Password 1950, §§ 6-279, 6-281; 1956, c

E. This new terms from the point will connect with individuals, if the individual has actually an office or performs company in the an area regarding the Commonwealth.

No licensee shall use a firm, business, or believed title that has had any of the conditions “offers,” “faith,” “trustee,” “bank,” “banker,” “financial,” “investment,” “thrift,” “strengthening,” or “industrial

F. People financing built in violation associated with section was gap, and no people will have the directly to gather, discover, or maintain one dominant, notice, costs, and other charge in connection with the borrowed funds.

71; 1966, c. 584, §§ 6.1-249, six.1-251; 1968, c. 489; 1974, c. 371; 1986, c. 502; 1995, c. 2; 1998, c. 9; 2001, c. 308; 2002, c. 897; 2010, cc. 477, 794; 2020, cc. 1215, 1258.

A good. No person doing business underneath the power of every legislation away from new Commonwealth otherwise of the United states relating to finance companies, discounts organizations, trust companies, strengthening and you will mortgage contacts, industrial loan connections, otherwise credit unions are going to be qualified to receive licensure significantly less than it chapter.

A great licensee that is a part or user off a financial otherwise offers facilities shall be ruled because of the arrangements for the chapter, as well as laws accompanied hereunder, because the totally since if like licensee just weren’t instance a subsidiary or associate.

step one. Any company transacted because of the any individual beneath the authority out of and you may while the permitted by any rules of your own Commonwealth otherwise of the You based on finance companies, discounts organizations, faith organizations, strengthening and you can loan contacts, commercial financing relationships, or borrowing from the bank unions;

step three. Any person best payday loans Sikeston MO operating in accordance with the particular conditions of any most other supply from the title currently essentially or hereafter introduced.

An excellent. Software getting a license to make fund around which chapter will get into creating, lower than oath, plus in the proper execution recommended because of the Commission.

B. Little within subsection A great or other element of that it term will likely be construed to cease a part out-of a lender or offers place off to be good licensee less than which part

2. Whether your candidate try a partnership otherwise relationship, the name and you can target of every companion otherwise member of this new connection or organization;

3. If for example the applicant try a corporation otherwise limited-liability business, the name and target each and every senior manager, manager, member, joined broker, and you will prominent;

Password 1950, § 6-284; 1966, c. 584, § 6.1-254; 1976, c. 658; 1981, c. 452; 1989, c. 239; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.

An excellent. Up on the fresh new submitting of app while the payment of your app payment, the newest Fee should build eg data in line with the program and you may the needs taken to inside § 6.2-1507 whilst deems suitable.

B. The Fee shall offer otherwise reject each application to own a license in this 60 days about go out the program, and every expected advice in addition to app percentage, is actually submitted until that time was stretched by acquisition of your own Commission one recites the reason why on the extension.

A beneficial. The brand new Commission shall issue toward applicant a permit and also make financing according to the conditions on the section if it finds:

1. The financial responsibility, feel, reputation and you may standard physical fitness of your own applicant and its own professionals, elder officers, administrators, and you may principals is actually such as for instance to order the newest depend on of one’s public and also to guarantee religion that team was run legally, actually, quite and you may effortlessly inside purpose of this chapter;

dos. Your candidate have readily available, on the operation of team, unencumbered liquid assets of at least $twenty-five,one hundred thousand for each and every area;

step three. That candidate has complied with all the prerequisites to help you acquiring the license given from the § six.2-1505; and you may