Sections
Sections 8.4A-401 – 8.4A-406

Terms Used In Virginia Code > Title 8.4A > Part 4 - Payment

  • Act: means the federal Secure and Fair Enforcement for Mortgage Licensing Act, Title V (§ 1501 et seq. See Virginia Code 6.2-1700
  • Adult: means a person 18 years of age or more. See Virginia Code 1-203
  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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.
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • 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.
  • Board of supervisors: means the governing body of a county. See Virginia Code 15.2-102
  • Body determining just compensation: means a panel of commissioners empaneled pursuant to § 25. See Virginia Code 25.1-100
  • Business: means any lawful activity, except a farm operation, conducted primarily:

    1. See Virginia Code 25.1-400

  • 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.
  • Coal refuse: means waste material resulting from the mining and screening or processing of coal. See Virginia Code 45.2-617
  • Coal slurry: means waste water and impurities produced as the result of coal washing and preparation of coal for market, containing a combination of coal, shale, claystone, siltstone, sandstone, limestone, or related materials that are excavated, moved, and disposed of from underground workings. See Virginia Code 45.2-617
  • 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
  • condemnor: includes a state agency. See Virginia Code 25.1-100
  • Conviction: A judgement of guilt against a criminal defendant.
  • County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
  • Depository institution: means a bank, savings institution, or credit union. See Virginia Code 6.2-1800
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Displaced person: means :

    1. See Virginia Code 25.1-400

  • Dwelling: means the place of permanent or customary and usual residence of a person, according to local custom or law, including a single-family house, a single family unit in a two-family, multi-family, or multi-purpose property; a unit of a condominium or cooperative housing project; a nonhousekeeping unit; a mobile home; or any other residential unit. See Virginia Code 25.1-400
  • Employee: means an individual (i) whose manner and means of performance of work are subject to the right of control of, or are controlled by, a person and (ii) whose compensation for federal income tax purposes is reported, or required to be reported, on a W-2 form issued by the controlling person. See Virginia Code 6.2-1700
  • 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.
  • farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
  • Farm operation: means any activity conducted solely or primarily for the production of one or more agricultural products or commodities, including timber, for sale or home use, and customarily producing such products or commodities in sufficient quantity to be capable of contributing materially to the operator's support. See Virginia Code 25.1-400
  • farmland: includes all land defined as follows:

    "Important farmland" other than prime or unique farmland, is land that is of statewide or local importance for the production of food, feed, fiber, forage, nursery, oilseed, or other agricultural crops, as determined by the appropriate state agency or local government agency, and that the U. See Virginia Code 3.2-205

  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • Freeholder: means any person owning an interest in land in fee, including a person owning a condominium unit. See Virginia Code 25.1-100
  • Government utility corporation: means any county or municipality, or entity or agency thereof, which provides or operates one or more of the following authorized utility services: gas, pipeline, electric light, heat, power, water supply, sewer, telephone, or telegraph. See Virginia Code 1-219.1
  • 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.
  • Holder: means a corporation, association, partnership or two or more persons having a joint or common interest. See Virginia Code 3.2-5218
  • 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.
  • 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
  • Juror: A person who is on the jury.
  • Land: means real estate and all rights and appurtenances thereto, together with the structures and other improvements thereon, and any right, title, interest, estate or claim in or to real estate. See Virginia Code 25.1-100
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Licensee: means an individual licensed under this chapter. See Virginia Code 6.2-1700
  • Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-1800
  • Lost access: means a change of vehicular or pedestrian access to property that is caused by a public use project for which the eminent domain power has been exercised against the property and which results in a diminution in the value of the property. See Virginia Code 25.1-100
  • Lost profits: means a loss of profits or expected profits suffered by a business or farm operation as a result of a taking or damaging of the property on which the business or farm operation is operated for a period not to exceed three years from the later of (i) the date of valuation or (ii) the date the state agency or its contractor prevents the owner from using the land or any of the owner's other property rights are taken. See Virginia Code 25.1-100
  • Mine refuse impoundment: means a mine refuse pile that retains water that has been used in carrying out any part of the process necessary in the production or preparation of coal. See Virginia Code 45.2-617
  • Mine refuse pile: means a pile of coarse or fine coal refuse that is a result of the mining or screening process that may be stacked, spread, or graded and covers 20 acre-feet or more. See Virginia Code 45.2-617
  • Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgage loan originator: means an individual who (i) takes an application for or offers or negotiates the terms of a residential mortgage loan in which the dwelling is or will be located in the Commonwealth or (ii) represents to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities described in clause (i). See Virginia Code 6.2-1700
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • 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.
  • Nonprofit organization: means an organization that is exempt from paying federal income taxes under § 501 of the Internal Revenue Code (26 U. See Virginia Code 25.1-400
  • Nontraditional mortgage product: means any mortgage product other than a 30-year fixed rate mortgage. See Virginia Code 6.2-1700
  • Oath: A promise to tell the truth.
  • Oath: includes affirmation. See Virginia Code 1-228
  • Operator: means any person who operates, controls, or supervises a retaining dam or a mine refuse impoundment. See Virginia Code 45.2-617
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Owner: means any person who owns property, provided that the person's ownership of the property is of record in the land records of the clerk's office of the circuit court of the county or city where the property is located. See Virginia Code 25.1-100
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means any individual; firm; cooperative; association; corporation; limited liability company; trust; business trust; syndicate; partnership; limited liability partnership; joint venture; receiver; trustee in bankruptcy or any other person acting in a fiduciary or representative capacity, whether appointed by a court or otherwise; club, society or other group or combination acting as a unit; the Commonwealth or any department, agency or instrumentality thereof; any city, county, town, or other political subdivision or any department, agency or instrumentality thereof; or any interstate body to which the Commonwealth is a party. See Virginia Code 25.1-100
  • person: means the beneficiary of the trust rather than the trust or the trustee. See Virginia Code 55.1-2100
  • Person: means any (i) individual or (ii) partnership, corporation, limited liability company, association, or other business entity. See Virginia Code 25.1-400
  • Personal property: All property that is not real property.
  • 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.
  • Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
  • 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.
  • Property: means land and personal property, and any right, title, interest, estate or claim in or to such property. See Virginia Code 25.1-100
  • Real estate: includes (i) parcels with or without upper or lower boundaries and (ii) spaces that may be filled with air or water. See Virginia Code 55.1-2100
  • 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.
  • Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of mortgage loan originators. See Virginia Code 6.2-1700
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Retaining dam: means an artificial barrier or obstruction that is designed to impound water, coal slurry, or silt (i) to an elevation of five feet or more above the upstream toe of the structure and has a storage volume of 20 acre-feet or more or (ii) to an elevation of 20 feet or more measured at the open channel spillway or from the crest of the dam in a closed system, regardless of storage volume. See Virginia Code 45.2-617
  • Security interest: includes a mortgage, deed of trust, trust deed, security deed, contract for deed, land sales contract, lease intended as security, assignment of lease or rents intended as security, pledge of an ownership interest in an association, and any other consensual lien or title retention contract intended as security for an obligation. See Virginia Code 55.1-2100
  • 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.
  • Short-term loan: means a loan made pursuant to this chapter. See Virginia Code 6.2-1800
  • Silt: means fine particles resulting from a mining operation, suspended in or deposited by water. See Virginia Code 45.2-617
  • State agency: means any (i) department, agency or instrumentality of the Commonwealth; (ii) public authority, municipal corporation, local governmental unit or political subdivision of the Commonwealth or any department, agency or instrumentality thereof; (iii) person who has the authority to acquire property by eminent domain under state law; or (iv) two or more of the aforementioned that carry out projects that cause persons to be displaced. See Virginia Code 25.1-100
  • state agency: means the same as that term is defined in § 2. See Virginia Code 1-206
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Supervisor: means a member of the board of supervisors of a county. See Virginia Code 15.2-102
  • Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
  • sworn: means "affirm" or "affirmed. See Virginia Code 1-250
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • 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
  • Unique identifier: means a number or other identifier assigned by protocols established by the Registry that permanently identifies a mortgage loan originator. See Virginia Code 6.2-1700
  • Verdict: The decision of a petit jury or a judge.
  • Voir dire: The process by which judges and lawyers select a petit jury from among those eligible to serve, by questioning them to determine knowledge of the facts of the case and a willingness to decide the case only on the evidence presented in court. "Voir dire" is a phrase meaning "to speak the truth."
  • Water: means liquid or slurry resulting from the processing of coal in mining operations. See Virginia Code 45.2-617