E. The brand new specifications in the point shall connect with people, perhaps the individual has actually a workplace or conducts organization at the a location on Commonwealth.
F. One mortgage produced in pass in the section is actually void, and no people shall have the directly to gather, discovered, otherwise keep any dominant, attention, fees, and other fees concerning the borrowed funds.
71; 1966, c. 584, §§ six.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 excellent. No body doing business in expert of any laws away from the Commonwealth otherwise of one’s Us in accordance with financial institutions, offers institutions, believe companies, building and you will financing relationships, commercial mortgage contacts, or credit unions can be entitled to licensure under so it chapter.
B. Nothing present in subsection A good or any other section of it identity are going to be construed to stop a part regarding a bank or deals business off become a licensee lower than so it section. A great licensee that is a subsidiary or representative of a lender otherwise deals place are going to be governed of the arrangements associated with section, and all laws and regulations used hereunder, since completely as if such as for example licensee weren’t including a subsidiary or representative.
A beneficial. The brand new Commission shall matter on applicant a permit and work out finance in accordance with the specifications of part in the event it finds:
step 3. Anybody functioning in accordance with the specific provisions of any other provision from the name currently ultimately otherwise hereafter enacted.
No licensee shall fool around with a strong, business, or presumed term which includes any of the terms and conditions “coupons,” “believe,” “trustee,” “bank,” “banker,” “financial,” “resource,” “thrift,” “building,” otherwise “commercial.”
Good. Software to own a licenses and also make financing significantly less than which part will get in creating, lower than oath, and in the proper execution given by the Fee.
dos. Whether your candidate try a collaboration otherwise organization, the name and you can address of each and every companion otherwise person in brand new connection otherwise association;
step three. Should your candidate try an agency or limited-liability providers, the name and you can target of any senior administrator, movie director, representative, inserted broker, and you may dominant;
Password 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. Through to the fresh processing of the app while the commission of software commission, the fresh new Percentage should build such as research according to the application form and what’s needed sent to during the § 6.2-1507 whilst deems compatible.
B. This new Fee shall offer otherwise refute for every app having a licenses in this 60 days about time the applying, as well as all of the requisite information additionally the application commission, are registered until the period try extended of the acquisition of your Payment that recites the reasons into extension.
1. Your financial duty, feel, reputation and standard exercise of candidate and its own participants, senior officials, administrators, and principals is actually instance to help you demand the fresh new trust of societal and to warrant religion that the business might possibly be manage legitimately, really, pretty and you can effortlessly inside intent behind it fruitful link chapter;
Any business transacted by any individual underneath the expert of and you may since let by the any rules of your Commonwealth otherwise of the You based on finance companies, deals associations, faith businesses, strengthening and you may loan relationships, commercial loan associations, otherwise credit unions;
2. The applicant possess readily available, for the procedure of your own organization, unencumbered quick assets with a minimum of $twenty five,one hundred thousand per location;
3. That candidate features complied with all the prerequisites to obtaining the licenses given by the § 6.2-1505; and you can
