Virginia Law

Code of Virginia

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.

Code of Virginia
Title 6.2. Financial Institutions and Services
10/24/2020

Title 6.2. Financial Institutions and Services (2020 Updates)

  • Subtitle I. General Provisions
  • Chapter 3. Interest and Usury
    • Article 2. Legal, Judgment, and Contract Rates of Interest
      • § 6.2-303
      (Effective until January 1, 2021) Contracts for more than legal rate of interest
      § 6.2-303
      (Effective January 1, 2021) Contracts for more than legal rate of interest
    • Article 4. Loans Exempt from Limit on Contract Rate of Interest
      • § 6.2-311
      Closed-end installment loans by sellers of goods or services
      § 6.2-312
      (Effective until January 1, 2021) Open-end credit plans
      § 6.2-312
      (Effective January 1, 2021) Open-end credit plans
      § 6.2-327
      Certain loans secured by a subordinate deed of trust or mortgage
      § 6.2-328
      Charges allowed on loan secured by subordinate mortgage
  • Chapter 4. Certain Lending Practices
    • Article 2. Loans Secured by Lien on Real Estate
      • § 6.2-408
      Priority of interest on debts secured by mortgage or deed of trust
    • Article 4. Open-End Credit Plans
      • § 6.2-435
      (Effective until January 1, 2021) Law governing open-end credit contract or plan by seller or lender
      § 6.2-435
      (Effective January 1, 2021) Law governing open-end credit contract or plan by seller or lender
  • Chapter 5. Equal Credit Opportunities
  • Subtitle II. Depository Institutions and Trust Organizations
  • Chapter 6. Deposits and Accounts
    • Article 2. Multiple-Party Accounts
      • § 6.2-604
      Definitions
      § 6.2-605
      Applicability
      § 6.2-612
      Financial institution duties; multiple-party accounts; multiple-fiduciary accounts
      § 6.2-615.1
      Payment of multiple-fiduciary account
      § 6.2-616
      Discharge of financial institution upon payment
  • Chapter 8. Banks
    • Article 9. Investments and Loans
      • § 6.2-888
      Real estate brokerage business of controlled subsidiary
  • Chapter 10. Entities Conducting Trust Business
  • Chapter 11. Savings Institutions
  • Chapter 13. Credit Unions
    • Article 7. Direction of Affairs
      • § 6.2-1352
      Compensation of officials
  • Subtitle III. Other Regulated Providers of Financial Services
  • Chapter 15. Consumer Finance Companies
    • § 6.2-1500
      (Effective until January 1, 2021) Definitions
      § 6.2-1500
      (Effective January 1, 2021) Definitions
      § 6.2-1501
      (Effective until January 1, 2021) Compliance with chapter; license required; attempts to evade application of chapter
      § 6.2-1501
      (Effective January 1, 2021) Compliance with chapter; license required; attempts to evade application of chapter
      § 6.2-1505
      (Effective until January 1, 2021) Application for license; application fee
      § 6.2-1505
      (Effective January 1, 2021) Application for license; application fee
      § 6.2-1507
      (Effective until January 1, 2021) Issuance of license
      § 6.2-1507
      (Effective January 1, 2021) Issuance of license
      § 6.2-1508.1
      (Effective January 1, 2021) Additional offices; relocation of offices
      § 6.2-1509
      (Effective until January 1, 2021) Contents, posting, transfer, and duration of license
      § 6.2-1509
      (Effective January 1, 2021) Contents, posting, transfer, and duration of license
      § 6.2-1517
      (Effective until January 1, 2021) Place of business generally
      § 6.2-1517
      (Effective January 1, 2021) Place of business generally
      § 6.2-1518
      (Effective until January 1, 2021) Notice of conduct of other business in same place of business; fee
      § 6.2-1518
      (Effective January 1, 2021) Notice of conduct of other business in same place of business; fee
      § 6.2-1520
      (Effective until January 1, 2021) Rate of interest; late charges; processing fees
      § 6.2-1520
      (Effective January 1, 2021) Rate of interest; late charges; processing fees
      § 6.2-1523
      (Effective until January 1, 2021) Additional charges prohibited; exceptions
      § 6.2-1523
      (Effective January 1, 2021) Additional charges prohibited; exceptions
      § 6.2-1523.1
      (Effective January 1, 2021) Access partners
      § 6.2-1523.2
      (Effective January 1, 2021) Application of chapter to Internet loans
      § 6.2-1523.3
      (Effective January 1, 2021) Bond required
      § 6.2-1524
      (Effective until January 1, 2021) Required and prohibited activities and conduct
      § 6.2-1524
      (Effective January 1, 2021) Required and prohibited activities and conduct
      § 6.2-1526
      Wage assignments
      § 6.2-1527
      Liens on household furniture
  • Chapter 18. Short-Term Loans
    • § 6.2-1800
      (Effective until January 1, 2021) Definitions
      § 6.2-1800
      (Effective January 1, 2021) Definitions
      § 6.2-1801
      (Effective until January 1, 2021) License requirement
      § 6.2-1801
      (Effective January 1, 2021) License requirement
      § 6.2-1803
      (Effective until January 1, 2021) Application for license; form; content; fee
      § 6.2-1803
      (Effective January 1, 2021) Application for license; form; content; fee
      § 6.2-1804
      (Effective until January 1, 2021) Bond required
      § 6.2-1804
      (Effective January 1, 2021) Bond required
      § 6.2-1807
      (Effective until January 1, 2021) Licenses; places of offices; changes
      § 6.2-1807
      (Effective January 1, 2021) Licenses; places of offices; changes
      § 6.2-1809
      (Effective until January 1, 2021) Retention of books, accounts, and records
      § 6.2-1809
      (Effective January 1, 2021) Retention of books, accounts, and records
      § 6.2-1810
      (Effective until January 1, 2021) Payday lending database
      § 6.2-1810
      (Effective January 1, 2021) Loan database
      § 6.2-1811
      (Effective until January 1, 2021) Annual report
      § 6.2-1811
      (Effective January 1, 2021) Annual report
      § 6.2-1816
      (Effective until January 1, 2021) Required and prohibited business methods
      § 6.2-1816
      (Effective January 1, 2021) Required and prohibited business methods
      § 6.2-1816.1
      (Effective January 1, 2021) Loan terms and conditions
      § 6.2-1817
      (Effective until January 1, 2021) Rate of interest, loan fee, and verification fee
      § 6.2-1817
      (Effective January 1, 2021) Authorized fees and charges
      § 6.2-1817.1
      (Effective January 1, 2021) Inflation adjustment of maximum monthly maintenance fee
      § 6.2-1818
      (Repealed effective January 1, 2021) Additional charges
      § 6.2-1818.1
      (Effective January 1, 2021) Refinancing of short-term loans
      § 6.2-1818.2
      (Effective January 1, 2021) Statement of balance due; repayment and refunds
      § 6.2-1818.3
      (Effective January 1, 2021) Restriction on certain fees and charges
      § 6.2-1818.4
      (Effective January 1, 2021) Verification of borrower's income
      § 6.2-1819
      (Effective until January 1, 2021) Advertising
      § 6.2-1819
      (Effective January 1, 2021) Advertising
      § 6.2-1820
      (Effective until January 1, 2021) Other business
      § 6.2-1820
      (Effective January 1, 2021) Other business
      § 6.2-1827
      (Effective until January 1, 2021) Application of chapter to Internet loans
      § 6.2-1827
      (Effective January 1, 2021) Application of chapter to Internet loans
      § 6.2-1828
      (Effective until January 1, 2021) Authority of Attorney General; referral by Commission to Attorney General
      § 6.2-1828
      (Effective January 1, 2021) Authority of Attorney General; referral by Commission to Attorney General
  • Chapter 20.1. Debt Settlement Services Providers
    • § 6.2-2026
      (Effective July 1, 2021) Definitions
      § 6.2-2027
      (Effective July 1, 2021) License requirement; exceptions
      § 6.2-2028
      (Effective July 1, 2021) Application for license; form; content; fee
      § 6.2-2029
      (Effective July 1, 2021) Bond required
      § 6.2-2030
      (Effective July 1, 2021) Investigation of applications
      § 6.2-2031
      (Effective July 1, 2021) Qualifications
      § 6.2-2032
      (Effective July 1, 2021) Licenses; places of business; changes
      § 6.2-2033
      (Effective July 1, 2021) Acquisition of control; application
      § 6.2-2034
      (Effective July 1, 2021) Retention of books, accounts, and records; responding to Bureau
      § 6.2-2035
      (Effective July 1, 2021) Annual report
      § 6.2-2036
      (Effective July 1, 2021) Other reporting requirements
      § 6.2-2037
      (Effective July 1, 2021) Investigations; examinations
      § 6.2-2038
      (Effective July 1, 2021) Annual fees
      § 6.2-2039
      (Effective July 1, 2021) Regulations
      § 6.2-2040
      (Effective July 1, 2021) Licensees providing debt settlement services; prohibited and required business methods
      § 6.2-2041
      (Effective July 1, 2021) Fee
      § 6.2-2042
      (Effective July 1, 2021) Advertising
      § 6.2-2043
      (Effective July 1, 2021) Suspension or revocation of license
      § 6.2-2044
      (Effective July 1, 2021) Cease and desist orders
      § 6.2-2045
      (Effective July 1, 2021) Notice of proposed suspension or revocation
      § 6.2-2046
      (Effective July 1, 2021) Civil penalties
      § 6.2-2047
      (Effective July 1, 2021) Criminal penalty
      § 6.2-2048
      (Effective July 1, 2021) Private right of action
      § 6.2-2049
      (Effective July 1, 2021) Authority of Attorney General; referral by Commission to Attorney General
      § 6.2-2050
      (Effective July 1, 2021) Violation of the Virginia Consumer Protection Act
  • Chapter 22. Motor Vehicle Title Loans
    • § 6.2-2200
      (Effective until January 1, 2021) Definitions
      § 6.2-2200
      (Effective January 1, 2021) Definitions
      § 6.2-2201
      (Effective until January 1, 2021) License required
      § 6.2-2201
      (Effective January 1, 2021) License required
      § 6.2-2203
      (Effective until January 1, 2021) Application for license; form; content; fee
      § 6.2-2203
      (Effective January 1, 2021) Application for license; form; content; fee
      § 6.2-2204
      (Effective until January 1, 2021) Bond required
      § 6.2-2204
      (Effective January 1, 2021) Bond required
      § 6.2-2207
      (Effective until January 1, 2021) Licenses; places of business; changes
      § 6.2-2207
      (Effective January 1, 2021) Licenses; places of business; changes
      § 6.2-2210
      (Effective until January 1, 2021) Annual report
      § 6.2-2210
      (Effective January 1, 2021) Annual report
      § 6.2-2215
      (Effective until January 1, 2021) Required and prohibited business methods
      § 6.2-2215
      (Effective January 1, 2021) Required and prohibited business methods
      § 6.2-2215.1
      (Effective January 1, 2021) Loan terms and conditions
      § 6.2-2216
      (Effective until January 1, 2021) Interest and other charges; term; monthly payments
      § 6.2-2216
      (Effective January 1, 2021) Authorized fees and charges
      § 6.2-2216.1
      (Effective January 1, 2021) Inflation adjustment of maximum monthly maintenance fee
      § 6.2-2216.2
      (Effective January 1, 2021) Refinancing of motor vehicle title loan
      § 6.2-2216.3
      (Effective January 1, 2021) Statement of balance due; repayment and refunds
      § 6.2-2216.4
      (Effective January 1, 2021) Restriction on certain fees and charges
      § 6.2-2216.5
      (Effective January 1, 2021) Verification of borrower's income
      § 6.2-2217
      (Effective until January 1, 2021) Limited recourse; repossession and sale of motor vehicle
      § 6.2-2217
      (Effective January 1, 2021) Limited recourse; repossession and sale of motor vehicle
      § 6.2-2218.1
      (Effective January 1, 2021) Other business
      § 6.2-2224
      (Effective until January 1, 2021) Validity of noncompliant loan agreement
      § 6.2-2224
      (Effective January 1, 2021) Validity of noncompliant loan agreement; private right of action
      § 6.2-2226
      (Effective until January 1, 2021) Authority of Attorney General; referral by Commission to Attorney General
      § 6.2-2226
      (Effective January 1, 2021) Authority of Attorney General; referral by Commission to Attorney General
  • Subtitle IV. Other Financial Activities
  • Chapter 26. Qualified Education Loan Servicers
    • § 6.2-2600
      (Effective July 1, 2021) Definitions
      § 6.2-2601
      (Effective July 1, 2021) License requirement; exceptions
      § 6.2-2602
      (Effective July 1, 2021) Licensure of qualified education loan servicers; automatic issuance of license for federal student loan servicing contractors
      § 6.2-2603
      (Effective July 1, 2021) Application for license; form; content; fee
      § 6.2-2604
      (Effective July 1, 2021) Bond required
      § 6.2-2605
      (Effective July 1, 2021) Investigation of applications
      § 6.2-2606
      (Effective July 1, 2021) Qualifications
      § 6.2-2607
      (Effective July 1, 2021) Licenses; place of business; changes; renewal
      § 6.2-2608
      (Effective July 1, 2021) Retention of records; responding to the Bureau
      § 6.2-2609
      (Effective July 1, 2021) Acquisition of control; application
      § 6.2-2610
      (Effective July 1, 2021) Prohibited activities; compliance with federal laws and regulations
      § 6.2-2611
      (Effective July 1, 2021) Affirmative acts required of qualified education loan servicers
      § 6.2-2612
      (Effective July 1, 2021) Reporting requirements
      § 6.2-2613
      (Effective July 1, 2021) Investigations; examinations
      § 6.2-2614
      (Effective July 1, 2021) Annual fees
      § 6.2-2615
      (Effective July 1, 2021) Suspension or revocation of license
      § 6.2-2616
      (Effective July 1, 2021) Notice of proposed suspension or revocation
      § 6.2-2617
      (Effective July 1, 2021) Cease and desist orders
      § 6.2-2618
      (Effective July 1, 2021) Civil penalties
      § 6.2-2619
      (Effective July 1, 2021) Private cause of action
      § 6.2-2620
      (Effective July 1, 2021) Investigating and restraining prohibited acts
      § 6.2-2621
      (Effective July 1, 2021) Violation of the Virginia Consumer Protection Act
      § 6.2-2622
      (Effective July 1, 2021) Regulations