§ 6.2-2228. Definitions
As used in this chapter, unless the context requires a different meaning: “Recipient” means a person whose principal place of business is in the Commonwealth and that applies for sales-based financing and is made a specific offer of sales-based financing by a provider. A recipient may also be an authorized representative of such person. A […]
§ 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 […]
§ 6.2-2218.1. Other business
A licensee shall not conduct the business of making motor vehicle title loans under this chapter at any office, suite, room, or place of business where any other business is solicited or conducted except a registered check cashing business, a short-term loan business licensed under Chapter 18 (§ 6.2-1800 et seq.), or such other business […]
§ 6.2-2219. Suspension or revocation of license
A. The Commission may suspend or revoke any license issued under this chapter upon any of the following grounds: 1. Any ground for denial of a license under this chapter; 2. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or […]
§ 6.2-2220. Cease and desist orders
If the Commission determines that any person has violated any provision of this chapter or any regulation adopted by the Commission pursuant thereto, or violated any other law or regulation applicable to the conduct of a licensee’s business, the Commission may, upon 21 days’ notice in writing, order such person to cease and desist from […]
§ 6.2-2221. Notice of proposed suspension or revocation
The Commission shall not revoke or suspend the license of any person licensed under this chapter upon any of the grounds set forth in § 6.2-2219 until it has given the licensee 21 days’ notice in writing of the reasons for the proposed revocation or suspension and an opportunity to introduce evidence and be heard. […]
§ 6.2-2222. Fines for violations
In addition to the authority conferred under §§ 6.2-2219 and 6.2-2220, the Commission may impose a fine or penalty not exceeding $1,000 upon any person who it determines, in proceedings commenced in accordance with the Commission’s Rules of Practice and Procedure, has violated any of the provisions of this chapter or regulations promulgated by the […]
§ 6.2-2223. Criminal penalty
Any person violating § 6.2-2201 shall, upon conviction, be guilty of a Class 1 misdemeanor. For the purposes of this section, each violation shall constitute a separate offense. 2010, c. 477, § 6.1-503.
§ 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 […]