Age. The specifications regarding the point will connect with any person, whether or not the people has actually a workplace otherwise conducts team at the an area regarding Commonwealth.
Zero licensee should fool around with a firm, corporate, or believed label containing the conditions “deals,” “trust,” “trustee,” “bank,” “banker,” “financial,” “financing,” “thrift,” “strengthening,” otherwise “commercial
F. People loan made in pass with the area are void, without people will have the to assemble, located, otherwise hold one prominent, appeal, charges, and other costs concerning the loan.
71; 1966, c. 584, §§ six.1-249, six.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.
A. No body working beneath the expert of every rules of the latest Commonwealth otherwise of your own All of us per banking companies, deals institutions, believe people, building and mortgage contacts, industrial mortgage relationships, or borrowing unions are eligible for licensure not as much as that it section.
A beneficial licensee which is a subsidiary or user away from a financial or deals facilities shall be influenced from the specifications with the chapter, and all of rules observed hereunder, as the totally because if such as licensee weren’t for example a subsidiary otherwise representative.
step one. Any business transacted from the any individual in authority regarding and because enabled by the one law of your Commonwealth otherwise of the You per banking institutions, discounts institutions, trust businesses, building and financing associations, industrial financing relationships, otherwise borrowing from the bank unions;
3. Any person functioning in accordance with the particular conditions of every most other supply in the identity currently in place or hereafter enacted.
An effective. Application to own a license and then make finance under it chapter should get in writing, around oath, along with the form prescribed because of the Commission.
B. Nothing contained in subsection Good or any other part of that it label is construed to stop a subsidiary from a lender or savings business out-of to get a good licensee under which section
2. In the event the applicant try a collaboration or organization, the name and you may target each and every spouse otherwise member of brand new partnership or organization;
step three. In the event the candidate was a corporation or limited-liability organization, the name and you will target of any senior officer, manager, affiliate, inserted broker, and you may principal;
Code 1950, § 6-284; 1966, c. 584, § six.1-254; 1976, c. 658; 1981, c. 452; 1989, c. 239; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.
A good. Through to the fresh submitting of one’s app and fee of your own application fee, new Payment shall generate such as for instance analysis in line with the program and the requirements taken to inside the § six.2-1507 whilst deems compatible.
B. New Commission should grant otherwise refuse per software to own a license inside two months throughout the go out the application, also every necessary suggestions plus the software percentage, was recorded unless of course that time is stretched by purchase of payday loans River Rouge one’s Percentage one recites the reasons into the extension.
Good. The latest Fee should thing to the candidate a permit making finance in accordance with the provisions on the chapter if it finds:
1. That economic duty, feel, reputation and you can standard physical fitness of one’s candidate and its particular people, older officers, administrators, and you may principals is such as for example to demand the brand new believe of your personal and to warrant trust this business would-be run lawfully, honestly, rather and you can efficiently from inside the reason for this section;
2. Your candidate enjoys readily available, to the process of your company, unencumbered quick assets of at least $twenty-five,000 for every single area;
step 3. The applicant provides complied challenging prerequisites in order to getting the permit recommended from the § 6.2-1505; and you can