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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