§ 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

  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Applicant: means a customer who applies for a refund anticipation loan through a facilitator. See Virginia Code 6.2-2500
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Bequest: Property gifted by will.
  • Borrower: means an applicant who receives a refund anticipation loan through a facilitator. See Virginia Code 6.2-2500
  • borrower: means (i) any current resident of the Commonwealth who has received or agreed to pay a qualified education loan or (ii) any person who is contractually obligated with such resident for repaying the qualified education loan. See Virginia Code 6.2-2600
  • Bureau: means the Bureau of Financial Institutions, a division of the Commission. See Virginia Code 6.2-100
  • Cardholder: means the person or organization named on the face of a credit card to whom or for whose benefit the credit card was issued by an issuer. See Virginia Code 6.2-424
  • Commission: means the State Corporation Commission. See Virginia Code 13.1-559
  • Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • 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
  • Conviction: A judgement of guilt against a criminal defendant.
  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • Credit card: means any instrument or device, whether known as a credit card, credit plate, or by any other name, issued with or without fee by an issuer for the use of the cardholder in obtaining money, goods, services, or any other thing of value. See Virginia Code 6.2-424
  • Customer: means an individual for whom tax preparation services are performed. See Virginia Code 6.2-2500
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Facilitator: means a person who receives or accepts for delivery an application for a refund anticipation loan, delivers a check in payment of refund anticipation loan proceeds, or in any other manner acts to allow the making of a refund anticipation loan. See Virginia Code 6.2-2500
  • 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.
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
  • Forbearance: A means of handling a delinquent loan. A
  • 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
  • Fraud: Intentional deception resulting in injury to another.
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Issuer: means the business organization or financial institution or its duly authorized agent that issues a credit card. See Virginia Code 6.2-424
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-2600
  • loan servicer: means any person, wherever located, that:

    1. See Virginia Code 6.2-2600

  • Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • 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
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Payment device: means any credit card, any "accepted card or other means of access" as defined in 15 U. See Virginia Code 6.2-424
  • 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
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • 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
  • Principal: means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in any other type of entity. See Virginia Code 6.2-2600
  • Qualified education loan: includes a loan made to refinance a qualified education loan. See Virginia Code 6.2-2600
  • Refund anticipation loan: means a loan, whether provided through a facilitator or by another entity such as a financial institution, in anticipation of, and whose payment is secured by, a customer's federal or state income tax refund or by both. See Virginia Code 6.2-2500
  • Refund anticipation loan fee: means any fee, charge, or other consideration imposed by a lender or a facilitator for a refund anticipation loan. See Virginia Code 6.2-2500
  • Refund anticipation loan fee schedule: means a list or table of refund anticipation loan fees that (i) includes three or more representative refund anticipation loan amounts; (ii) lists separately each fee or charge imposed, as well as a total of all fees imposed, related to the making of a refund anticipation loan; and (iii) includes, for each representative loan amount, the estimated annual percentage rate calculated under the guidelines established by the federal Truth in Lending Act (15 U. See Virginia Code 6.2-2500
  • Registry: means the nationwide multistate licensing system and registry created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. See Virginia Code 6.2-2600
  • Securitization transaction: means a transaction relating to the issuance or transfer by a special purpose entity of beneficial interests or undivided interests, which entitle their holders to receive payments or other distributions that depend primarily on the cash flow from assets, including financial assets and other credit exposures, in which that special purpose entity has rights or the power to transfer rights. See Virginia Code 6.2-2400
  • 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
  • Servicing: means :

    1. See Virginia Code 6.2-2600

  • 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
  • Tax return: means a return, declaration, statement, refund claim, or other document required to be made or filed in connection with state or federal income taxes. See Virginia Code 6.2-2500
  • Testify: Answer questions in court.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC