§ 6.2-1500 Definitions
§ 6.2-1501 Compliance with chapter; license required; attempts to evade application of chapter
§ 6.2-1502 Certain persons ineligible as licensees; exception for subsidiaries
§ 6.2-1503 Scope of chapter
§ 6.2-1504 Restrictions on name
§ 6.2-1505 Application for license; application fee
§ 6.2-1506 Investigation of application
§ 6.2-1507 Issuance of license
§ 6.2-1508 Notices to Commission
§ 6.2-1508.1 Additional offices; relocation of offices
§ 6.2-1509 Contents, posting, transfer, and duration of license
§ 6.2-1510 Acquisition of control; application
§ 6.2-1511 Revocation of license
§ 6.2-1512 Suspension of license
§ 6.2-1513 Record and notice of revocation or suspension
§ 6.2-1514 Surrender of license
§ 6.2-1515 Effect of license revocation, suspension, or surrender
§ 6.2-1516 Reinstatement of license
§ 6.2-1517 Place of business generally
§ 6.2-1518 Notice of conduct of other business in same place of business; fee
§ 6.2-1519 Changing place of business
§ 6.2-1520 Rate of interest; late charges; processing fees
§ 6.2-1521 Post-judgment charges
§ 6.2-1522 Other limitations on interest
§ 6.2-1523 Additional charges prohibited; exceptions
§ 6.2-1523.1 Access partners
§ 6.2-1523.2 Application of chapter to Internet loans
§ 6.2-1523.3 Bond required
§ 6.2-1524 (Effective until January 1, 2024) Required and prohibited activities and conduct
§ 6.2-1524 v2 (Effective January 1, 2024) Required and prohibited activities and conduct
§ 6.2-1525 Wage purchases
§ 6.2-1526 Wage assignments
§ 6.2-1527 Liens on household furniture
§ 6.2-1528 Exemptions unimpaired
§ 6.2-1529 Collection of loans made outside Commonwealth
§ 6.2-1530 Investigations; immunities
§ 6.2-1531 Examination
§ 6.2-1532 Fees for examination, supervision and regulation
§ 6.2-1533 Books, accounts, and records; pledge or deposit of notes and securities
§ 6.2-1534 Annual reports
§ 6.2-1535 Regulations and orders
§ 6.2-1536 Disclosures in connection with sale of securities
§ 6.2-1537 Authority of Attorney General; impoundment of property and receivership
§ 6.2-1538 Copies of orders or licenses
§ 6.2-1539 Review by Commission
§ 6.2-1540 Criminal penalties
§ 6.2-1541 Unlawful contracts void; recovery of amounts paid
§ 6.2-1542 Duty to refund unauthorized or excess charges; liability to borrower for penalty
§ 6.2-1543 Civil penalties

Terms Used In Virginia Code > Title 6.2 > Subtitle III > Chapter 15 - Consumer Finance Companies

  • Access partner: means a person that, at the person's physical location in the Commonwealth, facilitates the making and servicing of a loan through provision of some or all of the services described in § 6. See Virginia Code 6.2-1500
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agricultural produce: means fruits and vegetables. See Virginia Code 3.2-4738
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Arranging or brokering: means , with respect to consumer finance loans, negotiating, placing, or finding consumer finance loans for consumers, or offering to negotiate, place, or find consumer finance loans for consumers, in return for compensation paid directly by the consumers. See Virginia Code 6.2-1500
  • Arrest: Taking physical custody of a person by lawful authority.
  • 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.
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Cash buyer: means any person who pays the producer, or his representative, at the time of obtaining title, possession or control of grain, the agreed price of such grain in coin or currency, certified checks, cashier's checks, or drafts issued by a bank. See Virginia Code 3.2-4753
  • Chief: means the Chief of the Division of Mines of the Department of Energy. See Virginia Code 45.2-100
  • 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
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Consignment: means any transfer of agricultural produce by the seller to the custody of another person who acts as the agent for the seller for the purpose of selling such agricultural produce. See Virginia Code 3.2-4738
  • Consumer finance company: means a person engaged in the business of making loans to individuals for personal, family, household, or other nonbusiness purposes. See Virginia Code 6.2-1500
  • Contract: means a binding agreement between the grain dealer and the producer that describes the terms and conditions of the delivery of grain and the purchase price. See Virginia Code 3.2-4753
  • Conviction: A judgement of guilt against a criminal defendant.
  • Cotton gin: means a facility where cotton seed and cotton lint are produced from raw cotton. See Virginia Code 3.2-4764
  • Cotton handler: means any person doing business as a cotton gin, cotton merchant, or cotton warehouse. See Virginia Code 3.2-4764
  • Cotton merchant: means any person who buys cotton from a producer for the purpose of resale, or acts as a broker or agent for a producer in arranging the sale of cotton. See Virginia Code 3.2-4764
  • Cotton warehouse: means any enclosure in which producer-owned cotton is stored or held for longer than 48 hours. See Virginia Code 3.2-4764
  • 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
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Deferred payment: means that the purchase price for grain delivered by the producer is fixed and specified in the contract, but payment is not received by the producer until a mutually agreed upon subsequent date. See Virginia Code 3.2-4753
  • Department: means the Department of Taxation. See Virginia Code 9.1-209
  • Director: means the Executive Director of the Department of Fire Programs. See Virginia Code 9.1-209
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Docket: A log containing brief entries of court proceedings.
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • 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.
  • 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.
  • food: as used in this article means all articles used for food, drink, confectionery or condiment, whether simple, mixed or compound, and all substances or ingredients used in the preparation thereof, intended for human consumption and introduction into commerce. See Virginia Code 3.2-5105
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Grain: means grains including corn (maize), wheat, rye, oats, barley, flaxseed, soybeans, and sunflower. See Virginia Code 3.2-4753
  • Grain bank: means grain owned by a producer and held temporarily by the dealer for use in the formulation of feed and returned to the producer on demand as feed or whole grain. See Virginia Code 3.2-4753
  • Grain dealer: means any person who buys, solicits for sale or resale, processes for sale or resale, contracts for storage or exchange, or transfers grain of a Virginia producer. See Virginia Code 3.2-4753
  • Grain exchange: means grain owned by a producer and held temporarily by the dealer for use in the formulation of processed flour to be returned to the producer on demand as flour or whole grain. See Virginia Code 3.2-4753
  • 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.
  • In forma pauperis: In the manner of a pauper. Permission given to a person to sue without payment of court fees on claim of indigence or poverty.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Joint account transactions: means a transaction between a dealer and grower in which the dealer pays the grower based on the price for which the agricultural produce sells in relation to the price agreed upon between the dealer and grower. See Virginia Code 3.2-4738
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Licensee: means a consumer finance company to which a license has been issued by the Commission pursuant to this chapter. See Virginia Code 6.2-1500
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Loss: means any monetary loss to a producer as a result of doing business with a dealer that shall include bankruptcy, embezzlement, theft or fraud. See Virginia Code 3.2-4753
  • Manufacturer: means (i) a person who manufactures or otherwise produces, or causes to be manufactured or produced, cigarettes intended for sale in the Commonwealth, including cigarettes intended for sale in the United States through an importer; (ii) the first purchaser anywhere that intends to resell in the United States cigarettes that the original manufacturer or maker does not intend for sale in the United States; or (iii) the successor to a person listed in clause (i) or (ii). See Virginia Code 9.1-209
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
  • Personal property: All property that is not real property.
  • Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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.
  • Price later: means that the actual purchase price is not fixed at the time of delivery, but allows the producer to choose a bid price on any business day during a stated time period as agreed between the parties. See Virginia Code 3.2-4753
  • 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 another person. See Virginia Code 6.2-1500
  • Pro se: A Latin term meaning "on one's own behalf"; in courts, it refers to persons who present their own cases without lawyers.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Producer: means any person who produces agricultural produce in Virginia. See Virginia Code 3.2-4738
  • Producer: means any person in Virginia who produces grain. See Virginia Code 3.2-4753
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Quality control and quality assurance program: means laboratory procedures implemented to ensure that operator bias, systematic and nonsystematic methodological errors, and equipment-related problems do not affect the results of the testing, and the testing repeatability remains within the required repeatability value for any test trial used to certify cigarettes under this chapter. See Virginia Code 9.1-209
  • 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
  • Repeatability: means the range of values within which the repeat results of cigarette test trials from a single laboratory will fall 95 percent of the time. See Virginia Code 9.1-209
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Retailer: means a person who (i) sells cigarettes to consumers through vending machines on fewer than 40 premises; (ii) otherwise sells cigarettes to consumers; or (iii) holds cigarettes for sale to consumers. See Virginia Code 9.1-209
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state agency: means the same as that term is defined in § 2. See Virginia Code 1-206
  • Subpoena: A command to a witness to appear and give testimony.
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • Vending machine operator: means a person who (i) holds cigarettes for sale to consumers through vending machines on 40 or more premises or (ii) sells cigarettes to consumers through vending machines on 40 or more premises. See Virginia Code 9.1-209
  • Venue: The geographical location in which a case is tried.
  • Wholesaler: means a person who (i) holds cigarettes for sale to another person for resale or (ii) sells cigarettes to another person for resale. See Virginia Code 9.1-209
  • Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.