§ 6.1-444. Definitions
As used in this chapter, unless the context clearly requires a different meaning:
"Check" means a draft drawn on the account of an individual or individuals at a depository institution.
"Commissioner" means the Commissioner of Financial Institutions.
"Financial institution" means a bank, savings institution, or credit union.
"Licensee" means a person to whom a license has been issued under this chapter.
"Payday loan" means a small, short-maturity loan on the security of (i) a check, (ii) any form of assignment of an interest in the account of an individual or individuals at a depository institution, or (iii) any form of assignment of income payable to an individual or individuals, other than loans based on income tax refunds.
"Person" means any individual, firm, corporation, 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) ten percent or more of the outstanding stock of a stock corporation or (ii) a ten percent or greater interest in a nonstock corporation or a limited liability company.
(2002, c. 897; 2005, c. 571.)
Sections: 6.1-444 6.1-445 6.1-446 6.1-447 6.1-448 6.1-449 6.1-450 6.1-451 6.1-452 6.1-453 6.1-453.1 6.1-454 6.1-455 6.1-456 6.1-457 NextLast modified: April 2, 2009