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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 230. Debt Settlement Services Providers
11/23/2024

10VAC5-230-10. Definitions.

A. 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 20.1 and this chapter means a commercial message in any medium that promotes, directly or indirectly, the offering of debt settlement services 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, and calendars, as well as other information distributed or made available solely to other businesses. The term also excludes materials that are solely educational and informational in purpose.

"Affiliate" means an entity of which 1.0% or more of the voting shares or ownership interest is held, directly or indirectly, by a person that also owns, directly or indirectly, 1.0% or more of the voting shares or ownership interest of a licensee.

"Chapter 20.1" means Chapter 20.1 (§ 6.2-2026 et seq.) of Title 6.2 of the Code of Virginia.

"Owner" means a person who holds, directly or indirectly, 1.0% or more of the voting shares or ownership interest of a licensee.

"Subsidiary" means an entity of which any of the voting shares or ownership interest is held, directly or indirectly, by a licensee.

B. Other terms used in this chapter shall have the meanings set forth in § 6.2-100 or 6.2-2026 of the Code of Virginia.

Statutory Authority

§§ 6.2-2039 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 38, Issue 8, eff. December 15, 2021.

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