§ 6.2-2224. Validity of noncompliant loan agreement; private right of action
A. If any provision of a motor vehicle title loan agreement violates a requirement of this chapter, such provision shall be unenforceable against the borrower. B. Any person who suffers loss by reason of a violation of any provision of this chapter may bring a civil action to enforce such provision. Any person who is […]
§ 6.2-2225. Application of chapter to Internet loans
The provisions of this chapter, including specifically the licensure requirements of § 6.2-2201, shall apply to persons making motor vehicle title loans over the Internet to Virginia residents or any individuals in Virginia, whether or not the person making the loan maintains a physical presence in the Commonwealth. 2010, c. 477, § 6.1-505; 2011, c. […]
§ 6.2-2216.1. Inflation adjustment of maximum monthly maintenance fee
The Commission may, from time to time, by regulation, adjust the dollar amount of $15 specified in subdivision A 2 of § 6.2-2216 to reflect the rate of inflation from the previous date that the dollar amount was established, as measured by the Consumer Price Index or other method of measuring the rate of inflation […]
§ 6.2-2216.2. Refinancing of motor vehicle title loan
Subject to subsection F of § 6.2-2216.3, a licensee may refinance a title loan, provided that the refinanced loan is also a title loan. 2020, cc. 1215, 1258.
§ 6.2-2216.3. Statement of balance due; repayment and refunds
A. The licensee shall, upon the request of the borrower or his agent, provide a statement of balance due on a motor vehicle title loan. B. A borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. The licensee […]
§ 6.2-2216.4. Restriction on certain fees and charges
Notwithstanding any provision of this chapter to the contrary, a licensee shall not contract for, charge, collect, or receive in connection with a motor vehicle title loan a total amount of fees and charges that exceeds either (i) 50 percent of the originally contracted loan amount, if the originally contracted loan amount was $1,500 or […]
§ 6.2-2216.5. Verification of borrower’s income
Before initiating a motor vehicle title loan transaction with a borrower, a licensee shall make a reasonable attempt to verify the borrower’s income. At a minimum, the licensee shall obtain from the borrower one or more recent pay stubs or other written evidence of recurring income, such as a bank statement. The written evidence shall […]
§ 6.2-2213. Annual fees
A. In order to defray the costs of their examination, supervision, and regulation, every licensee under this chapter shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the business volume of such licensees, the actual costs of their examinations, and other […]
§ 6.2-2214. 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 Commission’s Rules of Practice and Procedure. 2010, c. 477, § […]
§ 6.2-2215. Required and prohibited business methods
Each licensee shall comply with the following requirements and prohibitions: 1. A licensee shall not make a loan that does not comply with § 6.2-2215.1; 2. A licensee shall not charge, collect, or receive, directly or indirectly, credit insurance premiums, charges for any ancillary product sold, charges for disbursing loan proceeds or refunds including check-cashing […]