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

10VAC5-230-70. Enforcement; civil penalties.

A. Failure to comply with any provision of Chapter 20.1 or this chapter may result in civil penalties, license suspension, license revocation, the entry of a cease and desist order, or other appropriate enforcement action.

B. Pursuant to § 6.2-2046 of the Code of Virginia, a person shall be subject to a civil penalty of up to $1,000 for every violation of Chapter 20.1 or this chapter. Furthermore, if a person violates any provision of Chapter 20.1 or this chapter in connection with multiple debt settlement services agreements, the person shall be subject to a separate civil penalty for each debt settlement services agreement. For example, if a licensee enters into five debt settlement services agreements and the licensee violates two provisions of this chapter in connection with each of the five debt settlement services agreements, there would be a total of 10 violations and the licensee would be subject to a maximum civil penalty of $10,000.

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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