Code 1950, §§ 6-279, 6-281; 1956, c

Age. This new arrangements on the point should affect anyone, perhaps the people provides an office or performs providers at a place in the Commonwealth.

Zero licensee should explore a firm, business, otherwise presumed identity that contains any of the terminology “offers,” “trust,” “trustee,” “lender,” “banker,” “banking,” “money,” “thrift,” “building,” or “commercial

F. One loan built in ticket associated with section try void, and no people shall feel the directly to collect, found, otherwise keep one prominent, notice, fees, and other costs concerning the loan.

71; 1966, c. 584, §§ 6.1-249, 6.1-251; 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.

An effective. No person working in authority of every legislation away from brand new Commonwealth otherwise of your own Us relating to banks, savings organizations, believe enterprises, strengthening and mortgage relationships, industrial financing contacts, otherwise borrowing unions will likely be eligible for licensure significantly less than this part.

A good licensee which is a part otherwise associate out of a bank otherwise savings business is going to be influenced by arrangements regarding the part, and all of regulations used hereunder, while the completely as if such as for instance licensee just weren’t such as for instance a subsidiary or associate.

step one. Any company transacted by the any individual according to the authority from and you can because allowed by the people rules of one’s Commonwealth or of your All of us according to banks, discounts institutions, faith enterprises, strengthening and you will mortgage contacts, commercial loan relationships, otherwise credit unions;

step three. Individuals doing work in accordance with the particular terms of every other supply of label already essentially otherwise hereafter passed.

A great. Application having a license and work out loans lower than that it part will enter composing, under oath, and also in the design prescribed from the Fee.

B. Little present in subsection An effective and other section of so it term will likely be construed to end a part regarding a bank or offers place out-of to-be a beneficial licensee under this chapter

dos. When your candidate is actually a collaboration or relationship, title and address of each and every lover otherwise member of the latest commitment or relationship;

step 3. In case the candidate is actually an organization or limited-liability business, title and you may address each and every elderly officer, manager, associate, joined broker, and you can prominent;

Code 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.

A. On new submitting of the app as well as the commission of one’s app percentage, the brand new Commission shall make for example studies in accordance with the application form and payday used cars Joplin MO you may what’s needed delivered to within the § 6.2-1507 as it deems suitable.

B. The fresh new Percentage shall offer otherwise refute each software for a license within 60 days on the time the program, including the expected guidance therefore the application fee, was filed until that point was extended of the purchase of one’s Percentage you to definitely recites the causes into expansion.

A beneficial. The fresh Fee should topic to your candidate a license and work out money in accordance with the arrangements from the section whether or not it finds:

1. Your economic obligations, sense, profile and you can standard physical fitness of candidate and its own players, elderly officials, administrators, and you can principals is including so you’re able to command brand new believe of the societal and guarantee religion this company will be work lawfully, truly, very and effortlessly in the function of this part;

dos. Your applicant features offered, with the procedure of providers, unencumbered quick assets with a minimum of $25,000 for every single venue;

step three. That the candidate provides complied with all of the requirements in order to having the permit recommended from the § six.2-1505; and you will