{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1510.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1510.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1510.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1510.html"}],"law_id":57614,"edition_id":1,"section_id":57614,"structure_id":13144,"section_number":"6.2-1510","catch_line":"Acquisition of control; application","history":"2005, c. 63, \u00a7 6.1-258.1; 2010, c. 794.","full_text":"A\n\nExcept as provided in this section, no person shall acquire, directly or indirectly, 25 percent or more of the voting shares of a corporation, or 25 percent or more of the ownership of any other person, licensed to conduct business under this chapter unless such person first:1\n\nFiles an application with the Commission in such form as the Commissioner may prescribe from time to time;2\n\nDelivers such other information to the Commissioner as the Commissioner may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, principals, and members, and of any proposed new directors, senior officers, principals, or members of the licensee; and3\n\nPays such application fee as the Commission may prescribe.B\n\nUpon the filing and investigation of an application, the Commission shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members if applicable, its directors, senior officers, and principals, and any proposed new directors, members, senior officers, and principals have the financial responsibility, character, reputation, experience, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. The Commission shall grant or deny the application within 60 days from the date a completed application accompanied by the required fee is filed unless the period is extended by order of the Commissioner reciting the reasons for the extension. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial.C\n\nThe provisions of this section shall not apply to (i) the acquisition of an interest in a licensee, directly or indirectly, including an acquisition by merger or consolidation, by or with a person licensed by this chapter, (ii) the acquisition of an interest in a licensee, directly or indirectly, including an acquisition by merger or consolidation, by or with a person affiliated through common ownership with the licensee, or (iii) the acquisition of an interest in a licensee by a person by bequest, descent, survivorship or operation of law. The person acquiring an interest in a licensee in a transaction that is exempt from filing an application by this subsection shall send written notice to the Commissioner of such acquisition within 30 days of its closing.","order_by":null,"text":{"0":{"id":211106,"text":"Except as provided in this section, no person shall acquire, directly or indirectly, 25 percent or more of the voting shares of a corporation, or 25 percent or more of the ownership of any other person, licensed to conduct business under this chapter unless such person first:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":211107,"text":"Files an application with the Commission in such form as the Commissioner may prescribe from time to time;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":211108,"text":"Delivers such other information to the Commissioner as the Commissioner may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, principals, and members, and of any proposed new directors, senior officers, principals, or members of the licensee; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":211109,"text":"Pays such application fee as the Commission may prescribe.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":211110,"text":"Upon the filing and investigation of an application, the Commission shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members if applicable, its directors, senior officers, and principals, and any proposed new directors, members, senior officers, and principals have the financial responsibility, character, reputation, experience, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. The Commission shall grant or deny the application within 60 days from the date a completed application accompanied by the required fee is filed unless the period is extended by order of the Commissioner reciting the reasons for the extension. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":211111,"text":"The provisions of this section shall not apply to (i) the acquisition of an interest in a licensee, directly or indirectly, including an acquisition by merger or consolidation, by or with a person licensed by this chapter, (ii) the acquisition of an interest in a licensee, directly or indirectly, including an acquisition by merger or consolidation, by or with a person affiliated through common ownership with the licensee, or (iii) the acquisition of an interest in a licensee by a person by bequest, descent, survivorship or operation of law. The person acquiring an interest in a licensee in a transaction that is exempt from filing an application by this subsection shall send written notice to the Commissioner of such acquisition within 30 days of its closing.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1510\/","history_text":"<p>This law was first created in 2005. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?051+ful+CHAP0063\">63<\/a> 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. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":265859,"object_type":"law","relational_id":57614,"identifier":"6.2-1510","token":"6.2\/III\/15\/6.2-1510","url":"\/6.2-1510\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1510\/","token":"6.2\/III\/15\/6.2-1510","dublin_core":{"Title":"Acquisition of control; application","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1510","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Except as provided in this section, no <span class=\"dictionary\">person<\/span> shall acquire, directly or indirectly, 25 percent or more of the voting shares of a corporation, or 25 percent or more of the ownership of any other <span class=\"dictionary\">person<\/span>, licensed to conduct business under this chapter unless such <span class=\"dictionary\">person<\/span> first: <a id=\"paragraph-211106\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1510\/#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> Files an application with the <span class=\"dictionary\">Commission<\/span> in such form as the <span class=\"dictionary\">Commissioner<\/span> may prescribe from time to time; <a id=\"paragraph-211107\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1510\/#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> Delivers such other information to the <span class=\"dictionary\">Commissioner<\/span> as the <span class=\"dictionary\">Commissioner<\/span> may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, <span class=\"dictionary\">principals<\/span>, and members, and of any proposed new directors, senior officers, <span class=\"dictionary\">principals<\/span>, or members of the <span class=\"dictionary\">licensee<\/span>; and <a id=\"paragraph-211108\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1510\/#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> Pays such application fee as the <span class=\"dictionary\">Commission<\/span> may prescribe. <a id=\"paragraph-211109\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1510\/#A3\"><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> Upon the filing and investigation of an application, the <span class=\"dictionary\">Commission<\/span> shall permit the applicant to acquire the interest in the <span class=\"dictionary\">licensee<\/span> if it finds that the applicant, its members if applicable, its directors, senior officers, and <span class=\"dictionary\">principals<\/span>, and any proposed new directors, members, senior officers, and <span class=\"dictionary\">principals<\/span> have the financial responsibility, character, reputation, experience, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with <span class=\"dictionary\">law<\/span>. The <span class=\"dictionary\">Commission<\/span> shall grant or deny the application within 60 days from the date a completed application accompanied by the required fee is filed unless the period is extended by <span class=\"dictionary\">order<\/span> of the <span class=\"dictionary\">Commissioner<\/span> reciting the reasons for the extension. If the application is denied, the <span class=\"dictionary\">Commission<\/span> shall notify the applicant of the denial and the reasons for the denial. <a id=\"paragraph-211110\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1510\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> The provisions of this section shall not apply to (i) the acquisition of an interest in a <span class=\"dictionary\">licensee<\/span>, directly or indirectly, including an acquisition by merger or <span class=\"dictionary\">consolidation<\/span>, by or with a <span class=\"dictionary\">person<\/span> licensed by this chapter, (ii) the acquisition of an interest in a <span class=\"dictionary\">licensee<\/span>, directly or indirectly, including an acquisition by merger or <span class=\"dictionary\">consolidation<\/span>, by or with a <span class=\"dictionary\">person<\/span> affiliated through common ownership with the <span class=\"dictionary\">licensee<\/span>, or (iii) the acquisition of an interest in a <span class=\"dictionary\">licensee<\/span> by a <span class=\"dictionary\">person<\/span> by bequest, descent, survivorship or operation of <span class=\"dictionary\">law<\/span>. The <span class=\"dictionary\">person<\/span> acquiring an interest in a <span class=\"dictionary\">licensee<\/span> in a transaction that is exempt from filing an application by this subsection shall send written notice to the <span class=\"dictionary\">Commissioner<\/span> of such acquisition within 30 days of its closing. <a id=\"paragraph-211111\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1510\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nACQUISITION OF CONTROL; APPLICATION (\u00a7 6.2-1510)\n\nA. Except as provided in this section, no person shall acquire, directly or\nindirectly, 25 percent or more of the voting shares of a corporation, or 25\npercent or more of the ownership of any other person, licensed to conduct\nbusiness under this chapter unless such person first:\n\n   1. Files an application with the Commission in such form as the Commissioner\n   may prescribe from time to time;\n\n   2. Delivers such other information to the Commissioner as the Commissioner may\n   require concerning the financial responsibility, background, experience, and\n   activities of the applicant, its directors, senior officers, principals, and\n   members, and of any proposed new directors, senior officers, principals, or\n   members of the licensee; and\n\n   3. Pays such application fee as the Commission may prescribe.\n\nB. Upon the filing and investigation of an application, the Commission shall\npermit the applicant to acquire the interest in the licensee if it finds that\nthe applicant, its members if applicable, its directors, senior officers, and\nprincipals, and any proposed new directors, members, senior officers, and\nprincipals have the financial responsibility, character, reputation, experience,\nand general fitness to warrant belief that the business will be operated\nefficiently and fairly, in the public interest, and in accordance with law. The\nCommission shall grant or deny the application within 60 days from the date a\ncompleted application accompanied by the required fee is filed unless the period\nis extended by order of the Commissioner reciting the reasons for the extension.\nIf the application is denied, the Commission shall notify the applicant of the\ndenial and the reasons for the denial.\n\nC. The provisions of this section shall not apply to (i) the acquisition of an\ninterest in a licensee, directly or indirectly, including an acquisition by\nmerger or consolidation, by or with a person licensed by this chapter, (ii) the\nacquisition of an interest in a licensee, directly or indirectly, including an\nacquisition by merger or consolidation, by or with a person affiliated through\ncommon ownership with the licensee, or (iii) the acquisition of an interest in a\nlicensee by a person by bequest, descent, survivorship or operation of law. The\nperson acquiring an interest in a licensee in a transaction that is exempt from\nfiling an application by this subsection shall send written notice to the\nCommissioner of such acquisition within 30 days of its closing.\n\nHISTORY: 2005, c. 63, \u00a7 6.1-258.1; 2010, c. 794.","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}}