Terms Used In Virginia Code > Title 6.2 > Subtitle III > Chapter 14 - Industrial Loan Associations

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Agricultural produce: means fruits and vegetables. See Virginia Code 3.2-4738
• Amortization: Paying off a loan by regular installments.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Approved seed potatoes: means disease-free potatoes and parts thereof that conform to the standards established by the Potato Board. See Virginia Code 3.2-1800
• Association: means a corporation organized as an industrial loan association under the provisions of the Virginia Stock Corporation Act (§ 13. See Virginia Code 6.2-1400
• Board: means the Potato Board. See Virginia Code 3.2-1800
• Bond: means a bond executed by a surety company licensed to do business in the Commonwealth. See Virginia Code 3.2-4738
• Cash buyer: means any person who obtains from the producer, or his representative, title, possession or control of any agricultural produce or contracts for the title, possession or control of any agricultural produce, and who buys any agricultural produce by paying to the producer at the time of obtaining possession or control, or at the time of contracting for the title, possession or control of any agricultural produce, the agreed price of such agricultural produce in coin or currency, certified checks, cashier's checks or drafts issued by a bank. See Virginia Code 3.2-4738
• Commission: means the State Corporation Commission. See Virginia Code 6.2-100
• Commission merchant: means any person, who: (i) operates an auction market; (ii) receives farm products for sale on commission or contracts with the producer for farm products sold on commission or for a fee; (iii) accepts in trust from the producer for the purpose of sale; (iv) sells or offers for sale on commission; (v) solicits consignments of any kind of farm products; or (vi) handles the account of or as an agent of the producer any kind of farm products. See Virginia Code 3.2-4709
• 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.
• Continuance: Putting off of a hearing ot trial until a later time.
• Conviction: A judgement of guilt against a criminal defendant.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer: means any person who buys, sells, solicits for sale, processes for sale or resale, resells, exchanges, negotiates, purchases or contracts for processing or transfers any agricultural produce of a producer. See Virginia Code 3.2-4738
• Division: means the Division of Marketing of the Department of Agriculture and Consumer Services. See Virginia Code 3.2-4700
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• farm products: means horticultural, viticulture, forestry, dairy, livestock, poultry, bee, and other products ordinarily produced on farms. See Virginia Code 3.2-4709
• Fraud: Intentional deception resulting in injury to another.
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Handler: means any person who is a processor, dealer, shipper, or exporter who purchases potatoes from a grower, or who acts as the grower's agent, or any person who holds a produce dealer or commission merchant license from the Department. See Virginia Code 3.2-1800
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Licensee: means any person who has been granted a license to operate, conduct, or carry on the business of a commission merchant. See Virginia Code 3.2-4709
• Mediation: means a process in which a mediator facilitates communication between the parties and, without deciding the issues or imposing a solution on the parties, enables them to understand and to reach a mutually agreeable resolution to their dispute. See Virginia Code 8.01-581.21
• Mediation program: means a program through which mediators or mediation is made available and includes the director, agents and employees of the program. See Virginia Code 8.01-581.21
• Mediator: means an impartial third party selected by agreement of the parties to a controversy to assist them in mediation. See Virginia Code 8.01-581.21
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans or extensions of credit to buyers of real property for any part of the purchase price of such property by persons selling such property owned by them, (ii) loans to persons related to the lender by blood or marriage, and (iii) loans to persons who are bona fide employees of the lender. See Virginia Code 6.2-1400
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Oath: A promise to tell the truth.
• Oath: includes affirmation. See Virginia Code 1-228
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: shall include individuals, a trust, an estate, a partnership, an association, an order, a corporation, or any other legal or commercial entity;

  6. See Virginia Code 8.01-2

• 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
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Potatoes: means all varieties of potatoes except sweet potatoes. See Virginia Code 3.2-1800
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Processor: means any person operating any plant in the Commonwealth that freezes, dehydrates, cans, or otherwise changes the physical form or characteristics of agricultural produce. See Virginia Code 3.2-4738
• Producer: means any person who, in a calendar year, grows a minimum of 40,000 pounds of potatoes in the Commonwealth. See Virginia Code 3.2-1800
• Producer: means any person who produces agricultural produce in Virginia. See Virginia Code 3.2-4738
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Seed potatoes: means potatoes and parts thereof intended for the propagation or production of commercial potatoes. See Virginia Code 3.2-1800
• Summons: Another word for subpoena used by the criminal justice system.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• Verdict: The decision of a petit jury or a judge.