Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-303 Authority of Attorney General

§ 6.1-303. Authority of Attorney General

A. 1. Whenever the Attorney General has reasonable cause to believe (i) that any person, not licensed under this chapter, is violating, has violated, is threatening to violate or intends to violate any provision of this chapter or any order or regulation lawfully made pursuant to the authority of this chapter and (ii) that the facts justify it, the Attorney General shall institute and prosecute a lawsuit for monetary or injunctive relief or both in the Circuit Court of the City of Richmond, in the name of the Commonwealth. The court may grant monetary relief or may enjoin and restrain or both any such person from engaging in or continuing any such violation or from doing any act or acts in furtherance thereof. In any such suit a decree or order may be entered awarding such monetary relief or preliminary or final injunctive relief as may be deemed proper. In addition to all other means provided by law for the enforcement of an award of monetary relief, a temporary restraining order, temporary injunction, or final injunction, the court shall have the power and jurisdiction to impound, and to appoint a receiver for (i) the property and business of the defendant, including books, papers, documents, and records pertaining thereto, or (ii) so much thereof as the court deems reasonably necessary to prevent further violation of this chapter through or by means of the use of such property and business, or (iii) so much thereof as is necessary to identify borrowers who have been damaged and the amount of their damages, and to refund the amount of any such damages to the borrowers pursuant to subdivision 2 of this subsection. The receiver, when appointed and qualified, shall have such powers and duties as to custody, collection, administration, payment of debts and liquidation of the property and business as from time to time are conferred upon him by the court.

2. The Attorney General may seek and the circuit court may order or decree such other relief allowed by law, including restitution to the extent available to borrowers under subsection B of § 6.1-308.

3. In any action brought by the Attorney General by virtue of the authority granted in this section, the Attorney General shall be entitled to seek attorney's fees and costs.

B. Nothing in this article shall be construed to preclude any individual or entity who suffers a loss as a result of a violation of § 6.1-249 from maintaining an action to recover damages or restitution under subsection B of § 6.1-308.

(Code 1950, § 6-322; 1966, c. 584; 1988, c. 186; 1992, c. 9.)

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Last modified: April 16, 2009