§ 13.1-557 Short title
§ 13.1-558 Policy of the Commonwealth
§ 13.1-559 Definitions; applicability of chapter
§ 13.1-560 Registration required
§ 13.1-561 Procedure for registration; bond; renewal; fee
§ 13.1-561.1 Fees to cover expense of regulation
§ 13.1-562 Revocation of or refusal to renew registration
§ 13.1-563 Unlawful offers
§ 13.1-564 Unlawful cancellation of franchise; undue influence
§ 13.1-565 Voidable franchises
§ 13.1-566 Service of process on nonresident franchisor
§ 13.1-567 Investigations; confidentiality of information and documents
§ 13.1-568 Injunctions
§ 13.1-569 Crimes
§ 13.1-569.1 Commission may transmit record or complaint to locality where violation occurred
§ 13.1-570 Violations punishable by Commission
§ 13.1-571 Civil remedies
§ 13.1-572 Rules and forms
§ 13.1-573 Certain records of Commission available to public; admissibility of copies; destruction
§ 13.1-574 Effective date

Terms Used In Virginia Code > Title 13.1 > Chapter 8

  • Account: means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account, and other similar arrangements. See Virginia Code 6.2-604
  • Allegation: something that someone says happened.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Bank: means a corporation authorized by statute to accept deposits and to hold itself out to the public as engaged in the banking business in the Commonwealth. See Virginia Code 6.2-800
  • Bank holding company: means any corporation (i) that directly or indirectly owns, controls, or holds with power to vote, 25 percent or more of the voting shares of one or more banks or of a corporation that is or becomes a bank holding company by virtue of this definition, (ii) that controls in any manner the election of a majority of the directors of one or more banks, or (iii) for the benefit of whose shareholders or members 25 percent or more of the voting shares of one or more banks or bank holding companies is held by trustees. See Virginia Code 6.2-800
  • Commission: means the State Corporation Commission. See Virginia Code 13.1-559
  • Commission: means the State Corporation Commission. See Virginia Code 6.2-100
  • Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
  • Controlling person: means a natural person who is an officer, director, or partner, or who occupies a similar status or performs a similar function, of a franchisor organized as a corporation, partnership, or other entity, or any person who possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of a franchisor, whether through the ownership of voting securities, by contract, or otherwise. See Virginia Code 13.1-559
  • Courts of record: means the Supreme Court of Virginia, the Court of Appeals of Virginia, and the circuit courts. See Virginia Code 1-212
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Entity: means any 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
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: shall include any one or more of the following:

    a. See Virginia Code 8.01-2

  • Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
  • Financial institution: means any entity authorized to do business under state or federal laws relating to financial institutions that is authorized to establish accounts, including, without limitation, banks, trust companies, savings institutions, and credit unions. See Virginia Code 6.2-604
  • Franchise: means a written contract or agreement between two or more persons, by which:

    1. See Virginia Code 13.1-559

  • Franchisee: means a person to whom a franchise is granted or sold. See Virginia Code 13.1-559
  • Franchisor: means a person, including a subfranchisor, who grants or sells, or offers to grant or sell, a franchise. See Virginia Code 13.1-559
  • International banking facility: has the meaning assigned to it by the laws of the United States or the regulations of the Board of Governors for the Federal Reserve System. See Virginia Code 6.2-800
  • Joint account: means an account payable on request to one or more of two or more parties whether or not mention is made of any right of survivorship. See Virginia Code 6.2-604
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • offer to sell: includes every attempt to offer to dispose of or grant, and every solicitation of an offer to buy, a franchise or an interest in a franchise for value. See Virginia Code 13.1-559
  • Party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account. See Virginia Code 6.2-604
  • 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
  • Place of business: means a building or portion thereof from which the goods or services authorized by the franchise are sold or offered for sale in person by the franchisee or employees or agents of the franchisee, or a truck or van used in the sale of such goods which is of a type designated by the franchisor and is equipped and marked in conformance with requirements of the franchisor. See Virginia Code 13.1-559
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Preopening obligations: means the franchisor's obligations to provide to the franchisee, prior to the opening of the franchisee's business, real estate, improvements, equipment, inventory, training, or other items to be included in the offering. See Virginia Code 13.1-559
  • real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • sell: includes every contract or agreement of sale or grant of, contract to sell, or disposition of a franchise or interest in a franchise for value. See Virginia Code 13.1-559
  • Sheriff: shall include deputy sheriffs and such other persons designated in § 15. See Virginia Code 8.01-2
  • State bank: means a bank incorporated under the laws of the Commonwealth and that has its principal place of business in the Commonwealth. See Virginia Code 6.2-800
  • Subfranchisor: means a person who is authorized by a franchisor to grant a franchise within a particular geographic region. See Virginia Code 13.1-559
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trust company: has the meaning assigned to it in § 6. See Virginia Code 6.2-800