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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 240. Sales-Based Financing
11/21/2024

10VAC5-240-10. Definitions.

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

"Chapter 22.1" means Chapter 22.1 (§ 6.2-2228 et seq.) of Title 6.2 of the Code of Virginia.

"Finance charge" for purposes of Chapter 22.1 and this chapter means the amount of any and all costs of the sales-based financing provided to the recipient, represented as a dollar amount, including all charges that would be included in the finance charge under 12 CFR 1026.4 if the transaction was a consumer credit transaction and the provider was a creditor under Regulation Z (12 CFR Part 1026). This definition is intended to require finance charges to include any charge that would be a finance charge under 12 CFR 1026.4, regardless of whether the transaction would be considered an "extension of credit" or the provider would be considered a "creditor" under Regulation Z.

"Registrant" means a person registered under Chapter 22.1.

"Sales-based financing broker" or "broker" has the meaning set forth in § 6.2-2228 of the Code of Virginia, with clarification that the term shall not include a bona fide employee of a provider or broker who is acting on behalf of the provider or broker.

B. Other terms used in this chapter shall have the meanings set forth in § 6.2-100 or 6.2-2228 of the Code of Virginia.

Statutory Authority

§ 6.2-2237 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 39, Issue 5, eff. October 1, 2022.

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