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

Elizabeth. The fresh new provisions from the point will apply at anyone, if the person keeps an office or conducts providers at the a location on Commonwealth.

F. One loan built in violation of the area was void, and no individual should feel the right to assemble, discovered, otherwise hold one dominant, notice, fees, or any other charge concerning the 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.

An excellent. No one conducting business beneath the authority of any legislation of the latest Commonwealth or of United states per financial institutions, offers organizations, faith companies, building and you can mortgage associations, industrial financing associations, otherwise borrowing unions shall be qualified to receive licensure lower than so it section.

B. Absolutely nothing present in subsection A and other element of this label will be construed to get rid of a part out of a bank or savings business from is a beneficial licensee under that it part. A licensee which is a part otherwise affiliate off a lender otherwise coupons place is going to be influenced because of the provisions of chapter, and all of laws used hereunder, just like the fully because if particularly licensee were not like a subsidiary or member.

A beneficial. New Payment should issue towards candidate a license and come up with loans according to the terms in the chapter in the event it finds:

step 3. Any individual working in accordance with the particular provisions of every almost every other supply on the name currently essentially or hereafter enacted.

Zero licensee shall explore a firm, corporate, or believed term that features all terms «deals,» «faith,» «trustee,» «financial,» «banker,» «banking,» «financing,» «thrift,» «strengthening,» or «commercial.»

An excellent. Application for a license and then make loans significantly less than this chapter shall enter creating, not as much as oath, plus in the proper execution recommended by Percentage.

2. Whether your candidate is actually a collaboration otherwise association, the name and you can address of every mate otherwise member of the fresh relationship or connection;

step 3. Whether your applicant is actually a business or limited-liability company, the name and you can address of every elderly manager, manager, affiliate, joined agent, and you will principal;

Password 1950, § 6-284; 1966, c. 584, § six.1-254; 1976, c. 658; 1981, c. 452; 1989, c. 239; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.

A good. Upon brand new submitting of your own app therefore the commission of the application payment, brand new Commission will make including data relative to the application form and you may the requirements sent to in the § six.2-1507 since it deems appropriate

B. The fresh Payment should grant otherwise deny per application getting a license within two months on time the applying, along with all requisite guidance together with app payment, is recorded unless the period try expanded from the order of Payment that recites the causes towards the expansion.

step 1. The monetary obligations, experience, profile and you may general exercise of your candidate and its own players, elderly officials, directors, and you may principals try particularly to help you order the new rely on of public and to guarantee belief this organization could well be manage legitimately, seriously, fairly and you can effortlessly during the intent behind it chapter;

Any business transacted by the anybody under the expert away from and you may while the enabled because of the any legislation of the Commonwealth otherwise of your All of us according to banks, offers institutions, believe businesses, building and you will loan contacts, commercial mortgage connectivity, or borrowing unions;

dos. That the applicant keeps readily available, into the process of your team, unencumbered liquid assets with a minimum of $25,one hundred thousand for each and every place;

step 3. That applicant have complied challenging prerequisites so you can obtaining the license given from the § six.2-1505; and