{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1701.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1701.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1701.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1701.1.html"}],"law_id":85304,"edition_id":1,"section_id":85304,"structure_id":14519,"section_number":"6.2-1701.1","catch_line":"Bona fide nonprofit organizations","history":"2012, cc. 52, 187.","full_text":"A\n\nThe Commission shall prescribe by regulation (i) the procedures and criteria that it will use to determine whether an organization is a bona fide nonprofit organization and (ii) the information and fees that must be submitted by an organization to the Commission in connection with a request for a determination under this section. In establishing the criteria for a bona fide nonprofit organization, the Commission shall give consideration to the criteria that have been adopted by the Consumer Financial Protection Bureau or any other federal agency with rulemaking authority under the Act.B\n\nThe Commission shall, as often as it deems necessary, investigate and periodically examine the business activities, books, and records of any bona fide nonprofit organization insofar as they pertain to the criteria that the Commission has prescribed pursuant to clause (i) of subsection A. In the course of such investigations and examinations, the organization being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all books, records, and information that the person making such investigation or examination deems necessary.C\n\nThe Commission may, after providing notice and an opportunity for a hearing, revoke its determination that an organization is a bona fide nonprofit organization if it finds that the organization no longer meets the criteria prescribed by the Commission pursuant to clause (i) of subsection A.","order_by":null,"text":{"0":{"id":305651,"text":"The Commission shall prescribe by regulation (i) the procedures and criteria that it will use to determine whether an organization is a bona fide nonprofit organization and (ii) the information and fees that must be submitted by an organization to the Commission in connection with a request for a determination under this section. In establishing the criteria for a bona fide nonprofit organization, the Commission shall give consideration to the criteria that have been adopted by the Consumer Financial Protection Bureau or any other federal agency with rulemaking authority under the Act.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":305652,"text":"The Commission shall, as often as it deems necessary, investigate and periodically examine the business activities, books, and records of any bona fide nonprofit organization insofar as they pertain to the criteria that the Commission has prescribed pursuant to clause (i) of subsection A. In the course of such investigations and examinations, the organization being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all books, records, and information that the person making such investigation or examination deems necessary.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":305653,"text":"The Commission may, after providing notice and an opportunity for a hearing, revoke its determination that an organization is a bona fide nonprofit organization if it finds that the organization no longer meets the criteria prescribed by the Commission pursuant to clause (i) of subsection A.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14519,"edition_id":1,"name":"Mortgage Loan Originators","identifier":"17","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:48:29","date_modified":"2026-06-26 03:48:29","permalink":{"id":266129,"object_type":"structure","relational_id":14519,"identifier":"17","token":"6.2\/III\/17","url":"\/6.2\/III\/17\/","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":70948,"structure_id":14519,"section_number":"6.2-1700","catch_line":"Definitions","url":"\/6.2-1700\/","token":"6.2\/III\/17\/6.2-1700","metadata":false},{"id":68765,"structure_id":14519,"section_number":"6.2-1701","catch_line":"License requirement","url":"\/6.2-1701\/","token":"6.2\/III\/17\/6.2-1701","metadata":false},{"id":85304,"structure_id":14519,"section_number":"6.2-1701.1","catch_line":"Bona fide nonprofit organizations","url":"\/6.2-1701.1\/","token":"6.2\/III\/17\/6.2-1701.1","metadata":false},{"id":55948,"structure_id":14519,"section_number":"6.2-1701.2","catch_line":"Repealed","url":"\/6.2-1701.2\/","token":"6.2\/III\/17\/6.2-1701.2","metadata":false},{"id":74984,"structure_id":14519,"section_number":"6.2-1701.3","catch_line":"Temporary authority to act as a mortgage loan originator","url":"\/6.2-1701.3\/","token":"6.2\/III\/17\/6.2-1701.3","metadata":false},{"id":74815,"structure_id":14519,"section_number":"6.2-1702","catch_line":"Application for license; 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This law was first created in 2012. The record of its establishment is cataloged in chapters 52<\/a> and 187<\/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.<\/p>","references":[{"id":68765,"section_number":"6.2-1701","catch_line":"License requirement","order_by":null,"url":"\/6.2-1701\/"}],"refers_to":false,"permalink":{"id":266139,"object_type":"law","relational_id":85304,"identifier":"6.2-1701.1","token":"6.2\/III\/17\/6.2-1701.1","url":"\/6.2-1701.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1701.1\/","token":"6.2\/III\/17\/6.2-1701.1","dublin_core":{"Title":"Bona fide nonprofit organizations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1701.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> shall prescribe by regulation (i) the procedures and criteria that it will use to determine whether an organization is a bona fide nonprofit organization and (ii) the information and fees that must be submitted by an organization to the Commission<\/span> in connection with a request for a determination under this section. In establishing the criteria for a bona fide nonprofit organization, the Commission<\/span> shall give consideration to the criteria that have been adopted by the Consumer Financial Protection Bureau<\/span> or any other federal agency with rulemaking authority under the Act<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> shall, as often as it deems necessary, investigate and periodically examine the business activities, books, and records of any bona fide nonprofit organization insofar as they pertain to the criteria that the Commission<\/span> has prescribed pursuant to clause (i) of subsection A. In the course of such investigations and examinations, the organization being investigated or examined shall, upon demand of the person<\/span> making such investigation or examination, afford full access to all books, records, and information that the person<\/span> making such investigation or examination deems necessary. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> may, after providing notice and an opportunity for a hearing<\/span>, revoke its determination that an organization is a bona fide nonprofit organization if it finds that the organization no longer meets the criteria prescribed by the Commission<\/span> pursuant to clause (i) of subsection A. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBONA FIDE NONPROFIT ORGANIZATIONS (\u00a7 6.2-1701.1)\n\nA. The Commission shall prescribe by regulation (i) the procedures and criteria\nthat it will use to determine whether an organization is a bona fide nonprofit\norganization and (ii) the information and fees that must be submitted by an\norganization to the Commission in connection with a request for a determination\nunder this section. In establishing the criteria for a bona fide nonprofit\norganization, the Commission shall give consideration to the criteria that have\nbeen adopted by the Consumer Financial Protection Bureau or any other federal\nagency with rulemaking authority under the Act.\n\nB. The Commission shall, as often as it deems necessary, investigate and\nperiodically examine the business activities, books, and records of any bona\nfide nonprofit organization insofar as they pertain to the criteria that the\nCommission has prescribed pursuant to clause (i) of subsection A. In the course\nof such investigations and examinations, the organization being investigated or\nexamined shall, upon demand of the person making such investigation or\nexamination, afford full access to all books, records, and information that the\nperson making such investigation or examination deems necessary.\n\nC. The Commission may, after providing notice and an opportunity for a hearing,\nrevoke its determination that an organization is a bona fide nonprofit\norganization if it finds that the organization no longer meets the criteria\nprescribed by the Commission pursuant to clause (i) of subsection A.\n\nHISTORY: 2012, cc. 52, 187.","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}}