The provisions of this chapter shall apply to providers or brokers offering, obtaining, or making sales-based financing over the internet to or for a recipient, whether or not the provider or broker maintains a physical presence in the Commonwealth.

Terms Used In Virginia Code 6.2-2235

  • 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
  • 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

2022, c. 516.

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