Administrative Code

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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 230. Debt Settlement Services Providers
6/25/2022

10VAC5-230-40. Schedule of annual fees for the examination, supervision, and regulation of debt settlement services providers.

Pursuant to § 6.2-2038 of the Code of Virginia, the commission sets the following schedule of annual fees to be paid by persons licensed under Chapter 20.1. The fees are to defray the costs of examination, supervision, and regulation of licensees by the bureau.

Each licensee shall pay an annual fee equal to the sum of the following: (i) $1,000 , and (ii) $3.44 per debt settlement services agreement maintained by the licensee during the calendar year preceding the year of the assessment. In cases where a licensee was not licensed under Chapter 20.1 as of December 31 of the calendar year preceding the year of the assessment, the annual fee shall be $0.

The fee assessed using the schedule set forth in this section shall be rounded down to the nearest whole dollar.

Fees shall be assessed on or before June 1 for the current calendar year. The fee shall be paid on or before July 1.

The information supplied in the annual report due March 25 each year of each licensee provides the basis for its assessment.

Fees prescribed and assessed by this schedule are apart from and do not include the reimbursement for expenses permitted by subsection B of § 6.2-2038 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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