§ 6.2-1800 Definitions
As used in this chapter, unless the context requires a different meaning: “Affiliate” means a person related to a licensee by common ownership or control, or any employee or agent of a licensee. “Annual percentage rate” has the same meaning as in the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.) and its implementing regulations, as they may be amended from time to time. All fees and charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including interest and the monthly maintenance fees authorized under § 6.2-1817, shall be included in the computation of the annual percentage rate. “Check” means a draft drawn on the account of an individual at a depository institution. “Depository institution” means a bank, savings institution, or credit union. “Interest” means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including fees, service charges, and renewal charges, and any ancillary product sold in connection with a loan, but does not include the monthly maintenance fees, deposit item return fees, or late charges authorized under § 6.2-1817. “Licensee” means a person to whom a license has been issued under this chapter. “Loan amount” means the principal amount of a loan, exclusive of fees or charges. “Principal” means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a nonstock corporation or a limited liability company. “Short-term loan” means a loan made pursuant to this chapter.
History
This law was first created in 2002. The record of its establishment is cataloged in chapter 897 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2005, chapter 571; in 2010, chapter 794; in 2020, chapters 1215 and 1258.
2002, c. 897, § 6.1-444; 2005, c. 571; 2010, c. 794; 2020, cc. 1215, 1258.