Code 1950, §§ 6-279, 6-281; 1956, c

Code 1950, §§ 6-279, 6-281; 1956, c

Elizabeth. The fresh new conditions of the area will affect any person, if the person enjoys a workplace otherwise conducts business during the a place regarding Commonwealth.

F. People mortgage made in admission of this part is void, and no people should feel the to gather, discover, otherwise retain people principal, appeal, charges, or any other fees concerning the loan.

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.

A. No person conducting business in power of any legislation out-of this new Commonwealth or of your Us per finance companies, deals establishments, faith companies, building and you may mortgage connectivity, industrial financing connectivity, otherwise borrowing from the bank unions will be entitled to licensure not as much as that it chapter.

B. Absolutely nothing within subsection A or any other section of that it name will be construed to quit a subsidiary off a lender or savings establishment regarding getting a great licensee under so it chapter. A good licensee that is a subsidiary otherwise representative from a bank otherwise discounts business will be governed of the specifications of this section, and all of rules observed hereunder, while the totally because if including licensee just weren’t particularly a part otherwise representative.

A beneficial. This new Commission shall situation on candidate a licenses and then make loans in accordance with the specifications in the section if it finds:

step three. People working in accordance with the specific arrangements of any almost online installment LA every other supply on the term already ultimately or hereafter enacted.

No licensee will fool around with a company, business, otherwise thought identity with which has any of the terms “discounts,” “believe,” “trustee,” “financial,” “banker,” “banking,” “resource,” “thrift,” “building,” otherwise “commercial.”

A beneficial. App to possess a licenses and work out funds below this section will enter composing, around oath, along with the form given of the Commission.

dos. If for example the candidate is a collaboration or relationship, the name and you will address each and every spouse otherwise member of new union or relationship;

step three. In the event your candidate was a corporation otherwise limited-liability business, the name and you may address of any elderly officer, manager, affiliate, registered broker, and you will principal;

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 good. On the newest filing of application and fee of app fee, the brand new Fee shall make like studies in line with the applying and you will the requirements delivered to into the § six.2-1507 since it deems compatible.

B. Brand new Fee shall grant or reject per application to own a permit within two months regarding day the program, as well as all needed suggestions therefore the application commission, is actually submitted until that time try offered of the buy of your own Percentage one recites the causes into the extension.

step 1. Your monetary obligation, experience, profile and standard exercise of your own applicant and its particular participants, elderly officials, administrators, and you can principals was such as for example so you’re able to command the latest trust of your own social and guarantee belief that company might possibly be operated legitimately, seriously, quite and you may effectively from inside the aim of so it chapter;

Any organization transacted by anybody under the expert away from and you can once the allowed because of the people laws of the Commonwealth or of your own You relating to banking companies, coupons establishments, believe companies, strengthening and you will mortgage connections, industrial loan connections, or credit unions;

2. The candidate enjoys readily available, toward procedure of your own business, unencumbered liquid assets with a minimum of $25,000 per location;

step three. That applicant keeps complied with all the prerequisites so you’re able to getting the license prescribed by § six.2-1505; and you may

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