§ 6.1-249. Compliance with chapter; license required
A. No person shall engage in the business of lending any principal amounts to individuals for personal, family, household or other nonbusiness purposes, and charge, contract for, or receive, directly or indirectly, on or in connection with any loan, any interest, charges, compensation, consideration or expense which in the aggregate is greater than the interest permitted by § 6.1-330.55, except as provided in and authorized by this chapter or Chapter 18 (§ 6.1-444 et seq.) of this title and without first having obtained a license from the Commission.
B. However, subject to §§ 6.1-251 and 6.1-281 of this chapter, the prohibition in subsection A of this section shall not be construed to prevent any person, other than a licensee, from making a mortgage loan pursuant to §§ 6.1-330.69 and 6.1-330.70 or §§ 6.1-330.71 and 6.1-330.72 in any principal amount or from extending credit as described in § 6.1-330.78 in any amount.
(Code 1950, § 6-279; 1956, c. 71; 1966, c. 584; 1968, c. 489; 1974, c. 371; 1986, c. 502; 1995, c. 2; 1998, c. 9; 2001, c. 308; 2002, c. 897.)
Sections: Previous 6.1-244 6.1-245 6.1-246 6.1-247 6.1-248 6.1-249 6.1-250 6.1-251 6.1-252 6.1-253 6.1-254 6.1-255 6.1-256 6.1-256.1 6.1-257 NextLast modified: April 16, 2009