Password 1950, §§ 6-279, 6-281; 1956, c
Elizabeth. This new terms from the point will affect anyone, perhaps the people keeps an office otherwise conducts providers from the a location throughout the Commonwealth.
F. People financing built in solution in the area is actually gap, without people shall feel the right to gather, receive, otherwise retain one prominent, interest, costs, and other charges regarding the the loan.
71; 1966, c. 584, §§ 6.1-249, 6.1-251; 1968, c. 489; 1974, c. 371; 1986, c. 502; 1995, c. 2; 1998, c. 9; 2001, c. 308; 2002, c. 897; 2010, cc. 477, 794; 2020, cc. 1215, 1258.
Good. Nobody doing business within the power of any laws out of the latest Commonwealth or of your All of us relating to banking institutions, coupons organizations, faith people, strengthening and you may mortgage connectivity, industrial mortgage associations, otherwise borrowing from the bank unions shall be qualified to receive licensure under this chapter.
B. Little present in subsection An effective and other element of it label can be construed to avoid a subsidiary out-of a lender otherwise offers business regarding become an excellent licensee less than that it chapter. A licensee that is a subsidiary or user out-of a financial otherwise discounts institution will likely be ruled of the arrangements with the section, and all statutes adopted hereunder, because completely as if particularly licensee were not like a subsidiary or member.
A good. Brand new Fee will material towards the applicant a permit and work out money according to the terms from the part in the event it finds:
3. Individuals performing according to the certain arrangements of any other provision on the title currently in effect or hereafter introduced.
Zero licensee will explore a strong, corporate, or believed identity which has had any of the conditions “discounts,” “believe,” “trustee,” “lender,” “banker,” “banking,” “financial support,” “thrift,” “strengthening,” or “commercial.”
Good. Software to own a permit and then make fund significantly less than so it chapter should be in writing, under oath, as well as in the shape given by the Percentage.
2. When your candidate was a partnership or relationship, the name and you will address of every partner otherwise member of the latest union or connection;
step 3. Whether your applicant is actually a firm or limited-liability company, title and address of every elder manager, director, associate, inserted broker, and prominent;
Code 1950, § 6-284; 1966, c. 584, § 6.1-254; 1976, c. 658; 1981, c. 452; 1989, c. 239; 2005, c. 63; http://www.paydayloanservice.net/installment-loans-de 2010, c. 794; 2020, cc. 1215, 1258.
A. Up on the submitting of the software in addition to payment of the application payment, this new Percentage shall make instance data relative to the application and you can the requirements taken to in the § 6.2-1507 whilst deems suitable.
B. New Fee will give otherwise reject each software to possess a license within two months regarding big date the application, and the necessary guidance in addition to software commission, is filed until that point are longer by the buy of your Fee one recites the causes on the extension.
step one. Your monetary responsibility, sense, profile and you may general fitness of candidate and its particular users, senior officers, directors, and you can principals is such as for instance in order to demand the newest rely on of the social and also to guarantee belief that this company might possibly be manage legitimately, seriously, rather and you may effortlessly within the purpose of this section;
Any business transacted by the anyone beneath the expert regarding and you can because the let because of the any law of the Commonwealth or of one’s United states according to banks, offers institutions, believe businesses, building and you may loan connectivity, commercial loan relationships, otherwise borrowing unions;
dos. Your applicant have available, with the operation of your own business, unencumbered liquid assets with a minimum of $25,000 for every single place;
step 3. That candidate provides complied challenging prerequisites to help you obtaining permit given of the § 6.2-1505; and you can
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