{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1524.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1524.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1524.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1524.html"}],"law_id":83728,"edition_id":1,"section_id":83728,"structure_id":13144,"section_number":"6.2-1524","catch_line":"Required and prohibited activities and conduct","history":"Code 1950, \u00a7\u00a7 6-309, 6-310, 6-311, 6-312, 6-313, 6-315; 1956, c. 71; 1966, c. 584, \u00a7\u00a7 6.1-279, 6.1-280, 6.1-281, 6.1-282, 6.1-283, 6.1-284.1, 6.1-285; 1968, c. 489; 1974, c. 371; 1983, c. 500; 1987, c. 683, \u00a7 6.1-284.1; 1995, c. 2; 1997, c. 113; 2001, c. 308; 2010, c. 794; 2016, c. 501; 2020, cc. 1215, 1258; 2023, c. 287.","full_text":"A\n\nEach licensee shall maintain at all times the minimum unencumbered liquid assets prescribed by § 6.2-1507.B\n\nA licensee or other person subject to this chapter shall not advertise, display, distribute or broadcast, or cause or permit to be advertised, displayed, distributed or broadcast, in any manner whatsoever, any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for loans made under this chapter. The Commission may require that charges or rates of charge, if stated by a licensee, be stated fully and clearly in such manner as it deems necessary to prevent misunderstanding by prospective borrowers. The Commission may permit or require licensees to refer in their advertising to the fact that their business is under state supervision, subject to conditions imposed by it to prevent false, misleading, or deceptive impression as to the scope or degree of protection provided by this chapter.C\n\nA licensee shall not take a lien upon real estate as security for any loan made under the provisions of this chapter, except a lien arising upon rendition of a judgment. Any lien taken in violation of this subsection shall be void.D\n\nA licensee shall, at the time any loan is made, deliver to the borrower, or if there are two or more borrowers to one of them, a statement disclosing (i) the names and addresses of the licensee and of the principal debtor on the loan contract, and (ii) a statement in compliance with Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026).E\n\nA licensee shall give the borrower a receipt for all cash payments. The Commission may specify the form and content of such receipts in keeping with the intent and purpose of this chapter.F\n\nA licensee shall permit payment to be made in advance in whole, or in part equal to one or more full installments. The licensee may apply the payment first to any amounts that are due and unpaid at the time of such payment.G\n\nA licensee shall, upon repayment of the loan in full, (i) mark plainly every obligation and security other than a security agreement executed by the borrower with the word “Paid” or “Canceled,” (ii) mark satisfied any judgment, (iii) restore any pledge, (iv) cancel and return any note and any assignment given by the borrower to the licensee, and (v) release any security agreement or other form of security instrument that no longer secures an outstanding loan between the borrower and the licensee.H\n\nIn the event of collection by foreclosure sale or otherwise, a licensee shall pay and return to the borrower, or to another person entitled thereto, any surplus arising after the payment of the expenses of collection, sale or foreclosure and satisfaction of the debt.I\n\nA licensee shall not take any confession of judgment or any power of attorney running to himself or to any third person to confess judgment or to appear for the borrower in a judicial proceeding. Any such confession of judgment or power of attorney to confess judgment shall be void.J\n\nA licensee shall not take any note, promise to pay, or instrument of security in which blanks are left to be filled in after execution, or that does not give the amount of the loan, a clear description of the installment payments required, and the rate of interest charged. A licensee may also include the disclosures required by Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026) in the note, promise to pay, or instrument of security.K\n\nEvery loan contract shall be in writing, be signed by the borrower, provide for repayment of the amount loaned in substantially equal monthly installments of principal and interest, and include the following statement: “This loan is made pursuant to Chapter 15 of Title 6.2 of the Code of Virginia”. Nothing contained in this chapter shall prevent (i) a loan being considered a new loan because the proceeds of the loan are used to pay an existing loan contract or (ii) a licensee from entering into a loan contract providing for an odd first payment period of up to 45 days and an odd first payment greater than other monthly payments because of such odd first payment period.L\n\nA licensee shall include as part of every loan application a question regarding whether the potential borrower has been approached, including via telephone or electronic means, by any person to send money in consideration of receiving money via a government or lottery organization.","order_by":null,"text":{"0":{"id":300119,"text":"Each licensee shall maintain at all times the minimum unencumbered liquid assets prescribed by § 6.2-1507.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":300120,"text":"A licensee or other person subject to this chapter shall not advertise, display, distribute or broadcast, or cause or permit to be advertised, displayed, distributed or broadcast, in any manner whatsoever, any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for loans made under this chapter. The Commission may require that charges or rates of charge, if stated by a licensee, be stated fully and clearly in such manner as it deems necessary to prevent misunderstanding by prospective borrowers. The Commission may permit or require licensees to refer in their advertising to the fact that their business is under state supervision, subject to conditions imposed by it to prevent false, misleading, or deceptive impression as to the scope or degree of protection provided by this chapter.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":300121,"text":"A licensee shall not take a lien upon real estate as security for any loan made under the provisions of this chapter, except a lien arising upon rendition of a judgment. Any lien taken in violation of this subsection shall be void.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":300122,"text":"A licensee shall, at the time any loan is made, deliver to the borrower, or if there are two or more borrowers to one of them, a statement disclosing (i) the names and addresses of the licensee and of the principal debtor on the loan contract, and (ii) a statement in compliance with Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026).","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":300123,"text":"A licensee shall give the borrower a receipt for all cash payments. The Commission may specify the form and content of such receipts in keeping with the intent and purpose of this chapter.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":300124,"text":"A licensee shall permit payment to be made in advance in whole, or in part equal to one or more full installments. The licensee may apply the payment first to any amounts that are due and unpaid at the time of such payment.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":300125,"text":"A licensee shall, upon repayment of the loan in full, (i) mark plainly every obligation and security other than a security agreement executed by the borrower with the word “Paid” or “Canceled,” (ii) mark satisfied any judgment, (iii) restore any pledge, (iv) cancel and return any note and any assignment given by the borrower to the licensee, and (v) release any security agreement or other form of security instrument that no longer secures an outstanding loan between the borrower and the licensee.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":300126,"text":"In the event of collection by foreclosure sale or otherwise, a licensee shall pay and return to the borrower, or to another person entitled thereto, any surplus arising after the payment of the expenses of collection, sale or foreclosure and satisfaction of the debt.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"8":{"id":300127,"text":"A licensee shall not take any confession of judgment or any power of attorney running to himself or to any third person to confess judgment or to appear for the borrower in a judicial proceeding. Any such confession of judgment or power of attorney to confess judgment shall be void.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"9":{"id":300128,"text":"A licensee shall not take any note, promise to pay, or instrument of security in which blanks are left to be filled in after execution, or that does not give the amount of the loan, a clear description of the installment payments required, and the rate of interest charged. A licensee may also include the disclosures required by Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026) in the note, promise to pay, or instrument of security.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"10":{"id":300129,"text":"Every loan contract shall be in writing, be signed by the borrower, provide for repayment of the amount loaned in substantially equal monthly installments of principal and interest, and include the following statement: “This loan is made pursuant to Chapter 15 of Title 6.2 of the Code of Virginia”. Nothing contained in this chapter shall prevent (i) a loan being considered a new loan because the proceeds of the loan are used to pay an existing loan contract or (ii) a licensee from entering into a loan contract providing for an odd first payment period of up to 45 days and an odd first payment greater than other monthly payments because of such odd first payment period.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J","next_prefix":"L"},"11":{"id":300130,"text":"A licensee shall include as part of every loan application a question regarding whether the potential borrower has been approached, including via telephone or electronic means, by any person to send money in consideration of receiving money via a government or lottery organization.","type":"section","prefixes":["L"],"prefix":"L","entire_prefix":"L","prefix_anchor":"L","level":1,"prior_prefix":"K"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1524\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 13 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 1956, chapter 71; in 1966, chapter 584; in 1968, chapter 489; in 1974, chapter 371; in 1983, chapter 500; in 1987, chapter 683; in 1995, chapter 2<\/a>; in 1997, chapter 113<\/a>; in 2001, chapter 308<\/a>; in 2010, chapter 794<\/a>; in 2016, chapter 501<\/a>; in 2020, chapters 1215<\/a> and 1258<\/a>; in 2023, chapter 287<\/a>.<\/p>","references":[{"id":78551,"section_number":"6.2-1501","catch_line":"Compliance with chapter; license required; attempts to evade application of chapter","order_by":null,"url":"\/6.2-1501\/"}],"refers_to":false,"permalink":{"id":265927,"object_type":"law","relational_id":83728,"identifier":"6.2-1524","token":"6.2\/III\/15\/6.2-1524","url":"\/6.2-1524\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1524\/","token":"6.2\/III\/15\/6.2-1524","dublin_core":{"Title":"Required and prohibited activities and conduct","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1524","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each licensee<\/span> shall maintain at all times the minimum unencumbered liquid assets<\/span> prescribed by § 6.2-1507<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A licensee<\/span> or other person<\/span> subject to this chapter shall not advertise, display, distribute or broadcast, or cause or permit to be advertised, displayed, distributed or broadcast, in any manner whatsoever, any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for loans made under this chapter. The Commission<\/span> may require that charges or rates of charge, if stated by a licensee<\/span>, be stated fully and clearly in such manner as it deems necessary to prevent misunderstanding by prospective borrowers. The Commission<\/span> may permit or require licensees<\/span> to refer in their advertising to the fact<\/span> that their business is under state supervision, subject to conditions imposed by it to prevent false, misleading, or deceptive impression as to the scope or degree of protection provided by this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A licensee<\/span> shall not take a lien<\/span> upon real estate as security for any loan made under the provisions of this chapter, except a lien<\/span> arising upon rendition of a judgment<\/span>. Any lien<\/span> taken in violation of this subsection shall be void. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A licensee<\/span> shall, at the time any loan is made, deliver to the borrower, or if there are two or more borrowers to one of them, a statement disclosing (i) the names and addresses of the licensee<\/span> and of the principal<\/span> debtor on the loan contract<\/span>, and (ii) a statement in compliance with Consumer Financial Protection Bureau<\/span> Regulation Z (12 C.F.R. Part 1026). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A licensee<\/span> shall give the borrower a receipt for all cash payments. The Commission<\/span> may specify the form and content of such receipts in keeping with the intent<\/span> and purpose of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A licensee<\/span> shall permit payment to be made in advance in whole, or in part equal to one or more full installments. The licensee<\/span> may apply the payment first to any amounts that are due and unpaid at the time of such payment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> A licensee<\/span> shall, upon repayment of the loan in full, (i) mark plainly every obligation and security other than a security agreement executed by the borrower with the word “Paid” or “Canceled,” (ii) mark satisfied any judgment<\/span>, (iii) restore any pledge, (iv) cancel and return any note and any assignment given by the borrower to the licensee<\/span>, and (v) release any security agreement or other form of security instrument that no longer secures an outstanding loan between the borrower and the licensee<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> In the event of collection by foreclosure sale or otherwise, a licensee<\/span> shall pay and return to the borrower, or to another person<\/span> entitled thereto, any surplus arising after the payment of the expenses of collection, sale or foreclosure and satisfaction of the debt. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> A licensee<\/span> shall not take any confession<\/span> of judgment<\/span> or any power of attorney<\/span> running to himself or to any third person<\/span> to confess judgment<\/span> or to appear for the borrower in a judicial proceeding. Any such confession<\/span> of judgment<\/span> or power of attorney<\/span> to confess judgment<\/span> shall be void. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> A licensee<\/span> shall not take any note, promise to pay, or instrument of security in which blanks are left to be filled in after execution, or that does not give the amount of the loan, a clear description of the installment payments required, and the rate of interest charged. A licensee<\/span> may also include the disclosures required by Consumer Financial Protection Bureau<\/span> Regulation Z (12 C.F.R. Part 1026) in the note, promise to pay, or instrument of security. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

K.<\/span> Every loan contract<\/span> shall be in writing, be signed by the borrower, provide for repayment of the amount loaned in substantially equal monthly installments of principal<\/span> and interest, and include the following statement: “This loan is made pursuant to Chapter 15 of Title 6.2 of the Code of Virginia”. Nothing contained in this chapter shall prevent (i) a loan being considered a new loan because the proceeds of the loan are used to pay an existing loan contract<\/span> or (ii) a licensee<\/span> from entering into a loan contract<\/span> providing for an odd first payment period of up to 45 days and an odd first payment greater than other monthly payments because of such odd first payment period. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

L.<\/span> A licensee<\/span> shall include as part of every loan application a question regarding whether the potential borrower has been approached, including via telephone or electronic means, by any person<\/span> to send money in consideration of receiving money via a government or lottery organization. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREQUIRED AND PROHIBITED ACTIVITIES AND CONDUCT (\u00a7 6.2-1524)\n\nA. Each licensee shall maintain at all times the minimum unencumbered liquid\nassets prescribed by § 6.2-1507.\n\nB. A licensee or other person subject to this chapter shall not advertise,\ndisplay, distribute or broadcast, or cause or permit to be advertised,\ndisplayed, distributed or broadcast, in any manner whatsoever, any false,\nmisleading, or deceptive statement or representation with regard to the rates,\nterms, or conditions for loans made under this chapter. The Commission may\nrequire that charges or rates of charge, if stated by a licensee, be stated\nfully and clearly in such manner as it deems necessary to prevent\nmisunderstanding by prospective borrowers. The Commission may permit or require\nlicensees to refer in their advertising to the fact that their business is under\nstate supervision, subject to conditions imposed by it to prevent false,\nmisleading, or deceptive impression as to the scope or degree of protection\nprovided by this chapter.\n\nC. A licensee shall not take a lien upon real estate as security for any loan\nmade under the provisions of this chapter, except a lien arising upon rendition\nof a judgment. Any lien taken in violation of this subsection shall be void.\n\nD. A licensee shall, at the time any loan is made, deliver to the borrower, or\nif there are two or more borrowers to one of them, a statement disclosing (i)\nthe names and addresses of the licensee and of the principal debtor on the loan\ncontract, and (ii) a statement in compliance with Consumer Financial Protection\nBureau Regulation Z (12 C.F.R. Part 1026).\n\nE. A licensee shall give the borrower a receipt for all cash payments. The\nCommission may specify the form and content of such receipts in keeping with the\nintent and purpose of this chapter.\n\nF. A licensee shall permit payment to be made in advance in whole, or in part\nequal to one or more full installments. The licensee may apply the payment first\nto any amounts that are due and unpaid at the time of such payment.\n\nG. A licensee shall, upon repayment of the loan in full, (i) mark plainly every\nobligation and security other than a security agreement executed by the borrower\nwith the word “Paid” or “Canceled,” (ii) mark satisfied\nany judgment, (iii) restore any pledge, (iv) cancel and return any note and any\nassignment given by the borrower to the licensee, and (v) release any security\nagreement or other form of security instrument that no longer secures an\noutstanding loan between the borrower and the licensee.\n\nH. In the event of collection by foreclosure sale or otherwise, a licensee shall\npay and return to the borrower, or to another person entitled thereto, any\nsurplus arising after the payment of the expenses of collection, sale or\nforeclosure and satisfaction of the debt.\n\nI. A licensee shall not take any confession of judgment or any power of attorney\nrunning to himself or to any third person to confess judgment or to appear for\nthe borrower in a judicial proceeding. Any such confession of judgment or power\nof attorney to confess judgment shall be void.\n\nJ. A licensee shall not take any note, promise to pay, or instrument of security\nin which blanks are left to be filled in after execution, or that does not give\nthe amount of the loan, a clear description of the installment payments\nrequired, and the rate of interest charged. A licensee may also include the\ndisclosures required by Consumer Financial Protection Bureau Regulation Z (12\nC.F.R. Part 1026) in the note, promise to pay, or instrument of security.\n\nK. Every loan contract shall be in writing, be signed by the borrower, provide\nfor repayment of the amount loaned in substantially equal monthly installments\nof principal and interest, and include the following statement: “This loan\nis made pursuant to Chapter 15 of Title 6.2 of the Code of Virginia”.\nNothing contained in this chapter shall prevent (i) a loan being considered a\nnew loan because the proceeds of the loan are used to pay an existing loan\ncontract or (ii) a licensee from entering into a loan contract providing for an\nodd first payment period of up to 45 days and an odd first payment greater than\nother monthly payments because of such odd first payment period.\n\nL. A licensee shall include as part of every loan application a question\nregarding whether the potential borrower has been approached, including via\ntelephone or electronic means, by any person to send money in consideration of\nreceiving money via a government or lottery organization.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-309, 6-310, 6-311, 6-312, 6-313, 6-315; 1956, c. 71;\n1966, c. 584, \u00a7\u00a7 6.1-279, 6.1-280, 6.1-281, 6.1-282, 6.1-283, 6.1-284.1,\n6.1-285; 1968, c. 489; 1974, c. 371; 1983, c. 500; 1987, c. 683, \u00a7 6.1-284.1;\n1995, c. 2; 1997, c. 113; 2001, c. 308; 2010, c. 794; 2016, c. 501; 2020, cc.\n1215, 1258; 2023, c. 287.","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}}