Virginia Code 6.2-1820: Other business
No licensee shall conduct the business of making short-term loans under this chapter at any office, suite, room, or other place of business where any other business is solicited or conducted except a registered check cashing business, a motor vehicle title loan business licensed under Chapter 22 (§ 6.2-2200 et seq.), or such other business as the Commission determines should be permitted, and subject to such conditions as the Commission deems necessary and in the public interest. No such other business shall be allowed except as permitted by Commission regulation or upon the filing of a written application with the Commission, payment of a $300 fee or other reasonable amount that the Commission may set, and provision of such information as the Commission may deem pertinent. The Commission shall not, however, permit the sale of insurance or the enrolling of borrowers under group insurance policies. This section shall not apply to any other business that is transacted with persons residing solely outside the Commonwealth.
Terms Used In Virginia Code 6.2-1820
- Check: means a draft drawn on the account of an individual at a depository institution. See Virginia Code 6.2-1800
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Interest: means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including fees, service charges, and renewal charges, and any ancillary product sold in connection with a loan, but does not include the monthly maintenance fees, deposit item return fees, or late charges authorized under § 6. See Virginia Code 6.2-1800
- Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-1800
2002, c. 897, § 6.1-463; 2010, c. 794; 2020, cc. 1215, 1258.