of annual fees to be
				  paid by licensees under the Act. Such fees are to defray the costs of the
				  examination, supervision, and regulation of licensees by the bureau. The fees
				  are related to the actual costs of the bureau, to the number of offices
				  operated by licensees, to the volume of business of licensees, and to other
				  factors relating to their supervision and regulation.
The annual fee shall be $500 per office plus $.47 per loan
				  made by each licensee. The annual fee shall be computed on the basis of (i) the
				  number of offices, authorized and opened, as of December 31 of the year
				  preceding the year of the assessment, and (ii) the number of loans made under
				  the Act during the calendar year preceding the year of the assessment.
Fees shall be assessed on or before September 15 for the
				  current calendar year. The assessment shall be paid by licensees on or before
				  October 15.
The annual report, due March 25 each year, of each licensee
				  provides the basis for its assessment.
Fees prescribed and assessed pursuant to this schedule are
				  apart from, and do not include, the reimbursement for expenses authorized by
				  subsection B of §
									6.2-1814 of the Code
				  of Virginia.
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-110 - Short-term lending database

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				This section sets forth the rules applicable to the short-term lending database
				referred to in §
									6.2-1810
				of the Code of Virginia.
B. Except
				as otherwise provided in this section, a licensee shall transmit all
				information to the database via the Internet. In order to maintain the
				confidentiality and security of the information, a licensee shall not transmit
				information to the database using publicly accessible computers, computers that
				are not under the licensee's control, unsecured wireless (Wi-Fi) connections,
				or other connections that are not secure. A licensee shall maintain generally
				accepted security safeguards to protect the confidentiality of the information
				transmitted to the database, including but not limited to installing and
				regularly updating malware protection (antivirus and antispyware) software and
				a firewall.
C. After receiving a
				completed written loan application but prior to making a short-term loan, a
				licensee shall transmit the following information to the database for purposes
				of determining whether an applicant is eligible for a short-term loan. The
				licensee shall obtain the applicant information required by this subsection in
				accordance with the provisions of subsection D of this section.
1. Name of licensee and license
				number.
2. Office location of
				licensee.
3. First and last name or
				identification number of employee entering information into the
				database.
4. Applicant's first and
				last name.
5. Last four digits of
				applicant's driver's license number or identification card number.
6. Applicant's address.
7. Applicant's date of birth.
8. Type of card (e.g., driver's license or
				identification card issued by a state driver's licensing authority) provided by
				the applicant pursuant to subdivision D 1 of this section.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-113 - Limited disclosure of data from short-term lending database

Current through Register Vol. 40, No. 24, July 15, 2024
A. Pursuant to
				§
									6.2-1810
				of the Code of Virginia, the information contained in the short-term lending
				database is confidential. However, provided that it does not directly or
				indirectly identify or pertain to any specific borrowers, licensees, or loan
				transactions, aggregate data and data that is otherwise derived from
				information contained in the database is not confidential and may be furnished
				by the database provider to the public. The database provider may charge and
				collect a fee to defray the cost of compiling and furnishing such
				data.
B. The database provider
				shall notify the bureau prior to furnishing data pursuant to this
				section.
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-115 - Database inquiry fee

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to subdivision B 4 of §
									6.2-1810
				  of the Code of Virginia, a licensee shall pay a database inquiry fee to the
				  database provider in connection with every short-term loan consummated by the
				  licensee. The amount of the database inquiry fee shall be set by the
				  commission, and all database inquiry fees shall be remitted by each licensee
				  directly to the database provider on a weekly basis.
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-120 - Enforcement

Current through Register Vol. 40, No. 24, July 15, 2024
A. Failure to
				comply with any provision of the Act or this chapter may result in civil
				penalties, license suspension, or license revocation.
B. Pursuant to §
									6.2-1824 of the
				Code of Virginia, a licensee shall be subject to a separate civil penalty of up
				to $1,000 for every violation of the Act, this chapter, or other law or
				regulation applicable to the conduct of the licensee's business. If a licensee
				violates any provision of the Act, this chapter, or other law or regulation
				applicable to the conduct of the licensee's business in connection with
				multiple loans or borrowers, the licensee shall be subject to a separate civil
				penalty for each loan or borrower. For example, if a licensee makes five loans
				and the licensee violates two provisions of this chapter that are applicable to
				the five loans, the licensee shall be subject to a maximum civil penalty of
				$10,000.
C. If a licensee (i) fails
				to transmit information to the short-term lending database in accordance with
				the Act or 10VAC5-200-110,(ii) transmits incorrect information to the database,
				or (iii) transmits information to the database in an untimely manner, the
				licensee shall be subject to a separate civil penalty under §
									6.2-1824 of the
				Code of Virginia for each item of data that is omitted, incorrect, or untimely.
				For example, if a licensee makes three loans and fails to transmit two items of
				information to the database in connection with each of the three loans, the
				licensee shall be subject to a maximum civil penalty of $6,000.
Statutory Authority: §§
											6.2-1815 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 200 - SHORT-TERM LENDING › Section 10VAC5-200-130 - Commission authority

Current through Register Vol. 40, No. 24, July 15, 2024
The commission may, at its discretion, waive or grant
				  exceptions to any provision of this chapter for good cause
				  shown.
Statutory Authority
§§ 6.2-1815 and 12.1-13 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-10 - 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 22 (§
										6.2-2200 et seq.) of
				  Title 6.2 of the Code of Virginia.
"Advertisement" for purposes of the Act and this chapter
				  means a commercial message in any medium that promotes, directly or indirectly,
				  a motor vehicle title loan. The term 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 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.
"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 and willing to accept 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.
"Open-end credit" or "open-end credit plan" shall have the
				  meaning set forth in §
										6.2-300 of the Code
				  of Virginia.
"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
				6.2-2200 of the Code
				of Virginia.
Statutory Authority: §§
											6.2-2214 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-20 - Requirements for licensees; reporting requirements; acquisitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall
				maintain in its own name unencumbered liquid assets per approved place of
				business of at least $75,000 at all times.
1.
				The minimum liquid assets required to be maintained pursuant to this subsection
				shall be separate and apart from, and in addition to, any minimum liquid assets
				that the licensee is required to maintain in connection with any other business
				conducted in the same office.
2. A
				licensee shall upon request by the bureau submit proof that it is complying
				with the provisions of this subsection.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-40 - Posting of charges and contact information for complaints

Current through Register Vol. 40, No. 24, July 15, 2024
Licensees shall conspicuously post in each licensed location
				  and on their websites the schedule of finance charges and notice required by
				  subdivision 15 of §
									6.2-2215
				  of the Code of Virginia in accordance with the provisions of this
				  section.
A. The minimum size for the
				poster in licensed locations shall be 24 inches by 18 inches.
B. The title for the schedule of finance
				charges, which shall be printed or displayed in bold type, shall be "SCHEDULE
				OF FINANCE CHARGES FOR MOTOR VEHICLE TITLE LOANS." The title for the notice,
				which shall also be printed or displayed in bold type, shall be "HOW TO FILE A
				COMPLAINT AGAINST US."
C. The
				schedule of finance charges and notice shall be printed or displayed in bold
				type.
D. The notice shall contain
				the following statement: "Should you wish to file a complaint against us, you
				may contact the Virginia Bureau of Financial Institutions at (800) 552-7945 or
				at scc.virginia.gov."
Statutory Authority: §§
											6.2-2214 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-50 - Additional business requirements and restrictions

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall post on its website, and
				] in or on its licensed locations so that the posting is legible from the
				outside, the days and hours during which it is open for business.
B. A licensee shall endeavor to provide the
				loan documents and pamphlet required by
				10VAC5-210-30
				in a language other than English when a prospective borrower is unable to read
				the materials printed in English.
C. A licensee shall not (i) make a motor
				vehicle title loan to a person who has an outstanding motor vehicle title loan
				from another licensee or (ii) knowingly make a motor vehicle title loan to a
				covered member of the armed forces, or a dependent of a covered member of the
				armed forces. To enable a licensee to make these determinations, a licensee
				shall clearly and conspicuously include the following questions in its written
				loan application, which the licensee shall require each applicant to answer
				before obtaining a motor vehicle title loan. A licensee shall not make a motor
				vehicle title loan to an applicant unless the applicant answers "no" to all of
				these questions:
1. Do you currently have a
				motor vehicle title loan from any other motor vehicle title lender?
2. Are you (i) on active duty in the armed
				forces under a call or order that does not specify a period of 30 days or less,
				or (ii) on active guard and reserve duty?
3. Are you married to an individual who is
				either (i) on active duty in the armed forces under a call or order that does
				not specify a period of 30 days or less, or (ii) on active guard and reserve
				duty?
4. Are you the child, as
				defined in
				38
				USC §
											101(4), of an
				individual who is either (i) on active duty in the armed forces under a call or
				order that does not specify a period of 30 days or less, or (ii) on active
				guard and reserve duty?
5. Was
				more than one-half of your support during the past 180 days provided by an
				individual who is either (i) on active duty in the armed forces under a call or
				order that does not specify a period of 30 days or less, or (ii) on active
				guard and reserve duty?
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-80 - Advertising

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall
				disclose the following information in its advertisements:
1. The name of the motor vehicle title lender
				as set forth in the license issued by the commission.
2. A statement that the motor vehicle title
				lender is "licensed by the Virginia State Corporation Commission."
3. The license number assigned by the
				commission to the motor vehicle title lender (i.e., VTL-XXX).
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-90 - Books, accounts, and records; responding to requests from the bureau

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall
				maintain in its licensed offices such books, accounts, and records as the
				bureau may reasonably require in order to determine whether the licensee is
				complying with the Act and this chapter. Such books, accounts, and records
				shall be maintained apart and separate from those relating to any other
				business in which the licensee is involved.
B. In addition to any other books, accounts,
				and records as the bureau may reasonably require, a licensee shall maintain
				copies of the following records for at least three years after final payment is
				made on any motor vehicle title loan:
1. The
				signed and dated loan application.
2. The motor vehicle title loan agreement. If
				a loan has been repaid or satisfied in full, a licensee shall maintain a copy
				of the motor vehicle title loan agreement with the word "paid" or "canceled"
				along with documentation showing that the licensee released its security
				interest in the borrower's motor vehicle.
3. A record of the fair market value of the
				motor vehicle securing the loan along with supporting documentation from a
				recognized pricing guide. Supporting documentation shall include any factors
				used to determine the value of the motor vehicle, including the motor vehicle's
				condition, features, mileage, as well as the name of the pricing guide that the
				licensee relied upon in making the loan.
4. Any disclosures that were given to a
				borrower pursuant to the Truth in Lending Act (15 USC §
											1601 et seq.) or any other federal or state
				laws.
5. The certificate of title
				for the motor vehicle, which shall reflect the licensee's security interest
				unless the borrower canceled, rescinded, or fully satisfied the motor vehicle
				title loan prior to the licensee recording its security interest with the motor
				vehicle department in the state where the motor vehicle is
				registered.
6. Any notices or
				disclosures that a licensee is required to furnish to a borrower pursuant to
				the Act or this chapter.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-95 - Schedule of annual fees for the examination, supervision, and regulation of motor vehicle title lenders

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to §
									6.2-2213 of the Code
				  of Virginia, the commission sets the following schedule of annual fees to be
				  paid by licensees under the Act. The assessment defrays the costs of the
				  examination, supervision, and regulation of licensees by the bureau.
The annual fee shall be $500 per office plus $2.85 per motor
				  vehicle title loan made by each licensee. The annual fee shall be computed on
				  the basis of (i) the number of offices, authorized and opened, as of December
				  31 of the year preceding the year of the assessment, and (ii) the number of
				  motor vehicle title loans made under the Act during the calendar year preceding
				  the year of the assessment.
The amount calculated using the above schedule shall be
				  rounded down to the nearest whole dollar.
Fees shall be assessed on or before September 15 for the
				  current calendar year. The assessment shall be paid by licensees on or before
				  October 15.
The annual report, due March 25 each year, of each licensee
				  provides the basis for its assessment.
Fees prescribed and assessed pursuant to this schedule are
				  apart from, and do not include, the reimbursement for expenses authorized by
				  subsection B of §
									6.2-2213 of the Code
				  of Virginia.
Statutory Authority: §§
											6.2-2214 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-100 - Enforcement; civil penalties

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Failure to comply with any provision of the Act or this chapter may result in
				civil penalties, license suspension, license revocation, the entry of a cease
				and desist order, or other appropriate enforcement action.
B. Pursuant to § 6.2-2222 of the Code of
				Virginia, a licensee shall be subject to a separate civil penalty of up to
				$1,000 for every violation of the Act, this chapter, or other law or regulation
				applicable to the conduct of the licensee's business. If a licensee violates
				any provision of the Act, this chapter, or other law or regulation applicable
				to the conduct of the licensee's business in connection with multiple loans or
				borrowers, the licensee shall be subject to a separate civil penalty for each
				loan or borrower. For example, if a licensee makes five loans and the licensee
				violates two provisions of this chapter that are applicable to the five loans,
				the licensee shall be subject to a maximum civil penalty of $10,000.
Statutory Authority
§§ 6.2-2214 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-110 - Commission authority

Current through Register Vol. 40, No. 24, July 15, 2024
The commission may, at its discretion, waive or grant
				  exceptions to any provision of this chapter for good cause
				  shown.
Statutory Authority
§§ 6.2-2214 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Form - FORMS (10VAC5-210)

Current through Register Vol. 40, No. 24, July 15, 2024
Personal
				  Financial Report and Disclosure Statement, CCB-1123 (rev.
				  10/10)
.
Limited
				  Personal Financial Report and Disclosure Statement, CCB-1143 (rev.
				  10/10)
.
Depository
				  Institution Authorization Form, CCB-1149 (rev. 12/04)
.
Employment
				  and Business Affiliation Disclosure Form, CCB-1150 (rev. 10/10)
.
Application
				  for a Motor Vehicle Title Lender License pursuant to Chapter 22 of Title 6.2 of
				  the Code of Virginia, CCB-5523 (rev. 10/10)
.
Motor
				  Vehicle Title Lender Surety Bond pursuant to § 6.2-2204 of the Code of
				  Virginia, CCB-5524 (rev. 10/10)
.
Application
				  for an Additional Office or Relocation of an Existing Office pursuant to
				  Chapter 22 of Title 6.2 of the Code of Virginia, CCB-5525 (rev.
				  10/10)
.
Application
				  for Permission to Acquire Control of a Motor Vehicle Lender Licensee pursuant
				  to § 6.2-2208 of the Code of Virginia, CCB-5526 (rev.
				  10/10)
.
Application
				  to Conduct the Business of Motor Vehicle Title Lending and Other Business at
				  the Same Location, CCB-5527 (rev. 10/10)
.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 220 - QUALIFIED EDUCATION LOAN SERVICERS › Section 10VAC5-220-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. The following
				term when used in this chapter shall have the following meaning unless the
				context clearly indicates otherwise:
"Chapter 26" means Chapter 26 (§
										6.2-2600 et seq.) of
				  Title 6.2 of the Code of Virginia.
B. Other terms used in this chapter shall
				have the meanings set forth in §
									6.2-100 or
				6.2-2600 of the Code
				of Virginia.
Statutory Authority: §§
											6.2-2622 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 220 - QUALIFIED EDUCATION LOAN SERVICERS › Section 10VAC5-220-20 - Surety bond standards

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to §
									6.2-2604 of the
				  Code of Virginia, a surety bond shall be filed with the commissioner and
				  continuously maintained thereafter in full force by each licensee. The form of
				  the bond will be prescribed and provided by the commissioner. The bond amount
				  required for licensure shall be $50,000 or such other amount as may be
				  prescribed by the commissioner, but not exceeding $500,000. After initial
				  licensure, the bond amount required may be adjusted annually as the
				  commissioner deems necessary based upon information related to the licensee's
				  servicing volume and other factors the commissioner deems
				  pertinent.
Statutory Authority: §§
											6.2-2622 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 220 - QUALIFIED EDUCATION LOAN SERVICERS › Section 10VAC5-220-30 - Procedure for documenting eligibility through the Registry for automatic issuance of a license

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Pursuant to subsection A of §
									6.2-2602
				of the Code of Virginia, a person shall be exempt from the application
				procedures described in subsections A and B of §
									6.2-2603
				of the Code of Virginia upon determination by the commissioner that the person
				(i) has an agreement with the U.S. Secretary of Education under
				20 USC §
										1078(b), solely to the
				extent of the person's actions as a guarantor that engages in averting defaults
				or (ii) is a party to a contract awarded by the U.S. Secretary of Education
				under 20 USC §
										1087f.
B. In order to document eligibility for this
				exemption, a person shall:
1. Complete and
				submit the Registry's company filing form for the person through the Registry.
				Such filing shall be accompanied by the fee required by subsection C of §
										6.2-2603
				of the Code of Virginia and the surety bond required by §
										6.2-2604 of the
				Code of Virginia;
2. Upload a copy
				of the agreement or contract described in subsection A of this section through
				the Registry; and
3. Provide any
				additional information through the Registry that the commissioner deems
				necessary to determine a person's eligibility for the exemption.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 220 - QUALIFIED EDUCATION LOAN SERVICERS › Section 10VAC5-220-40 - Nationwide Multistate Licensing System and Registry

Current through Register Vol. 40, No. 24, July 15, 2024
A. Applications for a license under Chapter
				26 shall be made through the Registry in accordance with instructions provided
				by the commissioner. The commissioner may provide these instructions through
				the Registry, on the commission's website, or by any other means the
				commissioner deems appropriate.
B.
				Every licensee shall maintain current information in its records with the
				Registry. Except as otherwise required by §§
									6.2-2607C
				and
				6.2-2612A
				of the Code of Virginia, any changes to a licensee's information in its records
				shall be updated no later than 30 days from when the change takes
				effect.
C. If (i) any provision of
				Chapter 26 requires a licensee to provide the bureau, commissioner, or
				commission with a written notice and (ii) the Registry enables licensees to
				submit such notice through the Registry, then a licensee shall be deemed to
				have complied with the written notice requirement if the licensee timely
				submits the required notice through the Registry.
D. A qualified education loan servicer
				license shall expire at the end of each calendar year unless it is renewed by a
				licensee on or after November 1 of the same year. However, licenses that are
				granted between November 1 and December 31 shall not expire until the end of
				the following calendar year. Except as otherwise provided in §
									6.2-2602B
				2 of the Code of Virginia, a license shall be renewed upon the commissioner
				finding that the licensee has (i) requested license renewal through the
				Registry and (ii) complied with any requirements associated with the renewal
				request that are imposed by the Registry.
E. If a licensee fails to timely meet the
				requirements specified in subsection D of this section but meets such
				requirements before March 1 of the following calendar year, the license shall
				be reinstated and renewed upon payment of a reinstatement fee of
				$100.
Statutory Authority: §§
											6.2-2622 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 220 - QUALIFIED EDUCATION LOAN SERVICERS › Section 10VAC5-220-50 - Books, accounts, and records

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall maintain in its principal
				place of business all books, accounts, and records required by Chapter 26 and
				this chapter.
B. A licensee may
				maintain records electronically, provided (i) the records are readily available
				for examination by the bureau and (ii) the licensee complies with all
				applicable provisions of the Uniform Electronic Transactions Act (§
									59.1-479 et seq. of the
				Code of Virginia), the Electronic Signatures in Global and National Commerce
				Act (15 USC §
										7001 et seq.), and any other applicable
				laws.
Statutory Authority: §§
											6.2-2622 and
					 12.1-13
					 of the Code of Virginia.