Password 1950, §§ 6-279, 6-281; 1956, c

Age. The newest specifications regarding the part should affect anyone, perhaps the people enjoys an office or performs business within an area regarding the Commonwealth.

F. Any mortgage built in admission on the part is gap, without individual shall feel the right to gather, receive, otherwise keep any principal, appeal, charges, and other costs concerning the the borrowed funds.

71; 1966, c. 584, §§ 6.1-249, 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 beneficial. No person conducting business in power of every laws out of the new Commonwealth or of the United states according to banking companies, savings associations, believe businesses, strengthening and you may mortgage relationships, commercial financing relationships, otherwise credit unions would be qualified to receive licensure lower than so it part.

B. Absolutely nothing found in subsection A great or other element of which term are construed to avoid a subsidiary away from a lender or coupons facilities from to get a beneficial licensee lower than it chapter. Good licensee that’s a subsidiary or representative regarding a financial or coupons organization are influenced of the provisions for the section, and all sorts of legislation implemented hereunder, given that totally as if such licensee were not eg a part or member.

An excellent. Brand new Percentage should thing with the candidate a licenses making loans in accordance with the specifications associated with the section whether it finds:

3. Individuals functioning in accordance with the certain specifications of every other supply in the label already essentially otherwise hereafter introduced.

No licensee will explore a strong, business, otherwise presumed identity who has any of the words “discounts,” “trust,” “trustee,” “lender,” “banker,” “banking,” “money,” “thrift,” “building,” or “commercial.”

An excellent. Software for a licenses making fund below so it chapter shall be in writing, below oath, plus in the proper execution recommended from the Payment.

dos. In the event the applicant is actually a collaboration or association, title and you will target each and every spouse or member of brand new relationship otherwise connection;

step 3. If for example the candidate try a company or limited-liability team, title and target of each older officer, movie director, representative, entered broker, and you may dominant;

Code 1950, § 6-284; 1966, c. 584, § 6.1-254; 1976, c. 658; 1981, c. 452; 1989, c. 239; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.

Good. On brand new processing of your own software additionally the percentage of one’s app commission, the Percentage will make such as for example investigation in line with the application form and you will certain requirements sent to from inside the § six.2-1507 whilst deems appropriate.

B. The fresh new Payment should grant or reject each software to have a license inside 60 days on big date the program, as well as all expected guidance additionally the app fee, is actually filed unless the period try expanded from the buy of your own Commission that recites the causes to your expansion.

1. That the monetary obligation, sense, character and you will general fitness of applicant and its people, elder officials, directors, and you may principals is instance so you can demand new count on of your own social and also to warrant trust that team was operated lawfully, honestly, fairly and you may effectively in aim of which part;

Any company transacted by the people beneath the power out of and you can once the allowed from the people law of your Commonwealth or of your Us according to banking companies, offers establishments, believe enterprises, strengthening and you will mortgage connections, commercial loan connections, otherwise borrowing from the bank unions;

dos. Your applicant enjoys readily available, into the operation of one’s business, unencumbered liquid assets with a minimum of $twenty five,one hundred thousand per area;

step three. That applicant have complied with all the prerequisites to having the license prescribed from the § 6.2-1505; and