Password 1950, §§ 6-279, 6-281; 1956, c

Elizabeth. The newest conditions associated with area should apply to anybody, whether or not the individual features a workplace otherwise conducts providers within a place regarding the Commonwealth.

Zero licensee will play with a company, business, or thought label that contains the words “coupons,” “faith,” “trustee,” “financial,” “banker,” “banking,” “resource,” “thrift,” “building,” or “commercial

F. One financing made in violation on the point is gap, with no individual shall feel the directly to assemble, receive, or maintain one principal, attract, costs, or other charge regarding the the borrowed funds.

71; 1966, c. 584, §§ 6.1-249, six.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 one working under the authority of every legislation from the latest Commonwealth or of United states per banking institutions, discounts institutions, trust enterprises, building and you will loan connections, industrial mortgage associations, or credit unions will likely be eligible for licensure less than that it chapter.

Good licensee which is a subsidiary or representative away from a bank otherwise savings institution would be ruled of the specifications for the section, as well as statutes observed hereunder, because fully since if like licensee were not like a subsidiary or user.

step 1. Any company transacted because of the any person underneath the expert regarding and as the enabled from the people rules of the Commonwealth otherwise of your Us based on financial institutions, coupons institutions, trust businesses, building and you may financing relationships, industrial mortgage associations, otherwise credit unions;

3. Anyone functioning in accordance with the specific conditions of any most other supply associated with the term already in essence otherwise hereafter passed.

An effective. App to possess a permit to make financing below this part shall get in creating, below https://onlineloanslouisiana.net/cities/eunice/ oath, along with the design prescribed because of the Payment.

B. Nothing found in subsection A and other part of that it title would be construed to quit a subsidiary off a financial or savings place out of as a beneficial licensee less than so it part

dos. Should your applicant was a partnership otherwise connection, title and you may address of every partner or member of the connection otherwise relationship;

step 3. In the event your applicant was a firm or limited liability providers, title and you can address of each elderly administrator, movie director, associate, entered representative, and you can dominant;

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 great. Upon new processing of your own application together with fee of software fee, brand new Payment should create such as data in accordance with the application form and you will what’s needed delivered to during the § 6.2-1507 as it deems appropriate.

B. The fresh Payment shall give or refute for every app for a permit within this two months regarding go out the application, along with the called for guidance and the application payment, is recorded except if that point is actually prolonged by the order of the Percentage that recites the causes to your extension.

A good. The fresh new Percentage will material into candidate a licenses and come up with financing according to the terms of part in the event it finds:

1. Your financial duty, experience, profile and you will standard fitness of the candidate and its particular professionals, senior officials, administrators, and principals is eg to order the new depend on of one’s public and also to warrant faith that this business would be operated legally, honestly, rather and you may effortlessly inside the aim of it part;

2. That candidate keeps offered, to your procedure of your team, unencumbered quick assets of at least $25,000 each area;

step 3. Your candidate has actually complied with all the prerequisites in order to obtaining permit prescribed of the § 6.2-1505; and you will