reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-15 - Surety bond; other requirements for licensees; acquisitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every licensee and applicant for a license
				shall file and continuously maintain in full force a surety bond that meets the
				requirements of §
									6.2-1523.3
				of the Code of Virginia. The minimum bond amount required shall be $25,000. The
				form of the bond will be prescribed and provided by the commissioner.
B. If a person has filed a surety bond with
				the commissioner, the bond shall be retained by the commissioner
				notwithstanding the occurrence of any of the following events:
1. The person's application for a license is
				withdrawn or denied;
2. The
				person's license is surrendered, suspended, or revoked; or
3. The person ceases engaging in business as
				a consumer finance company.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-20 - Additional business requirements and restrictions

Current through Register Vol. 40, No. 24, July 15, 2024
A. Licensees shall have 10 calendar days
				after the date a consumer finance loan is paid in full, or a judgment is
				satisfied, or a borrower's obligation is otherwise terminated to accomplish the
				acts required by §
									6.2-1524G
				of the Code of Virginia.
B. A
				licensee shall not require a borrower to purchase or maintain property
				insurance for a motor vehicle used as security for a consumer finance loan from
				or through a particular provider or list of providers.
C. If a licensee disburses loan proceeds by
				means of a check, neither the licensee nor an affiliate or subsidiary of the
				licensee shall charge the borrower a fee for cashing the check.
D. A licensee shall give a borrower a signed
				and dated receipt for each cash payment made in person, which shall state the
				balance due on the consumer finance loan.
E. If a consumer finance loan is sold or
				assigned by a licensee and the servicing will be performed by another person,
				then the person that will be servicing the consumer finance loan shall comply
				with the obligations and limitations under the Act and this chapter that are
				applicable to licensees engaged in servicing consumer finance loans. This
				provision shall not apply to a person that is ineligible for licensure pursuant
				to §
									6.2-1502A
				of the Code of Virginia.
F. Nothing
				in the Act or this chapter shall be construed to prohibit a licensee from (i)
				voluntarily accepting a payment on an outstanding consumer finance loan from a
				borrower after the date that such payment was due to the licensee or (ii)
				considering a payment to be timely if it is made more than 10 calendar days
				after its due date. However, except as otherwise permitted by the Act and this
				chapter, the licensee shall not charge, contract for, collect, receive,
				recover, or require a borrower to pay any additional interest, fees, or other
				amounts.
G. A licensee shall comply
				with all federal laws and regulations applicable to the conduct of its
				business, including the Truth in Lending Act (15 USC §
										1601 et seq.), Regulation Z (12 CFR Part
				1026), the Equal Credit Opportunity Act (15 USC §
										1691 et seq.), Regulation B (12 CFR Part
				1002), and the Standards for Safeguarding Customer Information (16 CFR Part
				314).
H. A person shall remain
				subject to the provisions of the Act and this chapter applicable to licensees
				in connection with all consumer finance loans that the person made while
				licensed as a consumer finance company notwithstanding the occurrence of any of
				the following events:
1. The person's license
				is surrendered, suspended, or revoked; or
2. The person ceases making consumer finance
				loans.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-25 - Access partners

Current through Register Vol. 40, No. 24, July 15, 2024
A. A
				licensee shall not enter into or maintain a contract with another person that
				requires or authorizes the person to facilitate the making or servicing of a
				loan by providing some or all ] of the services described in §
									6.2-1523.1A
				4 of the Code of Virginia unless (i) the person is an access partner, as
				defined in §
									6.2-1500
				of the Code of Virginia; and (ii) pursuant to such definition, the person will
				be providing the services from one or more physical locations in the
				Commonwealth. A licensee may enter into or maintain a contract with another
				person that is not an access partner but will perform one or more of the
				services described in §
									6.2-1523.1A
				4 provided that (a) the services rendered by the person do not facilitate the
				making or servicing of a loan, and (b) the person does not receive any fees or
				other compensation directly from consumers.
B. A licensee's access partner shall comply
				with the requirements and prohibitions set forth in §
									6.2-1523.1A
				2 of the Code of Virginia regardless of whether such provisions are specified
				in the access partner's written agreement with the licensee.
C. A licensee shall provide the commissioner
				with the following information in such form as the commissioner may require:
1. A list of the licensee's current access
				partners.
2. The physical addresses
				of all locations at which each access partner is performing services for the
				licensee.
3. A description of the
				services that each access partner is performing for the licensee.
4. The name, address, telephone number, and
				email address of an employee of the access partner who will be the point of
				contact for the bureau.
5. Such
				additional information relating to the licensee's access partners as the
				commissioner may require.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-35 - Advertising

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall
				conspicuously disclose the following information in its advertisements:
1. The name of the licensee as set forth in
				the license issued by the commission.
2. A statement that the licensee is "licensed
				by the Virginia State Corporation Commission."
3. The license number assigned by the
				commission to the licensee (i.e., CFI-XXX).
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-40

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§
											6.2-1535
					 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-45 - Conducting other business

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				This section governs the conduct of any business other than consumer finance
				lending where a licensed consumer finance lending business is conducted. As
				used in this section, the term "other business operator" refers to a licensed
				consumer finance company or third party, including an affiliate or subsidiary
				of the licensed consumer finance company, that conducts or wants to conduct
				other business from one or more consumer finance offices.
1. This section shall not apply to any other
				business that is transacted solely with persons residing outside of the
				Commonwealth.
2. If a licensee
				accepts loan applications, sends or receives loan-related information or
				documents, disburses loan funds, or accepts loan payments on or through the
				licensee's website or mobile application, and any other products or services
				are or will be offered or sold to Virginia residents on or through such website
				or mobile application, then the offer or sale of such other products or
				services shall constitute the conduct of other business and shall be subject to
				all of the provisions of this section to the same extent as if such other
				business was conducted by an other business operator from the licensee's
				consumer finance offices.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-50

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§
											6.2-1535
					 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-55 - Books, accounts, and records; responding to requests from the bureau; providing false, misleading, or deceptive information

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall maintain in its approved
				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 (i) for at least
				three years after a consumer finance loan is satisfied or paid in full or a
				consumer finance loan application is denied; and (ii) separate and apart from
				those relating to any other business conducted in the approved
				offices.
B. A licensee may maintain
				records electronically provided that (i) the records are readily available for
				examination by the bureau and (ii) the licensee complies with the Uniform
				Electronic Transactions Act (§
									59.1-479 et seq. of the
				Code of Virginia) and the Electronic Signatures in Global and National Commerce
				Act (15 USC §
										7001 et seq.).
C. If a licensee disposes of records
				containing a consumer's personal financial information following the expiration
				of any applicable record retention periods, such records shall be shredded,
				incinerated, or otherwise disposed of in a secure manner. Licensees may arrange
				for service from a business record destruction vendor.
D. 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. Requests made by the
				bureau pursuant to this subsection are deemed to be in furtherance of the
				investigation and examination authority provided for in §§
									6.2-1530
				and
				6.2-1531 of the Code
				of Virginia.
E. A licensee shall
				not provide any false, misleading, or deceptive information to the
				bureau.
Statutory Authority: §§
											6.2-1535
					 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-65 - 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, or other appropriate
				enforcement action.
B. Pursuant to
				§
									6.2-1543 of the
				Code of Virginia, a licensee shall be subject to a separate civil penalty of up
				to $10,000 for every violation of the Act, this chapter, or a commission order
				that occurred knowingly or without the exercise of due care to prevent the
				violation. If a licensee violates a provision of the Act, this chapter, or a
				commission order in connection with multiple loans or borrowers, the licensee
				shall be subject to a separate civil penalty per violation for each loan or
				borrower.
Statutory Authority: §§
											6.2-1535
					 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 60 - CONSUMER FINANCE COMPANIES › Section 10VAC5-60-70 - 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: §§
											6.2-1535
					 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 70 - SALE OF NONCREDIT-RELATED LIFE INSURANCE IN CONSUMER FINANCE OFFICES › Section 10VAC5-70-10 - Legal compliance

Current through Register Vol. 40, No. 24, July 15, 2024
All governing state and federal laws shall be
				  observed.
Statutory Authority
§ 6.2-1535 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 70 - SALE OF NONCREDIT-RELATED LIFE INSURANCE IN CONSUMER FINANCE OFFICES › Section 10VAC5-70-20 - Separation of lending and insurance sales

Current through Register Vol. 40, No. 24, July 15, 2024
No loan or extension of credit by the consumer finance
				  licensee, or any affiliate conducting business in the licensee's office, shall
				  be conditioned upon the purchase of noncredit-related life insurance. If a
				  person expresses an interest in obtaining a loan or extension of credit from
				  the consumer finance licensee, or from any affiliate conducting business in the
				  licensee's office, the sale of noncredit-related life insurance to such person
				  shall not be solicited until a credit decision is made, the customer is
				  informed of that decision, and an entry showing such decision is made in the
				  lender's books. Interest rates and other charges may not be conditioned upon
				  the purchase of such insurance. The customer shall be given the option of
				  paying the premium for such insurance with his own funds, or with a portion of
				  a loan or extension of credit made to the customer. Such insurance may not be
				  solicited or sold unless the loan or extension of credit made contemporaneously
				  therewith exceeds $1,000 exclusive of premiums for such insurance. The total of
				  the premium for such insurance plus the premiums for all other insurance
				  connected with the loan or credit transaction shall not exceed 45% of the
				  principal amount of the loan or credit transaction excluding insurance
				  purchased by the creditor after the loan or credit transaction is closed
				  because of the customer's failure to maintain lawfully required insurance on
				  collateral.
Statutory Authority
§ 6.2-1535 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 70 - SALE OF NONCREDIT-RELATED LIFE INSURANCE IN CONSUMER FINANCE OFFICES › Section 10VAC5-70-30 - Purchaser's right to cancel insurance

Current through Register Vol. 40, No. 24, July 15, 2024
Any person who purchases noncredit-related life insurance
				  solicited in a consumer finance office shall have a right to cancel such
				  purchase and receive a full premium refund until midnight of the 30th day after
				  receipt of a policy or the effective date of coverage, whichever is later. The
				  person soliciting the sale of such insurance shall clearly and conspicuously
				  disclose to the customer, prior to the consummation of the insurance purchase,
				  his right to cancel and shall provide the customer at that time with a form in
				  duplicate by which the right to cancel may be exercised by mailing or
				  delivering the form and policy to the consumer finance licensee or to the
				  insurance company. Such form shall be signed by the borrower, shall be subject
				  to prior commission approval and shall clearly and conspicuously state:
1. That purchase of such insurance is not a
				condition of any loan or extension of credit.
2. That interest rates and charges do not
				depend upon the purchase of such insurance.
3. That the customer has the option to pay
				the insurance premium from his own funds, or to pay the premium with a portion
				of loan proceeds.
4. That if the
				customer elects to finance the premium, interest will be charged on the
				financed premium at the same rate as applies to the loan.
5. If the insurer and creditor are
				affiliated, that they are affiliated and each expects to profit from the sale
				of such insurance.
6. The face
				amount, premium and policy term of such insurance.
7. A comparison of monthly payment, finance
				charge and total of payments with and without such insurance.
8. That the customer may cancel such
				insurance by mailing a copy of the notice, together with the policy, to the
				consumer finance licensee or the insurance company within 30 days after receipt
				of the policy.
9. That in the event
				of cancellation, the customer will be promptly refunded the entire premium for
				such insurance.
10. The name and
				address of the consumer finance licensee.
11. The name and address of the insurance
				company.
12. The name, address and
				telephone number for making complaints to the Bureau of Financial
				Institutions.
Statutory Authority
§ 6.2-1535 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 70 - SALE OF NONCREDIT-RELATED LIFE INSURANCE IN CONSUMER FINANCE OFFICES › Section 10VAC5-70-40 - Compliance with insurance laws

Current through Register Vol. 40, No. 24, July 15, 2024
Persons soliciting the sale of noncredit-related life
				  insurance in licensed consumer finance offices shall be licensed to do so, as
				  required under Virginia insurance laws. The underwriter and selling company of
				  noncredit-related life insurance sold in licensed consumer finance offices
				  shall be authorized to transact the insurance business, as required under
				  Virginia insurance laws.
Statutory Authority
§ 6.2-1535 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 70 - SALE OF NONCREDIT-RELATED LIFE INSURANCE IN CONSUMER FINANCE OFFICES › Section 10VAC5-70-50 - Examination of records

Current through Register Vol. 40, No. 24, July 15, 2024
The Bureau of Financial Institutions shall be given access to
				  the books and records of the insurance sales business conducted under this
				  chapter and be furnished such information as it may need in order to ensure
				  that these conditions are being observed. Noncredit-related life insurance
				  sales records shall be maintained for a period of three years after sale. Such
				  records shall include, but not be limited to, worksheets or the like containing
				  factors and/or calculations used to determine how much life insurance the
				  customer may need or want, disclosure documents containing the customer's
				  acknowledgment of receipt and specimens of policies sold.
Statutory Authority
§ 6.2-1535 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 70 - SALE OF NONCREDIT-RELATED LIFE INSURANCE IN CONSUMER FINANCE OFFICES › Section 10VAC5-70-60 - Effect of chapter

Current through Register Vol. 40, No. 24, July 15, 2024
This chapter supersedes all prior authorizations and rules
				  governing the sale of noncredit-related life insurance in consumer finance
				  offices.
Statutory Authority
§ 6.2-1535 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES › Section 10VAC5-80-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
As used in this chapter:
"Affiliate" means a company the majority of the ownership
				  interest in which is held, directly or indirectly, by a company which owns a
				  financial institution.
"Bureau" means the State Corporation Commission Bureau of
				  Financial Institutions.
"Company" includes natural persons and any and all types of
				  organizations and legal entities.
"Financial institution" has the meaning set forth in §
				  6.2-100 of the Code of Virginia, and includes all such financial institutions
				  authorized to do business in Virginia under Virginia or federal law.
"Party to the real estate transaction" (party) and
				  "settlement agent" have the meanings set forth in § 55-525.16 of the Code
				  of Virginia.
"Subsidiary" means a company the majority of the ownership
				  interest in which is held, directly or indirectly, by a financial
				  institution.
Statutory Authority
§ 55-525.20 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES › Section 10VAC5-80-20 - Registration with the Virginia State Bar

Current through Register Vol. 40, No. 24, July 15, 2024
All financial institutions, and their subsidiaries and
				  affiliates, acting in the capacity of a settlement agent shall register with
				  the Virginia State Bar in accordance with the provisions of § 55-525.30 of
				  the Code of Virginia.
Statutory Authority
§ 55-525.20 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES › Section 10VAC5-80-30 - Financial responsibility requirements

Current through Register Vol. 40, No. 24, July 15, 2024
All financial institution subsidiaries and affiliates shall
				  maintain in effect at all times while acting in the capacity of a settlement
				  agent, and file original form or copy as specified in this chapter with the
				  bureau at the time of registration with the Virginia State Bar and annually
				  thereafter, the following:
1. An
				errors and omissions insurance policy, issued by an insurance company licensed
				to conduct business in Virginia, providing limits of at least $250,000 per
				occurrence or per claim, a copy thereof to be filed with the bureau;
2. A blanket fidelity bond with corporate
				surety licensed to conduct business in Virginia in the amount of at least
				$100,000 per occurrence or per claim, the original of such bond to be filed
				with the bureau; or an employee dishonesty insurance policy issued by an
				insurance company licensed to conduct business in Virginia, providing limits of
				at least $100,000 per occurrence or per claim, a copy thereof to be filed with
				the bureau. If the company has no employees except its owners, partners,
				shareholders or members, it may apply to the bureau for a waiver of the
				requirements of this subdivision; and
3. A bond with corporate surety licensed to
				conduct business in Virginia on a form prescribed by the Commissioner of
				Financial Institutions in the amount of at least $100,000, the original of such
				bond to be filed with the bureau.
Statutory Authority
§ 55-525.28 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES › Section 10VAC5-80-40 - Escrow accounts and audits

Current through Register Vol. 40, No. 24, July 15, 2024
All funds received by a financial institution or financial
				  institution subsidiary or affiliate, in the company's capacity of settlement
				  agent and intended for distribution in whole or part to others, shall be
				  deposited in a separate escrow account maintained in a bank, savings
				  institution or credit union authorized to conduct business in Virginia. The
				  company shall have the escrow account audited annually as provided in §
				  55-525.20C of the Code of Virginia and conforming to the American Institute of
				  Certified Public Accountants, Statement on Auditing Standards, Special Reports,
				  and shall file a copy of the audit report with the bureau
				  promptly.
Statutory Authority
§ 55-525.20 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES › Section 10VAC5-80-50 - Unauthorized practice of law guidelines

Current through Register Vol. 40, No. 24, July 15, 2024
All financial institutions and financial institution
				  subsidiaries and affiliates shall maintain a sufficient supply of the Virginia
				  State Bar's Unauthorized Practice of Law Guidelines so that they can provide a
				  copy of the guidelines to parties to real estate settlements who request
				  them.
Statutory Authority
§ 55-525.28 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES › Section 10VAC5-80-60 - Access to records

Current through Register Vol. 40, No. 24, July 15, 2024
All financial institutions and financial institution
				  subsidiaries and affiliates acting as settlement agents shall give personnel of
				  the bureau full access to all records relating to such business upon
				  request.
Statutory Authority
§ 55-525.28 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES › Section 10VAC5-80-70 - Parties not affected

Current through Register Vol. 40, No. 24, July 15, 2024
No company shall be deemed a settlement agent subject to this
				  chapter if it provides escrow, closing or settlement services only in
				  connection with real estate transactions to which it is a
				  party.
Statutory Authority
§ 55-525.28 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES › Section - DOCUMENTS INCORPORATED BY REFERENCE (10VAC5-80)

Current through Register Vol. 40, No. 24, July 15, 2024
Statement on Auditing Standards, Special Reports, July 1,
				  1989, American Institute of Certified Public Accountants.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 110 - CREDIT COUNSELING › Section 10VAC5-110-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter
				  shall have the following meanings unless the context clearly indicates
				  otherwise:
"Advertisement" for purposes of Chapter 20 and this chapter
				  means a commercial message in any medium that promotes, directly or indirectly,
				  the offering of a debt management plan to any consumer. 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,
				  calendars, etc., as well as other information distributed or made available
				  solely to other businesses. The term also excludes social media interactions
				  that are solely educational and informational in purpose and do not promote
				  debt management plans.
"Bureau," "commission," and "commissioner" shall have the
				  meanings ascribed to them in § 6.2-100 of the Code of Virginia.
"Business day" for purposes of Chapter 20 means a day on
				  which the licensee's office is open for business.
"Chapter 20" means Chapter 20 (§ 6.2-2000 et seq.) of
				  Title 6.2 of the Code of Virginia.
" Consumer," "credit counselor," "debt management plan,"
				  "debt pooling and distribution service," and "licensee" shall have the meanings
				  ascribed to them in § 6.2-2000 of the Code of Virginia.
"Reporting period" means the first six months of a calendar
				  year or the last six months of a calendar year, as the case may be.
"Total amount disbursed" for purposes of § 6.2-2015 of
				  the Code of Virginia means funds sent to creditors on a monthly basis on behalf
				  of a consumer.
Statutory Authority: §§ 6.2-2013 and 12.1-13 of
					 the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 110 - CREDIT COUNSELING › Section 10VAC5-110-20 - Surety bond standards; reporting requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every licensee shall be bonded in a
				principal amount determined by the commissioner. The bond amount shall be equal
				to the licensee's average monthly volume of funds received from Virginia
				consumers under debt management plans during the preceding reporting period,
				rounded to the next highest multiple of $10,000, but not exceeding
				$350,000.
B. The amount of bond
				required of a new licensee shall be based upon the applicant's financial
				condition, capitalization, projected Virginia monthly volume of funds received
				under debt management plans, experience, and other factors deemed pertinent by
				the commissioner.
C. The minimum
				bond required shall be $25,000.
D.
				The form of the bond will be prescribed and provided by the commissioner. The
				required bond shall be filed with the bureau prior to issuance of a license and
				shall be maintained continuously thereafter.
E. When a licensee files a bond with the
				bureau, as required by § 6.2-2003 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 licensee ceases offering debt
				management plans or providing debt pooling and distribution services;
				or
3. The licensee has distributed
				all consumers' funds to their creditors in accordance with their debt
				management plans.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 110 - CREDIT COUNSELING › Section 10VAC5-110-30 - Schedule of annual fees for the examination, supervision, and regulation of agencies providing debt management plans

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to § 6.2-2012 of the Code of Virginia, the
				  commission sets the following schedule of annual fees to be paid by persons
				  licensed under Chapter 20. The fees are to defray the costs of examination,
				  supervision, and regulation of licensees by the bureau.
SCHEDULE
If a licensee maintained less than 250 debt management plans
				  for Virginia residents as of December 31 of the calendar year preceding the
				  year of assessment, the licensee shall pay an annual fee of $0 plus $4.33 per
				  debt management plan.
If a licensee maintained 250 or more debt management plans
				  for Virginia residents as of December 31 of the calendar year preceding the
				  year of assessment, the licensee shall pay an annual fee of $500 plus $4.33 per
				  debt management plan.
The fee assessed using the above schedule shall be rounded
				  down to the nearest whole dollar.
Fees shall be assessed on or before June 1 for the current
				  calendar year. The fee shall be paid on or before July 1.
The annual report, due March 25 each year, of each licensee
				  provides the basis for its assessment. In cases where a license has been
				  granted between January 1 and March 25, the licensee's initial annual fee shall
				  be $250.
Fees prescribed and assessed by this schedule are apart
				  from, and do not include, the reimbursement for expenses permitted by
				  subsection B of § 6.2-2012 of the Code of Virginia.
Statutory Authority: §§ 6.2-2013 and 12.1-13 of
					 the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 110 - CREDIT COUNSELING › Section 10VAC5-110-40 - Operating requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. A
				licensee shall continuously maintain the requirements and standards for
				licensure prescribed in § 6.2-2005 of the Code of Virginia.
B. A licensee shall not provide debt
				management plan services in connection with a debt management plan that has
				been set up or established by any other person except a credit counselor that
				is employed by the licensee.
C. All
				money received by a licensee for distribution to consumers' creditors shall be
				deposited by the licensee into a separate trust account with an FDIC-insured
				depository institution.
1. All money in the
				trust account shall be deemed to be held in trust for the benefit of consumers
				who have given their money to the licensee for distribution. Money held in
				trust is not the property of the licensee or any person acting on the
				licensee's behalf and shall not be available to creditors of the licensee or
				any person acting on the licensee's behalf. However, this provision shall not
				be construed to prevent the recovery of funds by consumers who have given their
				money to the licensee for distribution provided that the money has not been
				disbursed to the consumers' creditors,
2. A licensee shall not commingle consumers'
				funds in a trust account with any of the licensee's operating funds or the
				funds of any other persons.
3. The
				provisions of this subsection shall be applicable regardless of whether
				consumers' funds are received or handled by (i) a licensee or (ii) a third
				party acting on behalf of a licensee.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 110 - CREDIT COUNSELING › Section 10VAC5-110-50 - 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 licensee as set forth in
				the license issued by the commission.
2. A statement that the licensee is "licensed
				by the Virginia State Corporation Commission."
3. The license number assigned by the
				commission to the licensee (i.e., DC-XXX).
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 110 - CREDIT COUNSELING › Section 10VAC5-110-60 - Enforcement

Current through Register Vol. 40, No. 24, July 15, 2024
A. Failure to
				comply with any provision of Chapter 20 or this chapter may result in civil
				penalties, license revocation, the entry of a cease and desist order, or other
				appropriate enforcement action.
B.
				Pursuant to § 6.2-2021 of the Code of Virginia, a person shall be subject
				to a civil penalty of up to $1,000 for every violation of Chapter 20, which
				includes any violation of this chapter. Furthermore, if a person violates any
				provision of Chapter 20 or this chapter in connection with multiple debt
				management plans, the person shall be subject to a separate civil penalty for
				each debt management plan. For example, if a person provides five debt
				management plans and the person violates two provisions of this chapter in
				connection with each of the five debt management plans, there would be a total
				of 10 violations and the person would be subject to a maximum civil penalty of
				$10,000.
Statutory Authority: §§ 6.2-2013 and 12.1-13 of
					 the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 110 - CREDIT COUNSELING › Section 10VAC5-110-70 - 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: §§ 6.2-2013 and 12.1-13 of
					 the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter shall
				  have the following meanings unless the context clearly indicates
				  otherwise:
"Authorized delegate," "licensee," "monetary value," "money
				  order," and "outstanding" shall have the meanings ascribed to them in §
									6.2-1900 of the Code
				  of Virginia.
"Bureau," "commission," and "commissioner" shall have the
				  meanings ascribed to them in §
									6.2-100 of the Code
				  of Virginia.
"Chapter 19" means Chapter 19 (§
									6.2-1900 et seq.) of
				  Title 6.2 of the Code of Virginia.
"Generally accepted accounting principles" for purposes of
				  Chapter 19 and this chapter means standard accounting guidelines as established
				  and administered by the American Institute of Certified Public Accountants
				  (AICPA) and the United States Financial Accounting Standards Board
				  (FASB).
"Merchant or service provider" means a person engaged in the
				  business of selling goods or services, but excluding a person licensed or
				  required to be licensed under Chapter 19.
"Money transmission" for purposes of Chapter 19 and this
				  chapter shall have the meaning ascribed to it in §
									6.2-1900 of the Code
				  of Virginia. However, the term shall not include the actions of an agent who
				  collects funds on behalf of a merchant or service provider, provided that (i)
				  the agent has been explicitly designated in a written agreement as an agent of
				  the merchant or service provider; (ii) any funds collected by the agent shall
				  be deemed for all purposes to be received by the merchant or service provider,
				  regardless of whether the agent actually remits such funds to the merchant or
				  service provider; (iii) the agent provides the Virginia resident with a dated
				  receipt indicating that payment to the agent constitutes payment to the
				  merchant or service provider; and (iv) there is no risk of loss to the Virginia
				  resident if the agent fails to remit such resident's funds to the merchant or
				  service provider. This definition shall not be construed to prohibit the
				  merchant or service provider from seeking indemnification from its agent for
				  any direct losses incurred due to the agent's failure to remit funds in
				  accordance with its agreement.
"Nationwide Multistate Licensing System and Registry" and
				  "registry" shall have the meanings ascribed to them in §
									6.2-1900 of the Code
				  of Virginia.
"Senior officer" for purposes of Chapter 19 means an
				  individual who has significant management responsibility within an organization
				  or otherwise has the authority to influence or control the conduct of the
				  organization's affairs, including its compliance with applicable laws and
				  regulations.
Statutory Authority: §§
											6.2-1913 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-20 - Surety bond standards

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Every licensee shall be bonded in a principal amount determined by the
				Commissioner of Financial Institutions. The bond amount shall be equal to the
				licensee's Virginia average monthly money order sales during the preceding two
				calendar quarters, or its Virginia average monthly money transmission volume
				during such periods, or both, as applicable, rounded to the next highest
				multiple of $10,000, but not exceeding $500,000. The commissioner, however, may
				increase the amount of bond required to a maximum of $1 million upon the basis
				of the impaired financial condition of a licensee, as evidenced by net worth
				reduction, financial losses, or other relevant criteria.
B. The amount of bond required of a new
				licensee shall be based upon the applicant's financial condition,
				capitalization, projected Virginia monthly money order sales and money
				transmission volume, experience, and other factors deemed pertinent.
C. The minimum bond required shall be
				$25,000.
D. The form of the bond
				will be prescribed and provided by the commissioner. The required bond shall be
				submitted prior to the issuance of a license and shall be maintained
				continuously thereafter as long as the licensee or former licensee has money
				orders outstanding or unfulfilled money transmission agreements.
Statutory Authority: §§
											6.2-1913 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-30 - Alternative to surety bond

Current through Register Vol. 40, No. 24, July 15, 2024
A. As
				an alternative to the surety bond required under
				10VAC5-120-20, in whole or in
				part, a licensee may be permitted to substitute the deposit of certain property
				with a bank, trust company or savings institution authorized to conduct
				business in Virginia. Such deposited property, other than cash, shall be valued
				at the lower of face or market value for the purposes of this
				regulation.
B. The deposited
				property may consist only of cash, or securities issued or guaranteed by the
				United States or any agency or instrumentality thereof, or securities issued by
				the Commonwealth of Virginia or any political subdivision thereof. The
				commissioner shall determine the amount of property deposit to be required of a
				licensee in accordance with the factors and limitations set forth in
				10VAC5-120-20.
C. The property deposit shall be made upon
				the commissioner's authorization, and pursuant to a written agreement using a
				form prescribed by the commissioner. The agreement shall provide, among other
				things, that the commissioner shall have the authority to permit or require the
				substitution or liquidation of property held under the agreement, and that
				interest and dividends attributable to the property will be paid to the
				licensee making the deposit.
D. If
				a licensee ceases money order sales and money transmission in the Commonwealth
				of Virginia and surrenders its license, the commissioner shall have authority
				to permit reduction or elimination of the property deposit to the extent that
				the former licensee's obligations arising from its licensed business are
				reduced or eliminated, and shall have authority to permit the substitution of
				other means of security for the property deposit.
Statutory Authority
§ 6.2-1913 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-35 - Nationwide Multistate Licensing System and Registry

Current through Register Vol. 40, No. 24, July 15, 2024
A. Applications for a license under Chapter
				19 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 Internet website, or by any other means the
				commissioner deems appropriate.
B.
				Every licensee holding a license under Chapter 19 prior to July 1, 2019, shall
				register with the registry and file through the registry a transition request
				for its license under Chapter 19 no later than September 1, 2019.
C. Every licensee shall maintain current
				information in its records with the registry. Except as otherwise required by
				Chapter 19 or this chapter, a licensee shall update its information as soon as
				is practicable, but in no event later than 10 business days from when a change
				takes effect.
D. A license issued
				under Chapter 19 shall expire on December 31 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. A license shall be renewed upon
				the commissioner finding that the licensee has satisfied the requirements set
				forth in subsection F of §
									6.2-1905
				of the Code of Virginia.
Statutory Authority: §§
											6.2-1913 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-50 - Assessment schedule for the examination and supervision of money order sellers and money transmitters

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to subsection B of §
									6.2-1905
				  of the Code of Virginia, the commission sets the following schedule for the
				  annual assessment to be paid by persons licensed under Chapter 19. The
				  assessment defrays the costs of the examination and supervision of licensees by
				  the bureau.
The annual assessment shall be $0.000047 per dollar of money
				  orders sold and money transmitted by a licensee pursuant to Chapter 19. The
				  assessment shall be based on the dollar volume of business conducted by a
				  licensee, either directly or through its authorized delegates, during the
				  calendar year preceding the year of the assessment as reported by each licensee
				  in (i) the quarterly call reports filed through the registry or (ii) such other
				  written reports as the commissioner may require pursuant to subsection D of
				  §
									6.2-1905
				  of the Code of Virginia. If a licensee fails to fully report its volume
				  information for the prior calendar year by the assessment date, a provisional
				  fee subject to adjustment when the information is reported, shall be
				  assessed.
The amount calculated using the schedule in this section
				  shall be rounded down to the nearest whole dollar.
Fees shall be assessed on or before August 1 for the current
				  calendar year. The assessment shall be paid by licensees on or before September
				  1.
Fees prescribed and assessed pursuant to this schedule are
				  apart from and do not include the following:
(i) the annual license renewal fee of $750
				authorized by subsection A of §
									6.2-1905
				of the Code of Virginia and
(ii)
				the reimbursement for expenses authorized by subsection C of §
									6.2-1905
				of the Code of Virginia.
Statutory Authority: §§
											6.2-1913 and
					 12.1-13
					 of the Code of Virginia.