Terms Used In Virginia Code 6.2-2229

• broker: means a person that, for compensation or the expectation of compensation, obtains or offers to obtain sales-based financing from a provider for a recipient. See Virginia Code 6.2-2228
• Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
• Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• provider: means a person that extends a specific offer of sales-based financing to a recipient. See Virginia Code 6.2-2228
• Recipient: means a person whose principal place of business is in the Commonwealth and that applies for sales-based financing and is made a specific offer of sales-based financing by a provider. See Virginia Code 6.2-2228
• Sales-based financing: means a transaction that is repaid by the recipient to the provider, over time, as a percentage of sales or revenue, in which the payment amount may increase or decrease according to the volume of sales made or revenue received by the recipient. See Virginia Code 6.2-2228