§ 6.1-363.2. Definitions
As used in this chapter, unless the context clearly requires a different meaning:
"Bureau" means the Bureau of Financial Institutions.
"Commissioner" means the Commissioner of Financial Institutions.
"Consumer" means an individual who owes money to one or more creditors, for personal, family, or household purposes, including an individual who owes money jointly with one or more other individuals.
"Credit Counseling Agency" or "Agency" means any person that provides or offers to provide to consumers credit counseling services, including debt management plans.
"Credit counselor" means an employee or agent of an Agency who designs a debt management plan, provides consumer budget and basic financial planning services, or engages in debt settlement or debt pooling on a consumer's behalf.
"Debt collector" means a person defined as a debt collector under 15 U.S.C. § 1692a of the Fair Debt Collection Practices Act.
"Debt management plan" or "DMP" means a program whereby an Agency agrees to engage in debt settlement or debt pooling and distribution services on behalf of a consumer (or multiple consumers if a joint account) with the consumer's creditors, and under which the consumer gives money or control of his funds to such Agency for distribution to the consumer's creditors.
"Debt settlement" means any action or negotiation initiated or taken by or on behalf of any consumer with any creditor of the consumer for the purpose of obtaining debt forgiveness of a portion of the credit extended by the creditor to the consumer or reduction of payments, charges, or fees payable by the consumer.
"Duplicate original" means an exact copy with signatures created by the same impression as the original, or an exact copy bearing an original signature, or in the case of an electronic transaction, an electronic version with electronic signatures.
"Electronic signature" means a signature as defined in § 59.1-480.
"Licensee" means a person licensed under this chapter.
"Maintenance fee" means a fee paid by a consumer to an Agency for continuing provision of DMP services.
"Person" means any individual, firm, corporation, limited liability company, partnership, association, trust, or legal or commercial entity, or group of individuals however organized.
"Principal" means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a person.
"Set-up fee" means a fee paid by a consumer to an Agency for the establishment of the DMP.
(2004, c. 790; 2005, c. 315.)
Sections: 6.1-363.2 6.1-363.3 6.1-363.4 6.1-363.5 6.1-363.6 6.1-363.7 6.1-363.8 6.1-363.9 6.1-363.10 6.1-363.11 6.1-363.12 6.1-363.13 6.1-363.14 6.1-363.15 6.1-363.16 NextLast modified: April 16, 2009