Elizabeth. The latest conditions from the section shall apply to individuals, perhaps the person possess an office or conducts providers from the a location on the Commonwealth.
Zero licensee will use a strong, business, otherwise assumed label with which has any of the terminology “savings,” “faith,” “trustee,” “lender,” “banker,” “financial,” “financial support,” “thrift,” “building,” or “commercial
F. People mortgage manufactured in admission regarding the area is actually emptiness, and no individual will have the right to assemble, found, otherwise keep any principal, notice, charges, or any other charges in connection with the mortgage.
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 conducting business beneath the authority of every legislation out of the latest Commonwealth or of one’s Us in accordance with banking institutions, discounts associations, believe businesses, building and you will loan connectivity, industrial mortgage contacts, or credit unions shall be eligible for licensure around this section.
A licensee that’s a part or representative from a lender or coupons organization can be ruled by the terms of section, and all sorts of rules then followed hereunder, due to the fact totally as if such as for example licensee weren’t such as a part or user.
step 1. Any business transacted of the individuals under the power off and you will as enabled because of the people rules of Commonwealth otherwise of You based on banking institutions, coupons organizations, believe businesses, building and mortgage associations, industrial loan connectivity, or credit unions;
step 3. Any person doing work according to the particular arrangements of every most other supply for the title already essentially or hereafter passed.
An effective. Software getting a license and come up with money lower than it chapter should enter creating, around oath, as well as in the proper execution given by the Percentage.
B onlineloanslouisiana.net/cities/winnsboro/. Little within subsection A good and other section of so it name is construed to stop a subsidiary of a bank otherwise deals place of to-be a good licensee under it section
2. If for example the applicant is a partnership or relationship, title and you can address of every mate otherwise person in the latest commitment or organization;
step three. In case your candidate try an agency otherwise limited liability providers, the name and you can address of each and every older manager, movie director, member, registered broker, and 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.
A good. Up on the new filing of the app and also the percentage of your application payment, new Payment should generate like data relative to the program and you will the prerequisites taken to inside § six.2-1507 because it deems suitable.
B. New Percentage should offer otherwise refuse for every single app for a licenses within two months from the big date the application form, including every called for suggestions together with software commission, try submitted until that time try extended from the purchase of your own Fee that recites the causes towards expansion.
An effective. The fresh new Percentage will procedure with the candidate a licenses and also make finance in accordance with the provisions regarding the chapter in the event it finds:
1. The economic obligations, sense, reputation and you will standard physical fitness of candidate and its own players, senior officers, administrators, and you will principals is actually such so you’re able to demand brand new count on of social and also to guarantee religion this particular company is work legally, actually, pretty and effectively within the function of so it section;
2. That the candidate features readily available, into procedure of business, unencumbered quick assets with a minimum of $25,100 for each and every area;
step three. The candidate have complied with all of the prerequisites so you’re able to having the permit prescribed from the § six.2-1505; and you can