§ 6.2-2602. Licensure of qualified education loan servicers; automatic issuance of license for federal student loan servicing contractors
A. A person seeking to act as a qualified education loan servicer is exempt from the application procedures described in subsections A and B of § 6.2-2603 upon determination by the Commissioner that the person (i) has an agreement with the U.S. Secretary of Education under 20 U.S.C. § 1078(b), solely to the extent of […]
§ 6.2-2504. Preemption of local laws
This chapter shall preempt and be exclusive of all ordinances of any locality relating to refund anticipation loans. This section shall be given retroactive and prospective effect. 2006, c. 399, § 6.1-478; 2010, c. 794.
§ 6.2-2505. Violations; enforcement
Any violation of the provisions of this chapter shall constitute a prohibited practice under the provisions of § 59.1-200 and shall be subject to any and all of the enforcement provisions of the Virginia Consumer Protection Act (§ 59.1-196 et seq.). 2006, c. 399, § 6.1-479; 2010, c. 794.
§ 6.2-2600. Definitions
As used in this chapter, unless the context requires a different meaning: “Licensee” means a person to whom a license has been issued under this chapter. “Nationwide Multistate Licensing System and Registry” or “Registry” means the nationwide multistate licensing system and registry created by the Conference of State Bank Supervisors and the American Association of […]
§ 6.2-2601. License requirement; exceptions
A. No person shall act as a qualified education loan servicer, directly or indirectly, whether or not the person has an office or any other physical presence in the Commonwealth, except in accordance with the provisions of this chapter and without having first obtained a license under this chapter from the Commission. B. Every qualified […]
§ 6.2-2402. Treatment of securitization transactions
Nothing contained in this chapter shall: 1. Be deemed to require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state tax purposes or to change any applicable laws relating to the perfection and priority […]
§ 6.2-2500. Definitions
As used in this chapter, unless the context requires a different meaning: “Applicant” means a customer who applies for a refund anticipation loan through a facilitator. “Borrower” means an applicant who receives a refund anticipation loan through a facilitator. “Customer” means an individual for whom tax preparation services are performed. “Facilitator” means a person who […]
§ 6.2-2501. Advertising; posting refund anticipation loan fee schedules; and disclosures
A. Any facilitator who advertises the availability of a refund anticipation loan shall not directly or indirectly represent the loan as a customer’s actual refund. Any advertisement that mentions a refund anticipation loan shall state conspicuously that it is a loan and that a fee or interest will be charged by the lending institution. The […]
§ 6.2-2502. Prohibited activities
Any facilitator who offers to facilitate, or who facilitates, a refund anticipation loan shall not: 1. Require a customer to enter into a loan arrangement in order to complete a tax return; 2. Misrepresent a material factor or condition of a refund anticipation loan; 3. Fail to process the application for a refund anticipation loan […]
§ 6.2-2503. Right of rescission
A borrower who obtains a refund anticipation loan may rescind the loan, on or before the close of business on the next day of business, by either returning the original check issued for the loan or providing the amount of the loan in cash to the lender or the facilitator. The facilitator may not charge […]