§ 6.1-256.1. Issuance of consumer finance license
A. The Commission shall issue and deliver to the applicant a license to make loans in accordance with the provisions of this chapter at the location in this Commonwealth specified in the application if it finds:
1. That the financial responsibility, experience, character and general fitness of the applicant and its members, senior officers, directors, and principals are such as calculated to command the confidence of the public and to warrant belief that this business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter;
2. That the applicant has available, for the operation of the business at the specified location, liquid assets of at least $50,000 if the specified location is in a city or county with a population of more than 20,000, or of at least $25,000 if the location is not in a city or county with a population of more than 20,000; and
3. That all of the prerequisites to obtaining the license prescribed by § 6.1-254 have been complied with, the foregoing facts being conditions precedent to the issuance of a license under this chapter.
B. Notwithstanding the provisions of subsection A of this section, if the applicant has an existing license at another location in the Commonwealth, the Commission shall issue and deliver to the applicant a license to make loans in accordance with the provisions of this chapter at the location specified in the application if it finds:
1. That the general fitness of the licensee is such as calculated to command the confidence of the public and to warrant belief that this business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter; and
2. That all of the prerequisites to obtaining the license prescribed by § 6.1-254 have been complied with, the foregoing facts being conditions precedent to the issuance of a license under this chapter.
C. After receiving approval under subsection B or providing notice of relocation under § 6.1-269.1, the licensee shall give written notice to the Commissioner within 10 days of the commencement of business at the additional location or relocated place of business.
D. Every licensee shall within 10 days notify the Commissioner, in writing, of (i) the closing of any business location, and (ii) the name, address and position of each new senior officer, member, partner, or director, and provide such other information with respect to any such change as the Commissioner may reasonably require.
(1982, c. 79; 1995, c. 2; 2005, c. 63.)
Sections: Previous 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 6.1-258 6.1-258.1 6.1-259 6.1-260 6.1-261 6.1-262 NextLast modified: April 16, 2009