To defray the costs of examination, supervision and regulation of licensed consumer finance companies, every licensee shall pay an annual fee to be calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the total assets, including loans under this chapter and other loans, of various licensees and their affiliates doing business in authorized consumer finance company offices, to the actual cost of their respective examinations, and to other factors relating to their supervision and regulation. Fees shall be assessed pursuant to this section on or before May 1 of every calendar year. All such fees shall be paid by the licensees to the State Treasurer on or before June 1 following each assessment.

Terms Used In Virginia Code 6.2-1532

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commission: means the State Corporation Commission. See Virginia Code 6.2-100
  • Consumer finance company: means a person engaged in the business of making loans to individuals for personal, family, household, or other nonbusiness purposes. See Virginia Code 6.2-1500
  • 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
  • State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245

1982, c. 609, § 6.1-299.1; 2010, c. 794.

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