Code of Virginia - Title 6.1 Banking And Finance - Chapter 6 Consumer Finance Act

6.1-244 Short title; references in statutes to "Small Loan Act"
The short title of the law embraced in this chapter is the Consumer Finance Act. Wherever in the Virginia Acts of Assembly or in the ...

6.1-245 Definitions
As used in this chapter, unless a different meaning or construction is clearly required by the context: "Commissioner" means the Commissioner of the Bureau of ...

6.1-246 Status of preexisting obligations
Nothing in this chapter shall be so construed as to impair or affect the obligation of any contract of loan between any licensee and any ...

6.1-247 Effect of chapter on other laws
All provisions of this chapter are cumulative to all consistent provisions and requirements of existing laws relevant to the subject matter of this chapter and ...

6.1-248 Effect of amendment of chapter on preexisting contracts
This chapter or any part of it may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or ...

6.1-249 Compliance with chapter; license required
A. No person shall engage in the business of lending any principal amounts to individuals for personal, family, household or other nonbusiness purposes, and charge, ...

6.1-250 Certain persons ineligible as licensees; exemptions
A. No person doing business under the authority of any law of this Commonwealth or of the United States relating to banks, savings institutions, trust ...

6.1-251 Evasions to which { 6.1-249 applicable
The provisions of § 6.1-249 shall apply to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever including, but ...

6.1-252 Description unavailable
Repealed by Acts 1986, c. 502. ...

6.1-253 Restrictions on name
No licensee shall use a firm, corporate, or assumed name which contains any of the following words: "savings," "trust," "trustee," "bank," "banker," "banking," "investment," "thrift," ...

6.1-254 Application for license; fee
Application for a license to make loans under this chapter shall be in writing, under oath, and in the form prescribed by the Commission, and ...

6.1-255 Investigation of application
Upon the filing of the application and the payment of the investigation fee, the Commission shall make an investigation of the facts concerning the application ...

6.1-256 Description unavailable
Repealed by Acts 1982, c. 79. ...

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 ...

6.1-257 Denial of application
If the Commission does not so find it shall thereupon deny the application and notify the applicant of the denial, returning the license fee but ...

6.1-258 Contents, posting and transfer of license
The license shall contain the address at which the business is to be conducted, the full name of the licensee, or if the licensee is ...

6.1-258.1 Acquisition of control; application.
A. Except as provided in this section, no person shall acquire, directly or indirectly, 25 percent or more of the voting shares of a corporation ...

6.1-259 Duration of license; license fee
Each license shall remain in full force and effect until surrendered, revoked, or suspended as provided by this chapter or by lawful order of the ...

6.1-260 Revocation of license
The Commission, upon ten days' written notice to the licensee stating the contemplated action and in general the grounds therefor, and upon reasonable opportunity to ...

6.1-261 Suspension of license
If the Commission finds that probable cause for revocation of any license exists and that enforcement of the law requires immediate suspension of the license ...

6.1-262 Record and notice of revocation or suspension
Whenever the Commission revokes or suspends a license issued pursuant to this chapter it shall forthwith enter its findings and an order to that effect ...

6.1-263 Surrender of license
Any licensee may surrender any license by delivering it to the Commission with written notice of its surrender, but the surrender shall not affect his ...

6.1-264 Effect of revocation, etc., on preexisting contracts
No revocation, suspension, or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower. ...

6.1-265 Reinstatement of license
The Commission may reinstate any suspended license or issue a new license to a person any license of whom has been revoked if no fact ...

6.1-266 Place of business generally
Not more than one place of business shall be maintained under the same license, but the Commission may issue more than one license to the ...

6.1-267 Other business in same office; fee
A. No licensee shall conduct the business of making loans under this chapter within any office, suite, room, or place of business in which any ...

6.1-267.1 Duration of other business in same office
Any authority granted under § 6.1-267 shall remain in full force and effect until surrendered, or until revoked or suspended by the Commission as provided ...

6.1-268 Business confined to licensed office
No licensee shall conduct the business of making loans provided for by this chapter under any other name or at any place of business within ...

6.1-269 Description unavailable
Repealed by Acts 1982, c. 78. ...

6.1-269.1 Changing place of business
A. Subject to the provisions of this section, a licensee under the same license may be permitted to change his place of business to a ...

6.1-270 Residence of borrower
Nothing in this chapter shall be construed to limit the loans of any licensee to residents of the community in which the licensed place of ...

6.1-271 , 6.1-271.1
Repealed by Acts 1995, c. 2. ...

6.1-272 Description unavailable
Repealed by Acts 1974, c. 371. ...

6.1-272.1 Rate of interest; late charges; processing fees
A. For loans up to $2,500, a lender licensed under this chapter may charge and receive interest at a single annual rate not to exceed ...

6.1-273 Limitation of interest and costs after judgment
If judgment be obtained against any party on any loan made under the provisions of this chapter neither the judgment nor the loan shall carry, ...

6.1-274 Limitation of interest in bankruptcy
Any loan made under the provisions of this chapter which is properly scheduled in a bankruptcy proceeding shall bear interest against any party to the ...

6.1-275 Limitation of interest upon death of borrower
After ninety days from the date of the death of the borrower no other charges than interest at six per centum per annum shall be ...

6.1-276 Limitation of interest after maturity of loan
For the period beginning six months after the date of maturity, as originally scheduled or as deferred in the event of deferment, of any loan ...

6.1-277 Description unavailable
Repealed by Acts 1995, c. 2. ...

6.1-278 Additional charges prohibited; exception
In addition to the interest, late charges, and processing fee permitted under § 6.1-272.1, no further or other amount whatsoever for any examination service, brokerage, ...

6.1-279 Minimum assets
Every licensee shall maintain at all times the minimum assets prescribed by this chapter for each license, either in liquid form available for the operation ...

6.1-280 Advertising
No licensee or other person subject to this chapter shall advertise, display, distribute or broadcast, or cause or permit to be advertised, displayed, distributed or ...

6.1-281 Liens on real estate
No licensee shall take a lien upon real estate as security for any loan made under the provisions of this chapter, except a lien arising ...

6.1-282 Requirements for making and payment of loans
Every licensee shall: (1) At the time any loan is made, deliver to the borrower, or if there are two or more borrowers to one ...

6.1-283 Confession of judgment, etc
No licensee shall take any confession of judgment or any power of attorney running to himself or to any third person to confess judgment or ...

6.1-284 Description unavailable
Repealed by Acts 1987, c. 683. ...

6.1-284.1 What note or other instrument shall show
No licensee shall take any note, promise to pay, or instrument of security in which blanks are left to be filled in after execution, or ...

6.1-285 Installment payments
Every contract shall provide for repayment of the amount loaned in substantially equal monthly installments of principal and interest. But nothing contained in this chapter ...

6.1-286 Description unavailable
Repealed by Acts 2001, c. 308. ...

6.1-287 Description unavailable
Repealed by Acts 1995, c. 2. ...

6.1-288 Wage purchases
The payment of any amount in money, credit, goods or things in action, as consideration for any sale or assignment of, or order for, the ...

6.1-289 Validity of wage assignments, chattel mortgages and other liens; exemptions unimpaired
No assignment of or order for payment of any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure ...

6.1-290 Amount collectible from employer under wage assignment
A valid assignment or order for the payment of future salary, wages, commissions, or other compensation for services, may be given as security for a ...

6.1-291 Collection of loans made outside Commonwealth
No loan made outside this Commonwealth for which the greater rates of interest, consideration or charges, than are permitted by the law applicable to such ...

6.1-292 Regulation and supervision by Commission; delegation of powers and duties
All powers and duties of regulation and supervision conferred and imposed by this chapter are, except as otherwise specifically stated, vested in and imposed upon ...

6.1-293 Collection and disposition of fees
The Commission shall collect and turn in to the state treasury all license and other fees and all amounts so collected and the unexpended balances ...

6.1-294 Investigations generally
For the purpose of discovering violations of this chapter or securing information lawfully required under it, the Commission or its duly authorized representative may at ...

6.1-295 Prerequisites to investigations
Before making an investigation as provided for in the preceding section (§ 6.1-294) as to any person not licensed nor an applicant for a license ...

6.1-296 Immunity from prosecution
In any case of compulsory investigation, as provided for in § 6.1-294, of the business of a person not a licensee nor an applicant for ...

6.1-297 Use in civil action of facts discovered or disclosures made during investigation
Notwithstanding any such compulsory investigation or verbal testimony, civil rights, not involving penalty or forfeiture, on the part of anyone and the right to injunctive ...

6.1-298 Examination
The Commission shall, as often as it may deem it to be in the public interest, make an examination of the affairs, business, office and ...

6.1-299 Description unavailable
Repealed by Acts 1983, c. 479. ...

6.1-299.1 Fees for license, examination, supervision and regulation
In order to license and defray the costs of examination, supervision and regulation of licensed consumer finance offices, every licensee shall pay an annual fee ...

6.1-300 Books, accounts and records; hypothecation or deposit of notes and securities
A. 1. The licensee shall keep and use in his licensed place of business, or at such other place within or outside the Commonwealth as ...

6.1-301 Annual reports
Each licensee shall annually, on or before April 1, file a report with the Commission giving such relevant information as may reasonably be required concerning ...

6.1-302 Regulations and orders
A. The Commission is empowered to promulgate rules and regulations for the enforcement of this chapter, in addition thereto and consistent therewith, in the manner ...

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 ...

6.1-304 Incriminating testimony in injunction suit
No person shall be entitled to refuse to testify in a suit brought under the preceding section (§ 6.1-303) because his testimony would tend to ...

6.1-305 Copies of orders or regulations
On application of any person, and payment of the costs, the Commission shall furnish such person with a certified copy of any order or regulation ...

6.1-306 Review by Commission
In addition to any other remedy he may have any licensee or any other person considering himself aggrieved by any action of the Commissioner hereunder ...

6.1-307 Appeal
From any action taken by the Commission hereunder, whether upon petition from action taken by the Commissioner, or otherwise, any licensee, or any other person ...

6.1-308 Violation of { 6.1-249
A. Any person and the several members, officers, directors, agents, and employees thereof, who violate or participate in the violation of any provision of § ...

6.1-309 Penalty for violation of chapter, regulation or order of Commission by licensee
A. If any amount other than or in excess of the charges permitted by this chapter is charged and received by a licensee, such excess ...

6.1-310 Description unavailable
Reserved. ...