§ 6.2-2001 (Effective July 1, 2026) License requirement; exceptions
A. No person shall engage in the business of providing or offering to provide a DMP to any consumer, whether or not the person has an office, facility, agent, or other physical presence in the Commonwealth, unless such person obtains from the Commission a license issued pursuant to this chapter. The provisions of this chapter shall not apply to any bank, savings institution, or credit union, or to a person licensed to practice law in the Commonwealth.
B. This chapter shall be construed by the Commission to promote sound personal financial advice and management, and protect against financial loss consumers who place money or control of their funds or credit into the custody of an agency for transmission to such consumers’ creditors.
C. A person licensed under this chapter is not required to be licensed as a money transmitter under Chapter 19.1 (§ 6.2-1922 et seq.), if the person’s money transmission activities are limited to providing debt pooling and distribution services in accordance with this chapter.
History
This law was first created in 2004. The record of its establishment is cataloged in chapter 790 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 2010, chapter 794; in 2019, chapter 325; in 2025, chapter 214.
2004, c. 790, § 6.1-363.3; 2010, c. 794; 2019, c. 325; 2025, c. 214.