Virginia Code 6.2-1515: Effect of license revocation, suspension, or surrender
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The revocation, suspension, or surrender of any license shall not impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.
Terms Used In Virginia Code 6.2-1515
- Contract: A legal written agreement that becomes binding when signed.
- Licensee: means a consumer finance company to which a license has been issued by the Commission pursuant to this chapter. See Virginia Code 6.2-1500
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Code 1950, § 6-294; 1966, c. 584, § 6.1-264; 2010, c. 794.