§ 6.2-1800 Definitions
§ 6.2-1801 License requirement
§ 6.2-1802 Applicability
§ 6.2-1803 Application for license; form; content; fee
§ 6.2-1804 Bond required
§ 6.2-1805 Investigation of applications
§ 6.2-1806 Qualifications
§ 6.2-1807 Licenses; places of offices; changes
§ 6.2-1808 Acquisition of control; application
§ 6.2-1809 Retention of books, accounts, and records
§ 6.2-1810 Loan database
§ 6.2-1811 Annual report
§ 6.2-1812 Other reporting requirements
§ 6.2-1813 Investigations; examinations
§ 6.2-1814 Annual fees
§ 6.2-1815 Regulations
§ 6.2-1816 Required and prohibited business methods
§ 6.2-1816.1 Loan terms and conditions
§ 6.2-1817 Authorized fees and charges
§ 6.2-1817.1 Inflation adjustment of maximum monthly maintenance fee
§ 6.2-1818.1 Refinancing of short-term loans
§ 6.2-1818.2 Statement of balance due; repayment and refunds
§ 6.2-1818.3 Restriction on certain fees and charges
§ 6.2-1818.4 Verification of borrower’s income
§ 6.2-1819 Advertising
§ 6.2-1820 Other business
§ 6.2-1821 Suspension or revocation of license
§ 6.2-1822 Cease and desist orders
§ 6.2-1823 Notice of proposed suspension or revocation
§ 6.2-1824 Civil penalties
§ 6.2-1825 Criminal penalties
§ 6.2-1826 Validity of noncompliant loan agreement; private right of action
§ 6.2-1827 Application of chapter to Internet loans
§ 6.2-1828 Authority of Attorney General; referral by Commission to Attorney General
§ 6.2-1829 Violation of the Virginia Consumer Protection Act

Terms Used In Virginia Code > Title 6.2 > Subtitle III > Chapter 18 - Short-Term Loans

  • Adult: means a person 18 years of age or more. See Virginia Code 1-203
  • 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.
  • Animal: means any organism of the kingdom Animalia, other than a human being. See Virginia Code 3.2-5900
  • Animal food manufacturer: means any person engaged in the business of preparing animal (including poultry) food derived wholly or in part from livestock or poultry carcasses or parts or products of such carcasses. See Virginia Code 3.2-5400
  • 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
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • 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.
  • Broker: means any person engaged in the business of buying or selling livestock products or poultry products on commission, or otherwise negotiating purchases or sales of such articles other than for his own account or as an employee of another person. See Virginia Code 3.2-5400
  • Certification form: means a certification form or declaration completed by a certifying agency that is required by federal immigration law certifying that a person is a victim of qualifying criminal activity. See Virginia Code 9.1-1500
  • Certifying agency: means a state or local law-enforcement agency, an attorney for the Commonwealth, the Attorney General, or any other agency or department employing law-enforcement officers as defined in § 9. See Virginia Code 9.1-1500
  • Certifying official: means the head of the certifying agency, a law-enforcement officer as defined in § 9. See Virginia Code 9.1-1500
  • Check: means a draft drawn on the account of an individual at a depository institution. See Virginia Code 6.2-1800
  • Chief: means the Chief of the Division of Mines of the Department of Energy. See Virginia Code 45.2-100
  • Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
  • 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
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dependent: A person dependent for support upon another.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Depository institution: means a bank, savings institution, or credit union. See Virginia Code 6.2-1800
  • Docket: A log containing brief entries of court proceedings.
  • Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC
  • Federal acts: means the Federal Meat Inspection Act (21 U. See Virginia Code 3.2-5400
  • Forbearance: A means of handling a delinquent loan. A
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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.
  • Hatching egg: means any egg of any chicken, turkey, waterfowl, or game bird, or the egg of any other avian species that is used or intended to be used for hatching purposes. See Virginia Code 3.2-5900
  • Immediate container: means any consumer package; or any other container in which livestock products or poultry products, not consumer packaged, are packed. See Virginia Code 3.2-5400
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • inhabitants: means with reference to any county, city, town, political subdivision of the Commonwealth or any combination thereof, the natural persons in such county, city, town, political subdivision or combination as shown by the unadjusted United States decennial census last preceding the time at which any provision dependent upon population is being applied or the time as of which it is being construed. See Virginia Code 1-235
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Inspector: means an employee or official of the Commonwealth authorized by the Commissioner or any employee or official of the government of any locality authorized by the Commissioner to perform any inspection functions under this article under an agreement between the Commissioner and such governmental subdivision. See Virginia Code 3.2-5400
  • Interest: means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including fees, service charges, and renewal charges, and any ancillary product sold in connection with a loan, but does not include the monthly maintenance fees, deposit item return fees, or late charges authorized under § 6. See Virginia Code 6.2-1800
  • Label: means a display of written, printed, or graphic matter upon any article or the immediate container (not including package liners) of any article. See Virginia Code 3.2-5400
  • Labeling: means all labels and other written, printed, or graphic matter: (i) upon any article or any of its containers or wrappers; or (ii) accompanying such article. See Virginia Code 3.2-5400
  • Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-1800
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Livestock: means any cattle, sheep, swine, goats, horses, mules, or other equines, whether live or dead. See Virginia Code 3.2-5400
  • Livestock: includes all domestic or domesticated bovine animals; equine animals; ovine animals; porcine animals; cervidae animals; capradae animals; animals of the genus Lama or Vicugna; ratites; fish or shellfish in aquaculture facilities, as defined in § 3. See Virginia Code 3.2-5900
  • Livestock product: means any carcass, part thereof, meat, or meat food product of any livestock. See Virginia Code 3.2-5400
  • Loan amount: means the principal amount of a loan, exclusive of fees or charges. See Virginia Code 6.2-1800
  • Meat food product: means any product capable of use as human food that is made wholly or in part from any meat or other portion of the carcass of any cattle, sheep, swine, or goats. See Virginia Code 3.2-5400
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Official certificate: means any certificate prescribed by regulations of the Board for issuance by an inspector or other person performing official functions under this article. See Virginia Code 3.2-5400
  • Official device: means any device prescribed or authorized by the Commissioner for use in applying any official mark. See Virginia Code 3.2-5400
  • Official establishment: means any establishment as determined by the Commissioner at which inspection of the slaughter of livestock or poultry or the preparation of livestock products or poultry products is maintained under the authority of this article. See Virginia Code 3.2-5400
  • Official inspection legend: means any symbol prescribed by regulations of the Board showing that an article was inspected and passed in accordance with this article. See Virginia Code 3.2-5400
  • Official mark: means the official inspection legend or any other symbol prescribed by regulations of the Board to identify the status of any article or livestock or poultry under this article. See Virginia Code 3.2-5400
  • package: means any box, can, tin, cloth, plastic, or other receptacle, wrapper, or cover. See Virginia Code 3.2-5400
  • 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 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
  • 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.
  • Poultry: means any domesticated bird, whether live or dead. See Virginia Code 3.2-5400
  • Poultry: includes all domestic fowl and game birds raised in captivity. See Virginia Code 3.2-5900
  • Poultry product: means any poultry carcass or part thereof; or any product that is made wholly or in part from any poultry carcass or part thereof, excepting products that contain poultry ingredients only in a relatively small proportion or historically have not been considered by consumers as products of the poultry food industry, and that are exempted by the Commissioner from definition as a poultry product under such conditions as he may prescribe to assure that the poultry ingredients in such products are not adulterated and that such products are not represented as poultry products. See Virginia Code 3.2-5400
  • 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
  • Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
  • Prepared: means slaughtered, canned, salted, stuffed, rendered, boned, cut up, or otherwise manufactured or processed. See Virginia Code 3.2-5400
  • 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 a nonstock corporation or a limited liability company. See Virginia Code 6.2-1800
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Qualifying criminal activity: means any activity, regardless of the stage of detection, investigation, or prosecution, designated in 8 U. See Virginia Code 9.1-1500
  • 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
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Render: means any person engaged in the business of rendering livestock or poultry carcasses, or parts of products of such carcasses, except rendering conducted under inspection or exemption under this article. See Virginia Code 3.2-5400
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Short-term loan: means a loan made pursuant to this chapter. See Virginia Code 6.2-1800
  • State Veterinarian: means the veterinarian employed by the Commissioner as provided in § 3. See Virginia Code 3.2-5900
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • 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
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Victim of qualifying criminal activity: means a person described in 8 U. See Virginia Code 9.1-1500