Code of Virginia - Title 6.1 Banking And Finance - Chapter 18 Payday Loan Act

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 ...

6.1-445 License requirement
A. No person shall engage in the business of making payday loans to any consumer residing in the Commonwealth, whether or not the person has ...

6.1-446 Applicability
The provisions of this chapter shall not apply to any bank, savings institution or credit union that does not elect to become licensed under this ...

6.1-447 Application for license; form; content; fee
A. An application for a license under this chapter shall be made in writing, under oath and on a form provided by the Commissioner. B. ...

6.1-448 Bond required
The application for a license shall also be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond in ...

6.1-449 Investigation of applications
The Commissioner may make such investigations as he deems necessary to determine if the applicant has complied with all applicable provisions of law and regulations ...

6.1-450 Qualifications
A. Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of §§ 6.1-447 and 6.1-448, ...

6.1-451 Licenses; places of business; changes
A. Each license shall state the address or addresses at which the business is to be conducted and shall state fully the name of the ...

6.1-452 Acquisition of control; application
A. Except as provided in this section, no person shall acquire, directly or indirectly, twenty-five percent or more of the voting shares of a corporation ...

6.1-453 Retention of books, accounts, and records
Every licensee shall maintain in its licensed offices such books, accounts and records as the Commission may reasonably require in order to determine whether such ...

6.1-453.1 Payday lending database
A. The Commission shall certify and contract with one or more third parties to develop, implement, and maintain a real-time, Internet-accessible database that contains such ...

6.1-454 Annual report
Each licensee under this chapter shall annually, on or before March 25, file a written report with the Commissioner containing such information as the Commissioner ...

6.1-455 Other reporting requirements
Within fifteen days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event ...

6.1-456 Investigations; examinations
The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises and records of ...

6.1-457 Annual fees
A. In order to defray the costs of their examination, supervision and regulation, every licensee under this chapter shall pay an annual fee calculated in ...

6.1-458 Rules and regulations
The Commission shall promulgate such rules and regulations as it deems appropriate to effect the purposes of this chapter. Before promulgating any such regulation, the ...

6.1-459 (Effective until January 1, 2009) Required and prohibited business methods
Each licensee shall comply with the following requirements: 1. Each payday loan shall be evidenced by a written loan agreement, which shall be signed by ...

6.1-460 (Effective until January 1, 2009) Fee
A licensee may charge, as a fee for each loan, an amount not to exceed fifteen percent of the amount of the loan proceeds advanced ...

6.1-461 (Effective until January 1, 2009) Additional charges
In addition to the loan principal and the fee permitted under § 6.1-460, no further or other amount whatsoever shall be directly or indirectly charged, ...

6.1-462 Advertising
No person licensed or required to be licensed under this chapter shall use or cause to be published any advertisement that (i) contains any false, ...

6.1-463 Other business
No licensee shall conduct the business of making payday loans under this chapter at any office, suite, room, or place of business where any other ...

6.1-464 Suspension or revocation of license
A. The Commission may suspend or revoke any license issued under this chapter upon any of the following grounds: 1. Any ground for denial of ...

6.1-465 Cease and desist orders
If the Commissioner determines that any person has violated any provision of this chapter or any regulation adopted hereunder, he may, upon 21 days' notice ...

6.1-466 Notice of proposed suspension or revocation
The Commission shall not revoke or suspend the license of any person licensed under this chapter upon any of the grounds set forth in § ...

6.1-467 (Effective until January 1, 2009) Fines for violations
In addition to the authority conferred under §§ 6.1-464 and 6.1-465, the Commission may impose a fine or penalty not exceeding $1,000 upon any person ...

6.1-468 Criminal penalties
Any person violating § 6.1-445 shall, upon conviction, be guilty of a Class 6 felony. For the purposes of this section, each violation shall constitute ...

6.1-469 (Effective until January 1, 2009) Private right of action
Any person who suffers loss by reason of a violation of any provision of this chapter may bring a civil action to enforce such provision. ...

6.1-469.1 (Effective January 1, 2009) Application of chapter to Internet loans
The provisions of this chapter, including specifically the licensure requirements of § 6.1-445, shall apply to persons making payday loans over the Internet to Virginia ...

6.1-470 Authority of Attorney General; referral by Commission to Attorney General
A. If the Commission determines that a person is in violation, or has violated, any provision of this chapter, the Commission may refer the information ...

6.1-471 Violation of the Virginia Consumer Protection Act
Any violation of the provisions of this chapter shall constitute a prohibited practice in accordance with § 59.1-200 and shall be subject to any and ...