{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1507.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1507.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1507.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1507.html"}],"law_id":66502,"edition_id":1,"section_id":66502,"structure_id":13144,"section_number":"6.2-1507","catch_line":"Issuance of license","history":"Code 1950, \u00a7 6-287; 1966, c. 584, \u00a7 6.1-257; 1982, c. 79, \u00a7 6.1-256.1; 1995, c. 2; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.","full_text":"A\n\nThe Commission shall issue to the applicant a license to make loans in accordance with the provisions of this chapter if it finds:1\n\nThat the financial responsibility, experience, character and general fitness of the applicant and its members, senior officers, directors, and principals are such as to command the confidence of the public and to warrant belief that this business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter;2\n\nThat the applicant has available, for the operation of the business, unencumbered liquid assets of at least $25,000 per location;3\n\nThat the applicant has complied with all of the prerequisites to obtaining the license prescribed by &#xA7; 6.2-1505; and4\n\nThat the applicant will not make loans in accordance with the provisions of this chapter at the same location at which the applicant, its affiliate, or its subsidiary conducts business under either Chapter 18 (&#xA7; 6.2-1800 et seq.) or Chapter 22 (&#xA7; 6.2-2200 et seq.).\n\t\t\t\tIf the Commission fails to make the findings required by subdivisions 1, 2, 3, and 4, it shall deny the application for a license.B\n\nIf the Commission denies an application for a license, it shall notify the applicant of the denial. The Commission shall retain the application fee.","order_by":null,"text":{"0":{"id":241341,"text":"The Commission shall issue to the applicant a license to make loans in accordance with the provisions of this chapter if it finds:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":241342,"text":"That the financial responsibility, experience, character and general fitness of the applicant and its members, senior officers, directors, and principals are such as to command the confidence of the public and to warrant belief that this business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":241343,"text":"That the applicant has available, for the operation of the business, unencumbered liquid assets of at least $25,000 per location;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":241344,"text":"That the applicant has complied with all of the prerequisites to obtaining the license prescribed by &#xA7; 6.2-1505; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":241345,"text":"That the applicant will not make loans in accordance with the provisions of this chapter at the same location at which the applicant, its affiliate, or its subsidiary conducts business under either Chapter 18 (&#xA7; 6.2-1800 et seq.) or Chapter 22 (&#xA7; 6.2-2200 et seq.).\n\t\t\t\tIf the Commission fails to make the findings required by subdivisions 1, 2, 3, and 4, it shall deny the application for a license.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":241346,"text":"If the Commission denies an application for a license, it shall notify the applicant of the denial. The Commission shall retain the application fee.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4"}},"ancestry":[{"id":13144,"edition_id":1,"name":"Consumer Finance Companies","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":265813,"object_type":"structure","relational_id":13144,"identifier":"15","token":"6.2\/III\/15","url":"\/6.2\/III\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13060,"edition_id":1,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":265721,"object_type":"structure","relational_id":13060,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78115,"structure_id":13144,"section_number":"6.2-1500","catch_line":"Definitions","url":"\/6.2-1500\/","token":"6.2\/III\/15\/6.2-1500","metadata":false},{"id":78551,"structure_id":13144,"section_number":"6.2-1501","catch_line":"Compliance with chapter; license required; attempts to evade application of chapter","url":"\/6.2-1501\/","token":"6.2\/III\/15\/6.2-1501","metadata":false},{"id":76723,"structure_id":13144,"section_number":"6.2-1502","catch_line":"Certain persons ineligible as licensees; exception for subsidiaries","url":"\/6.2-1502\/","token":"6.2\/III\/15\/6.2-1502","metadata":false},{"id":84303,"structure_id":13144,"section_number":"6.2-1503","catch_line":"Scope of chapter","url":"\/6.2-1503\/","token":"6.2\/III\/15\/6.2-1503","metadata":false},{"id":76003,"structure_id":13144,"section_number":"6.2-1504","catch_line":"Restrictions on name","url":"\/6.2-1504\/","token":"6.2\/III\/15\/6.2-1504","metadata":false},{"id":76445,"structure_id":13144,"section_number":"6.2-1505","catch_line":"Application for license; application fee","url":"\/6.2-1505\/","token":"6.2\/III\/15\/6.2-1505","metadata":false},{"id":77100,"structure_id":13144,"section_number":"6.2-1506","catch_line":"Investigation of application","url":"\/6.2-1506\/","token":"6.2\/III\/15\/6.2-1506","metadata":false},{"id":66502,"structure_id":13144,"section_number":"6.2-1507","catch_line":"Issuance of license","url":"\/6.2-1507\/","token":"6.2\/III\/15\/6.2-1507","metadata":false},{"id":58217,"structure_id":13144,"section_number":"6.2-1508","catch_line":"Notices to Commission","url":"\/6.2-1508\/","token":"6.2\/III\/15\/6.2-1508","metadata":false},{"id":84357,"structure_id":13144,"section_number":"6.2-1508.1","catch_line":"Additional offices; relocation of offices","url":"\/6.2-1508.1\/","token":"6.2\/III\/15\/6.2-1508.1","metadata":false},{"id":87097,"structure_id":13144,"section_number":"6.2-1509","catch_line":"Contents, posting, transfer, and duration of license","url":"\/6.2-1509\/","token":"6.2\/III\/15\/6.2-1509","metadata":false},{"id":57614,"structure_id":13144,"section_number":"6.2-1510","catch_line":"Acquisition of control; application","url":"\/6.2-1510\/","token":"6.2\/III\/15\/6.2-1510","metadata":false},{"id":56011,"structure_id":13144,"section_number":"6.2-1511","catch_line":"Revocation of license","url":"\/6.2-1511\/","token":"6.2\/III\/15\/6.2-1511","metadata":false},{"id":72262,"structure_id":13144,"section_number":"6.2-1512","catch_line":"Suspension of license","url":"\/6.2-1512\/","token":"6.2\/III\/15\/6.2-1512","metadata":false},{"id":77811,"structure_id":13144,"section_number":"6.2-1513","catch_line":"Record and notice of revocation or suspension","url":"\/6.2-1513\/","token":"6.2\/III\/15\/6.2-1513","metadata":false},{"id":84660,"structure_id":13144,"section_number":"6.2-1514","catch_line":"Surrender of license","url":"\/6.2-1514\/","token":"6.2\/III\/15\/6.2-1514","metadata":false},{"id":61005,"structure_id":13144,"section_number":"6.2-1515","catch_line":"Effect of license revocation, suspension, or surrender","url":"\/6.2-1515\/","token":"6.2\/III\/15\/6.2-1515","metadata":false},{"id":55076,"structure_id":13144,"section_number":"6.2-1516","catch_line":"Reinstatement of license","url":"\/6.2-1516\/","token":"6.2\/III\/15\/6.2-1516","metadata":false},{"id":85229,"structure_id":13144,"section_number":"6.2-1517","catch_line":"Place of business generally","url":"\/6.2-1517\/","token":"6.2\/III\/15\/6.2-1517","metadata":false},{"id":71894,"structure_id":13144,"section_number":"6.2-1518","catch_line":"Notice of conduct of other business in same place of business; fee","url":"\/6.2-1518\/","token":"6.2\/III\/15\/6.2-1518","metadata":false},{"id":61745,"structure_id":13144,"section_number":"6.2-1519","catch_line":"Changing place of business","url":"\/6.2-1519\/","token":"6.2\/III\/15\/6.2-1519","metadata":false},{"id":67474,"structure_id":13144,"section_number":"6.2-1520","catch_line":"Rate of interest; late charges; processing fees","url":"\/6.2-1520\/","token":"6.2\/III\/15\/6.2-1520","metadata":false},{"id":83998,"structure_id":13144,"section_number":"6.2-1521","catch_line":"Post-judgment charges","url":"\/6.2-1521\/","token":"6.2\/III\/15\/6.2-1521","metadata":false},{"id":73299,"structure_id":13144,"section_number":"6.2-1522","catch_line":"Other limitations on interest","url":"\/6.2-1522\/","token":"6.2\/III\/15\/6.2-1522","metadata":false},{"id":73319,"structure_id":13144,"section_number":"6.2-1523","catch_line":"Additional charges prohibited; exceptions","url":"\/6.2-1523\/","token":"6.2\/III\/15\/6.2-1523","metadata":false},{"id":79049,"structure_id":13144,"section_number":"6.2-1523.1","catch_line":"(Effective July 1, 2026) Access partners","url":"\/6.2-1523.1\/","token":"6.2\/III\/15\/6.2-1523.1","metadata":false},{"id":55624,"structure_id":13144,"section_number":"6.2-1523.2","catch_line":"Application of chapter to Internet loans","url":"\/6.2-1523.2\/","token":"6.2\/III\/15\/6.2-1523.2","metadata":false},{"id":63200,"structure_id":13144,"section_number":"6.2-1523.3","catch_line":"Bond required","url":"\/6.2-1523.3\/","token":"6.2\/III\/15\/6.2-1523.3","metadata":false},{"id":83728,"structure_id":13144,"section_number":"6.2-1524","catch_line":"Required and prohibited activities and conduct","url":"\/6.2-1524\/","token":"6.2\/III\/15\/6.2-1524","metadata":false},{"id":62963,"structure_id":13144,"section_number":"6.2-1525","catch_line":"Wage purchases","url":"\/6.2-1525\/","token":"6.2\/III\/15\/6.2-1525","metadata":false},{"id":63320,"structure_id":13144,"section_number":"6.2-1526","catch_line":"Wage assignments","url":"\/6.2-1526\/","token":"6.2\/III\/15\/6.2-1526","metadata":false},{"id":60949,"structure_id":13144,"section_number":"6.2-1527","catch_line":"Liens on household furniture","url":"\/6.2-1527\/","token":"6.2\/III\/15\/6.2-1527","metadata":false},{"id":67469,"structure_id":13144,"section_number":"6.2-1528","catch_line":"Exemptions unimpaired","url":"\/6.2-1528\/","token":"6.2\/III\/15\/6.2-1528","metadata":false},{"id":60529,"structure_id":13144,"section_number":"6.2-1529","catch_line":"Collection of loans made outside Commonwealth","url":"\/6.2-1529\/","token":"6.2\/III\/15\/6.2-1529","metadata":false},{"id":54170,"structure_id":13144,"section_number":"6.2-1530","catch_line":"Investigations; immunities","url":"\/6.2-1530\/","token":"6.2\/III\/15\/6.2-1530","metadata":false},{"id":69823,"structure_id":13144,"section_number":"6.2-1531","catch_line":"Examination","url":"\/6.2-1531\/","token":"6.2\/III\/15\/6.2-1531","metadata":false},{"id":72194,"structure_id":13144,"section_number":"6.2-1532","catch_line":"Fees for examination, supervision and regulation","url":"\/6.2-1532\/","token":"6.2\/III\/15\/6.2-1532","metadata":false},{"id":80929,"structure_id":13144,"section_number":"6.2-1533","catch_line":"Books, accounts, and records; pledge or deposit of notes and securities","url":"\/6.2-1533\/","token":"6.2\/III\/15\/6.2-1533","metadata":false},{"id":85237,"structure_id":13144,"section_number":"6.2-1534","catch_line":"Annual reports","url":"\/6.2-1534\/","token":"6.2\/III\/15\/6.2-1534","metadata":false},{"id":77483,"structure_id":13144,"section_number":"6.2-1535","catch_line":"Regulations and orders","url":"\/6.2-1535\/","token":"6.2\/III\/15\/6.2-1535","metadata":false},{"id":74450,"structure_id":13144,"section_number":"6.2-1536","catch_line":"Disclosures in connection with sale of securities","url":"\/6.2-1536\/","token":"6.2\/III\/15\/6.2-1536","metadata":false},{"id":82107,"structure_id":13144,"section_number":"6.2-1537","catch_line":"Authority of Attorney General; impoundment of property and receivership","url":"\/6.2-1537\/","token":"6.2\/III\/15\/6.2-1537","metadata":false},{"id":60588,"structure_id":13144,"section_number":"6.2-1538","catch_line":"Copies of orders or licenses","url":"\/6.2-1538\/","token":"6.2\/III\/15\/6.2-1538","metadata":false},{"id":81969,"structure_id":13144,"section_number":"6.2-1539","catch_line":"Review by Commission","url":"\/6.2-1539\/","token":"6.2\/III\/15\/6.2-1539","metadata":false},{"id":83145,"structure_id":13144,"section_number":"6.2-1540","catch_line":"Criminal penalties","url":"\/6.2-1540\/","token":"6.2\/III\/15\/6.2-1540","metadata":false},{"id":86509,"structure_id":13144,"section_number":"6.2-1541","catch_line":"Unlawful contracts void; recovery of amounts paid","url":"\/6.2-1541\/","token":"6.2\/III\/15\/6.2-1541","metadata":false},{"id":79649,"structure_id":13144,"section_number":"6.2-1542","catch_line":"Duty to refund unauthorized or excess charges; liability to borrower for penalty","url":"\/6.2-1542\/","token":"6.2\/III\/15\/6.2-1542","metadata":false},{"id":64592,"structure_id":13144,"section_number":"6.2-1543","catch_line":"Civil penalties","url":"\/6.2-1543\/","token":"6.2\/III\/15\/6.2-1543","metadata":false}],"previous_section":{"id":77100,"structure_id":13144,"section_number":"6.2-1506","catch_line":"Investigation of application","url":"\/6.2-1506\/","token":"6.2\/III\/15\/6.2-1506","metadata":false},"next_section":{"id":58217,"structure_id":13144,"section_number":"6.2-1508","catch_line":"Notices to Commission","url":"\/6.2-1508\/","token":"6.2\/III\/15\/6.2-1508","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1507\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 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 1966, chapter 584; in 1982, chapter 79; in 1995, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?951+ful+CHAP0002\">2<\/a>; in 2005, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?051+ful+CHAP0063\">63<\/a>; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>; in 2020, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?201+ful+CHAP1215\">1215<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?201+ful+CHAP1258\">1258<\/a>.<\/p>","references":[{"id":77100,"section_number":"6.2-1506","catch_line":"Investigation of application","order_by":null,"url":"\/6.2-1506\/"},{"id":58217,"section_number":"6.2-1508","catch_line":"Notices to Commission","order_by":null,"url":"\/6.2-1508\/"}],"refers_to":[{"id":76445,"section_number":"6.2-1505","catch_line":"Application for license; application fee","order_by":null,"url":"\/6.2-1505\/"},{"id":66519,"section_number":"6.2-1800","catch_line":"Definitions","order_by":null,"url":"\/6.2-1800\/"},{"id":76041,"section_number":"6.2-2200","catch_line":"Definitions","order_by":null,"url":"\/6.2-2200\/"}],"permalink":{"id":265843,"object_type":"law","relational_id":66502,"identifier":"6.2-1507","token":"6.2\/III\/15\/6.2-1507","url":"\/6.2-1507\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1507\/","token":"6.2\/III\/15\/6.2-1507","dublin_core":{"Title":"Issuance of license","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1507","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> The <span class=\"dictionary\">Commission<\/span> shall <span class=\"dictionary\">issue<\/span> to the applicant a license to make loans in accordance with the provisions of this chapter if it finds: <a id=\"paragraph-241341\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1507\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> That the financial responsibility, experience, character and general fitness of the applicant and its members, senior officers, directors, and <span class=\"dictionary\">principals<\/span> are such as to command the confidence of the public and to warrant belief that this business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter; <a id=\"paragraph-241342\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1507\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> That the applicant has available, for the operation of the business, unencumbered liquid <span class=\"dictionary\">assets<\/span> of at least $25,000 per location; <a id=\"paragraph-241343\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1507\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> That the applicant has complied with all of the prerequisites to obtaining the license prescribed by &#xA7; <a class=\"law\" title=\"Application for license; application fee\" href=\"\/6.2-1505\/\">6.2-1505<\/a>; and <a id=\"paragraph-241344\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1507\/#A3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> That the applicant will not make loans in accordance with the provisions of this chapter at the same location at which the applicant, its affiliate, or its subsidiary conducts business under either Chapter 18 (&#xA7; <a class=\"law\" title=\"Definitions\" href=\"\/6.2-1800\/\">6.2-1800<\/a> et seq.) or Chapter 22 (&#xA7; <a class=\"law\" title=\"Definitions\" href=\"\/6.2-2200\/\">6.2-2200<\/a> et seq.).\n\t\t\t\tIf the <span class=\"dictionary\">Commission<\/span> fails to make the <span class=\"dictionary\">findings<\/span> required by subdivisions 1, 2, 3, and 4, it shall deny the application for a license. <a id=\"paragraph-241345\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1507\/#A4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> If the <span class=\"dictionary\">Commission<\/span> denies an application for a license, it shall notify the applicant of the denial. The <span class=\"dictionary\">Commission<\/span> shall retain the application fee. <a id=\"paragraph-241346\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1507\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nISSUANCE OF LICENSE (\u00a7 6.2-1507)\n\nA. The Commission shall issue to the applicant a license to make loans in\naccordance with the provisions of this chapter if it finds:\n\n   1. That the financial responsibility, experience, character and general\n   fitness of the applicant and its members, senior officers, directors, and\n   principals are such as to command the confidence of the public and to warrant\n   belief that this business will be operated lawfully, honestly, fairly and\n   efficiently within the purpose of this chapter;\n\n   2. That the applicant has available, for the operation of the business,\n   unencumbered liquid assets of at least $25,000 per location;\n\n   3. That the applicant has complied with all of the prerequisites to obtaining\n   the license prescribed by &#xA7; 6.2-1505; and\n\n   4. That the applicant will not make loans in accordance with the provisions of\n   this chapter at the same location at which the applicant, its affiliate, or\n   its subsidiary conducts business under either Chapter 18 (&#xA7; 6.2-1800 et\n   seq.) or Chapter 22 (&#xA7; 6.2-2200 et seq.).\n   \t\t\t\tIf the Commission fails to make the findings required by subdivisions 1,\n   2, 3, and 4, it shall deny the application for a license.\n\nB. If the Commission denies an application for a license, it shall notify the\napplicant of the denial. The Commission shall retain the application fee.\n\nHISTORY: Code 1950, \u00a7 6-287; 1966, c. 584, \u00a7 6.1-257; 1982, c. 79, \u00a7\n6.1-256.1; 1995, c. 2; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.","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}}