§ 6.2-2231. Disclosure requirements
Each provider shall provide the following disclosures to a recipient at the time of extending a specific offer of sales-based financing, according to formatting prescribed by the Commission: 1. The total amount of the sales-based financing, and the disbursement amount, if different from the financing amount, after any fees deducted or withheld at disbursement. 2. […]
§ 6.2-2232. Recipient place of business; required signature
A. For the purpose of determining whether a person’s principal place of business is in the Commonwealth, a provider or broker may rely upon (i) any written representation by the person as to whether the person’s principal place of business is in the Commonwealth, or (ii) the business address provided by the person is in […]
§ 6.2-2233. Additional information
Nothing in this chapter shall prevent a provider from providing or disclosing additional information on a sales-based financing being offered to a recipient, provided, however, that such additional information shall not be disclosed as part of the disclosure required by this chapter. 2022, c. 516.
§ 6.2-2234. Place for bringing action under a contract or agreement to provide sales-based financing; certain fees paid by provider; confessions of judgment prohibited
A. Where a provider enters into a contract or agreement with a recipient to provide sales-based financing, any cause of action arising under such contract or agreement shall be brought in a court in the Commonwealth. Any provision in the contract or agreement mandating that such action be brought outside the Commonwealth shall be unenforceable. […]
§ 6.2-2235. Applicability of chapter to internet transactions
The provisions of this chapter shall apply to providers or brokers offering, obtaining, or making sales-based financing over the internet to or for a recipient, whether or not the provider or broker maintains a physical presence in the Commonwealth. 2022, c. 516.
§ 6.2-2236. Validity of noncompliant sales-based financing
If any provision of a sales-based financing agreement violates this chapter, such provision shall be unenforceable against the recipient. 2022, c. 516.
§ 6.2-2237. Regulations
The Commission shall adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before adopting any such regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to be heard, in accordance with the rules of the Commission. 2022, c. 516.
§ 6.2-2238. Authority of Attorney General
A. The Attorney General is authorized to seek to enjoin violations of this chapter. The circuit court having jurisdiction may enjoin such violations notwithstanding the existence of an adequate remedy at law. B. The Attorney General may also seek, and the circuit court may order or decree, damages and such other relief allowed by law, […]
§ 6.2-2229. Exemptions
The provisions of this chapter shall not apply to and shall not place any additional requirements or obligations upon any of the following: 1. A financial institution; 2. Any person, provider, or broker that enters into no more than five sales-based financing transactions with a recipient in a 12-month period; or 3. A single sales-based […]
§ 6.2-2230. Registration; authority to transact business
On or before November 1, 2022, every sales-based financing provider and sales-based financing broker (i) shall register with the Commission in accordance with procedures established by the Commission and (ii) unless such provider or broker is organized under the laws of Virginia or otherwise is not required to obtain authority to transact business in the […]