LIS

Virginia Law

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 60. Consumer Finance Companies
11/21/2024

10VAC5-60-25. Access partners.

A. A licensee shall not enter into or maintain a contract with another person that requires or authorizes the person to facilitate the making or servicing of a loan by providing some or all of the services described in § 6.2-1523.1 A 4 of the Code of Virginia unless (i) the person is an access partner, as defined in § 6.2-1500 of the Code of Virginia; and (ii) pursuant to such definition, the person will be providing the services from one or more physical locations in the Commonwealth. A licensee may enter into or maintain a contract with another person that is not an access partner but will perform one or more of the services described in § 6.2-1523.1 A 4 provided that (a) the services rendered by the person do not facilitate the making or servicing of a loan, and (b) the person does not receive any fees or other compensation directly from consumers.

B. A licensee's access partner shall comply with the requirements and prohibitions set forth in § 6.2-1523.1 A 2 of the Code of Virginia regardless of whether such provisions are specified in the access partner's written agreement with the licensee.

C. A licensee shall provide the commissioner with the following information in such form as the commissioner may require:

1. A list of the licensee's current access partners.

2. The physical addresses of all locations at which each access partner is performing services for the licensee.

3. A description of the services that each access partner is performing for the licensee.

4. The name, address, telephone number, and email address of an employee of the access partner who will be the point of contact for the bureau.

5. Such additional information relating to the licensee's access partners as the commissioner may require.

D. Unless otherwise directed by the commissioner, the information required by subsection C of this section shall be provided by February 15, May 15, August 15, and November 15 of each year.

Statutory Authority

§§ 6.2-1535 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 37, Issue 16, eff. April 15, 2021.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.