{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-4700.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-4700.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-4700.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-4700.html"}],"law_id":70545,"edition_id":1,"section_id":70545,"structure_id":15271,"section_number":"38.2-4700","catch_line":"What persons deemed insurance premium finance companies","history":"1964, c. 147, \u00a7 38.1-735; 1986, c. 562; 1996, c. 77.","full_text":"A\n\nAny person engaged in whole or in part in financing premiums for insurance on subjects of insurance resident, located or to be performed in this Commonwealth shall be an insurance premium finance company subject to this chapter. Any person who acquires agreements for this financing from an insurance premium finance company shall be deemed an insurance premium finance company subject to this chapter.B\n\nNo person shall be deemed an insurance premium finance company by reason of any transaction lawful under the laws of this Commonwealth without regard to the provisions of this chapter. No bank, trust company, savings institution, industrial loan association, credit union, consumer finance company licensed under Chapter 15 (§ 6.2-1500 et seq.) of Title 6.2, licensed insurance agent extending credit as authorized in § 38.2-1806, or insurer shall be licensed under the provisions of this chapter, nor be subject to the restrictions and obligations imposed by this chapter.","order_by":null,"text":{"0":{"id":254555,"text":"Any person engaged in whole or in part in financing premiums for insurance on subjects of insurance resident, located or to be performed in this Commonwealth shall be an insurance premium finance company subject to this chapter. Any person who acquires agreements for this financing from an insurance premium finance company shall be deemed an insurance premium finance company subject to this chapter.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":254556,"text":"No person shall be deemed an insurance premium finance company by reason of any transaction lawful under the laws of this Commonwealth without regard to the provisions of this chapter. No bank, trust company, savings institution, industrial loan association, credit union, consumer finance company licensed under Chapter 15 (§ 6.2-1500 et seq.) of Title 6.2, licensed insurance agent extending credit as authorized in § 38.2-1806, or insurer shall be licensed under the provisions of this chapter, nor be subject to the restrictions and obligations imposed by this chapter.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15271,"edition_id":1,"name":"Insurance Premium Finance Companies","identifier":"47","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:53:29","date_modified":"2026-06-26 03:53:29","permalink":{"id":217235,"object_type":"structure","relational_id":15271,"identifier":"47","token":"38.2\/47","url":"\/38.2\/47\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":70545,"structure_id":15271,"section_number":"38.2-4700","catch_line":"What persons deemed insurance premium finance companies","url":"\/38.2-4700\/","token":"38.2\/47\/38.2-4700","metadata":false},{"id":75068,"structure_id":15271,"section_number":"38.2-4701","catch_line":"License required; application; fee","url":"\/38.2-4701\/","token":"38.2\/47\/38.2-4701","metadata":false},{"id":63122,"structure_id":15271,"section_number":"38.2-4702","catch_line":"Investigation of applicant; issuance of license","url":"\/38.2-4702\/","token":"38.2\/47\/38.2-4702","metadata":false},{"id":72114,"structure_id":15271,"section_number":"38.2-4703","catch_line":"Renewal of license","url":"\/38.2-4703\/","token":"38.2\/47\/38.2-4703","metadata":false},{"id":60645,"structure_id":15271,"section_number":"38.2-4704","catch_line":"Suspension, revocation or failure to renew license; imposition of penalty","url":"\/38.2-4704\/","token":"38.2\/47\/38.2-4704","metadata":false},{"id":64282,"structure_id":15271,"section_number":"38.2-4705","catch_line":"Maximum interest rate and maximum service charge on premium finance agreement","url":"\/38.2-4705\/","token":"38.2\/47\/38.2-4705","metadata":false},{"id":64960,"structure_id":15271,"section_number":"38.2-4706","catch_line":"Default charge; bad check charge","url":"\/38.2-4706\/","token":"38.2\/47\/38.2-4706","metadata":false},{"id":76971,"structure_id":15271,"section_number":"38.2-4707","catch_line":"Forms of premium finance agreements and related forms to be approved by Commission; false or misleading statements or omissions prohibited","url":"\/38.2-4707\/","token":"38.2\/47\/38.2-4707","metadata":false},{"id":78902,"structure_id":15271,"section_number":"38.2-4708","catch_line":"Examination of books and records of company; bond; rules and regulations; order by Commission to remedy concerns","url":"\/38.2-4708\/","token":"38.2\/47\/38.2-4708","metadata":false},{"id":61547,"structure_id":15271,"section_number":"38.2-4709","catch_line":"Disposition of license and other fees","url":"\/38.2-4709\/","token":"38.2\/47\/38.2-4709","metadata":false},{"id":69035,"structure_id":15271,"section_number":"38.2-4710","catch_line":"Penalty for engaging in business without license","url":"\/38.2-4710\/","token":"38.2\/47\/38.2-4710","metadata":false},{"id":58126,"structure_id":15271,"section_number":"38.2-4711","catch_line":"Exemptions","url":"\/38.2-4711\/","token":"38.2\/47\/38.2-4711","metadata":false},{"id":76114,"structure_id":15271,"section_number":"38.2-4712","catch_line":"Validity of secured transactions","url":"\/38.2-4712\/","token":"38.2\/47\/38.2-4712","metadata":false}],"next_section":{"id":75068,"structure_id":15271,"section_number":"38.2-4701","catch_line":"License required; application; fee","url":"\/38.2-4701\/","token":"38.2\/47\/38.2-4701","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-4700\/","history_text":"

This law was first created in 1964. The record of its establishment is cataloged in chapter 147 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1964 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 562; in 1996, chapter 77<\/a>.<\/p>","references":[{"id":83261,"section_number":"38.2-1806","catch_line":"Interest with respect to credit extended or money lent for premiums on certain policies","order_by":null,"url":"\/38.2-1806\/"},{"id":68759,"section_number":"38.2-513.1","catch_line":"Insurance sales by depository institutions and other lending institutions","order_by":null,"url":"\/38.2-513.1\/"},{"id":64445,"section_number":"52-36","catch_line":"Definitions","order_by":null,"url":"\/52-36\/"},{"id":63345,"section_number":"6.2-303","catch_line":"Contracts for more than legal rate of interest","order_by":null,"url":"\/6.2-303\/"}],"refers_to":[{"id":83261,"section_number":"38.2-1806","catch_line":"Interest with respect to credit extended or money lent for premiums on certain policies","order_by":null,"url":"\/38.2-1806\/"},{"id":78115,"section_number":"6.2-1500","catch_line":"Definitions","order_by":null,"url":"\/6.2-1500\/"}],"permalink":{"id":217237,"object_type":"law","relational_id":70545,"identifier":"38.2-4700","token":"38.2\/47\/38.2-4700","url":"\/38.2-4700\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-4700\/","token":"38.2\/47\/38.2-4700","dublin_core":{"Title":"What persons deemed insurance premium finance companies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-4700","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any person<\/span> engaged in whole or in part in financing premiums for insurance<\/span> on subjects of insurance<\/span> resident, located or to be performed in this Commonwealth shall be an insurance<\/span> premium finance company<\/span> subject to this chapter. Any person<\/span> who acquires agreements for this financing from an insurance<\/span> premium finance company<\/span> shall be deemed an insurance<\/span> premium finance company<\/span> subject to this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No person<\/span> shall be deemed an insurance<\/span> premium finance company<\/span> by reason of any transaction lawful under the laws<\/span> of this Commonwealth without regard to the provisions of this chapter. No bank, trust company<\/span>, savings institution, industrial loan association, credit union, consumer finance company<\/span> licensed under Chapter 15 (§ 6.2-1500<\/a> et seq.) of Title 6.2, licensed insurance<\/span> agent extending credit as authorized in § 38.2-1806<\/a>, or insurer<\/span> shall be licensed under the provisions of this chapter, nor be subject to the restrictions and obligations imposed by this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nWHAT PERSONS DEEMED INSURANCE PREMIUM FINANCE COMPANIES (\u00a7 38.2-4700)\n\nA. Any person engaged in whole or in part in financing premiums for insurance on\nsubjects of insurance resident, located or to be performed in this Commonwealth\nshall be an insurance premium finance company subject to this chapter. Any\nperson who acquires agreements for this financing from an insurance premium\nfinance company shall be deemed an insurance premium finance company subject to\nthis chapter.\n\nB. No person shall be deemed an insurance premium finance company by reason of\nany transaction lawful under the laws of this Commonwealth without regard to the\nprovisions of this chapter. No bank, trust company, savings institution,\nindustrial loan association, credit union, consumer finance company licensed\nunder Chapter 15 (§ 6.2-1500 et seq.) of Title 6.2, licensed insurance\nagent extending credit as authorized in § 38.2-1806, or insurer shall be\nlicensed under the provisions of this chapter, nor be subject to the\nrestrictions and obligations imposed by this chapter.\n\nHISTORY: 1964, c. 147, \u00a7 38.1-735; 1986, c. 562; 1996, c. 77.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}