Age. This new conditions associated with part will apply at any individual, whether or not the individual has actually a workplace otherwise performs company within an area about Commonwealth.
F. Any financing produced in citation in the part are emptiness, with no individual should feel the straight to collect, found, or hold any prominent, attract, charge, and other charge concerning the the loan.
71; 1966, c. 584, §§ 6.1-249, six.1-251; 1968, c. 489; 1974, c. 371; 1986, c. 502; 1995, c installment loans in mobile NC. 2; 1998, c. 9; 2001, c. 308; 2002, c. 897; 2010, cc. 477, 794; 2020, cc. 1215, 1258.
An excellent. No one working beneath the authority of any law away from the fresh new Commonwealth otherwise of one’s All of us relating to financial institutions, deals associations, trust businesses, building and you can financing relationships, commercial mortgage associations, or credit unions will be qualified to receive licensure less than this section.
B. Absolutely nothing found in subsection An excellent and other element of that it title should be construed to prevent a part of a financial otherwise savings business out-of are a beneficial licensee not as much as it part. A great licensee which is a part or associate off a financial otherwise deals business shall be influenced of the provisions of this section, and all sorts of legislation followed hereunder, while the fully because if for example licensee were not including a part or affiliate.
A. The newest Payment will situation toward applicant a licenses and come up with financing in accordance with the conditions of the chapter if it finds:
step 3. Anyone performing in accordance with the particular terms of every other supply associated with name already in effect otherwise hereafter enacted.
No licensee will fool around with a firm, corporate, otherwise presumed title which has any of the terms and conditions “discounts,” “believe,” “trustee,” “financial,” “banker,” “banking,” “capital,” “thrift,” “building,” or “industrial.”
A good. App for a licenses while making financing less than which section should get into writing, lower than oath, plus the proper execution prescribed of the Payment.
2. If for example the applicant try a partnership otherwise relationship, title and you can target of each companion otherwise person in the newest connection or relationship;
3. In case the applicant are a company or limited liability providers, title and target each and every senior manager, director, affiliate, joined representative, and you may prominent;
Password 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.
An effective. Through to the fresh filing of your software and the percentage of your software payment, the latest Fee shall build such analysis in accordance with the applying and you can what’s needed sent to within the § 6.2-1507 because deems appropriate.
B. The newest Commission will offer otherwise refute each application getting a license within 60 days about day the program, as well as most of the called for pointers while the app commission, was filed until that time is actually offered because of the buy of your own Commission one to recites the reasons into expansion.
1. That the economic responsibility, sense, reputation and you can standard exercise of one’s applicant and its own professionals, senior officers, directors, and you can principals is such as for instance so you can demand the fresh new trust of your public and to warrant faith that business could be manage lawfully, honestly, pretty and you may efficiently from inside the aim of that it part;
Any company transacted from the people underneath the expert of and because allowed of the one legislation of the Commonwealth or of the Us based on banking companies, savings associations, trust businesses, building and you may mortgage contacts, commercial loan associations, or credit unions;
dos. That applicant provides readily available, towards process of your organization, unencumbered liquid assets with a minimum of $25,100 for each and every location;
step 3. That candidate enjoys complied challenging prerequisites so you can getting the licenses prescribed by the § six.2-1505; and you may
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