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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 110. Credit Counseling
11/21/2024

10VAC5-110-10. Definitions.

The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise:

"Advertisement" for purposes of Chapter 20 and this chapter means a commercial message in any medium that promotes, directly or indirectly, the offering of a debt management plan to any consumer. The term includes a communication sent to a consumer as part of a solicitation of business, but excludes messages on promotional items such as pens, pencils, notepads, hats, calendars, etc., as well as other information distributed or made available solely to other businesses. The term also excludes social media interactions that are solely educational and informational in purpose and do not promote debt management plans.

"Bureau," "commission," and "commissioner" shall have the meanings ascribed to them in § 6.2-100 of the Code of Virginia.

"Business day" for purposes of Chapter 20 means a day on which the licensee's office is open for business.

"Chapter 20" means Chapter 20 (§ 6.2-2000 et seq.) of Title 6.2 of the Code of Virginia.

" Consumer," "credit counselor," "debt management plan," "debt pooling and distribution service," and "licensee" shall have the meanings ascribed to them in § 6.2-2000 of the Code of Virginia.

"Reporting period" means the first six months of a calendar year or the last six months of a calendar year, as the case may be.

"Total amount disbursed" for purposes of § 6.2-2015 of the Code of Virginia means funds sent to creditors on a monthly basis on behalf of a consumer.

Statutory Authority

§§ 6.2-2013 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 21, Issue 6, eff. November 15, 2004; amended, Volume 28, Issue 20, eff. June 1, 2012; Volume 32, Issue 5, eff. December 1, 2015.

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