Elizabeth. Brand new provisions of this section shall affect people, perhaps the individual features a workplace otherwise performs business within an area from the Commonwealth.
F. People loan built in admission of the part is actually gap, with no individual shall feel the straight to gather, receive, otherwise maintain any dominant, appeal, fees, or any other charges concerning the mortgage.
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 in expert of any law from the fresh new Commonwealth or of your You in accordance with finance companies, offers associations, believe organizations, strengthening and loan connectivity, commercial financing relationships, otherwise credit unions is going to be eligible for licensure under this section.
B. Nothing within subsection A beneficial or any other section of this label is going to be construed to avoid a part out-of a lender otherwise offers place off is an effective licensee around so it chapter. A beneficial licensee which is a part or affiliate off a financial or coupons establishment will be governed from the arrangements in the chapter, and all laws then followed hereunder, once the fully as if including licensee were not including a subsidiary otherwise user.
A good. This new Fee will situation on the applicant a licenses and make finance in accordance with the terms from the part when it finds:
3. Any individual doing work in accordance with the particular specifications of every other supply with the label already essentially or hereafter introduced.
Zero licensee will play with a strong, corporate, or presumed label which has had the terminology «deals,» «trust,» «trustee,» «bank,» «banker,» «financial,» «resource,» «thrift,» «building,» or «commercial.»
A. Application to have a license and also make fund below that it section should get in writing, around oath, plus the proper execution prescribed by Commission.
2. In the event your applicant is actually a partnership otherwise relationship, title and you may target of each https://cashlandloans.net/installment-loans-ne/ lover or member of the latest relationship otherwise association;
3. In case your applicant are an agency or limited liability team, title and you can address of any older officer, director, affiliate, inserted broker, 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.
An excellent. Up on this new processing of the software therefore the payment of your own application fee, the fresh new Commission will build eg analysis in line with the application and you may the prerequisites provided for into the § six.2-1507 whilst deems suitable.
B. The latest Fee will give otherwise reject for each application getting a license in this 60 days on day the application, including all expected guidance and the software payment, was registered unless that point is prolonged from the order of the Payment that recites the reasons on the extension.
step 1. Your monetary obligations, experience, profile and you may standard exercise of the applicant and its own participants, senior officers, directors, and you may principals was such as for example in order to demand the new confidence of your own public in order to guarantee faith that business would be manage legally, genuinely, very and you may effortlessly for the function of this chapter;
Any company transacted by individuals according to the authority off and you will as allowed because of the one law of the Commonwealth otherwise of your All of us relating to banks, offers institutions, faith companies, strengthening and you will mortgage relationships, industrial mortgage connectivity, otherwise borrowing from the bank unions;
dos. Your applicant have offered, towards process of the business, unencumbered liquid assets of at least $25,100000 each place;
step three. That the applicant has actually complied challenging prerequisites so you can acquiring the licenses given of the § 6.2-1505; and you will
