{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2208.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2208.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2208.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2208.html"}],"law_id":83906,"edition_id":1,"section_id":83906,"structure_id":13458,"section_number":"6.2-2208","catch_line":"Acquisition of control; application","history":"2010, c. 477, \u00a7 6.1-488.","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, trustees, and principals and any proposed new directors, members, senior officers, trustees, 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 under this chapter; (ii) the acquisition of an interest in a licensee, directly or indirectly, 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 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":300699,"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":300700,"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":300701,"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":300702,"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":300703,"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, trustees, and principals and any proposed new directors, members, senior officers, trustees, 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":300704,"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 under this chapter; (ii) the acquisition of an interest in a licensee, directly or indirectly, 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 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":13458,"edition_id":1,"name":"Motor Vehicle Title Loans","identifier":"22","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:55","date_modified":"2026-06-26 03:44:55","permalink":{"id":266887,"object_type":"structure","relational_id":13458,"identifier":"22","token":"6.2\/III\/22","url":"\/6.2\/III\/22\/","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":76041,"structure_id":13458,"section_number":"6.2-2200","catch_line":"Definitions","url":"\/6.2-2200\/","token":"6.2\/III\/22\/6.2-2200","metadata":false},{"id":86220,"structure_id":13458,"section_number":"6.2-2201","catch_line":"License required","url":"\/6.2-2201\/","token":"6.2\/III\/22\/6.2-2201","metadata":false},{"id":86345,"structure_id":13458,"section_number":"6.2-2202","catch_line":"Scope of chapter","url":"\/6.2-2202\/","token":"6.2\/III\/22\/6.2-2202","metadata":false},{"id":67400,"structure_id":13458,"section_number":"6.2-2203","catch_line":"Application for license; form; content; fee","url":"\/6.2-2203\/","token":"6.2\/III\/22\/6.2-2203","metadata":false},{"id":73780,"structure_id":13458,"section_number":"6.2-2204","catch_line":"Bond required","url":"\/6.2-2204\/","token":"6.2\/III\/22\/6.2-2204","metadata":false},{"id":74026,"structure_id":13458,"section_number":"6.2-2205","catch_line":"Investigation of applications","url":"\/6.2-2205\/","token":"6.2\/III\/22\/6.2-2205","metadata":false},{"id":73822,"structure_id":13458,"section_number":"6.2-2206","catch_line":"Qualifications","url":"\/6.2-2206\/","token":"6.2\/III\/22\/6.2-2206","metadata":false},{"id":68337,"structure_id":13458,"section_number":"6.2-2207","catch_line":"Licenses; places of business; changes","url":"\/6.2-2207\/","token":"6.2\/III\/22\/6.2-2207","metadata":false},{"id":83906,"structure_id":13458,"section_number":"6.2-2208","catch_line":"Acquisition of control; application","url":"\/6.2-2208\/","token":"6.2\/III\/22\/6.2-2208","metadata":false},{"id":78996,"structure_id":13458,"section_number":"6.2-2209","catch_line":"Retention of books, accounts, and records","url":"\/6.2-2209\/","token":"6.2\/III\/22\/6.2-2209","metadata":false},{"id":56346,"structure_id":13458,"section_number":"6.2-2210","catch_line":"Annual report","url":"\/6.2-2210\/","token":"6.2\/III\/22\/6.2-2210","metadata":false},{"id":84839,"structure_id":13458,"section_number":"6.2-2211","catch_line":"Other reporting requirements","url":"\/6.2-2211\/","token":"6.2\/III\/22\/6.2-2211","metadata":false},{"id":68990,"structure_id":13458,"section_number":"6.2-2212","catch_line":"Investigations; examinations","url":"\/6.2-2212\/","token":"6.2\/III\/22\/6.2-2212","metadata":false},{"id":69489,"structure_id":13458,"section_number":"6.2-2213","catch_line":"Annual fees","url":"\/6.2-2213\/","token":"6.2\/III\/22\/6.2-2213","metadata":false},{"id":67173,"structure_id":13458,"section_number":"6.2-2214","catch_line":"Regulations","url":"\/6.2-2214\/","token":"6.2\/III\/22\/6.2-2214","metadata":false},{"id":67183,"structure_id":13458,"section_number":"6.2-2215","catch_line":"Required and prohibited business methods","url":"\/6.2-2215\/","token":"6.2\/III\/22\/6.2-2215","metadata":false},{"id":54418,"structure_id":13458,"section_number":"6.2-2215.1","catch_line":"Loan terms and conditions","url":"\/6.2-2215.1\/","token":"6.2\/III\/22\/6.2-2215.1","metadata":false},{"id":86825,"structure_id":13458,"section_number":"6.2-2216","catch_line":"Authorized fees and charges","url":"\/6.2-2216\/","token":"6.2\/III\/22\/6.2-2216","metadata":false},{"id":83368,"structure_id":13458,"section_number":"6.2-2216.1","catch_line":"Inflation adjustment of maximum monthly maintenance fee","url":"\/6.2-2216.1\/","token":"6.2\/III\/22\/6.2-2216.1","metadata":false},{"id":58242,"structure_id":13458,"section_number":"6.2-2216.2","catch_line":"Refinancing of motor vehicle title loan","url":"\/6.2-2216.2\/","token":"6.2\/III\/22\/6.2-2216.2","metadata":false},{"id":74445,"structure_id":13458,"section_number":"6.2-2216.3","catch_line":"Statement of balance due; repayment and refunds","url":"\/6.2-2216.3\/","token":"6.2\/III\/22\/6.2-2216.3","metadata":false},{"id":74396,"structure_id":13458,"section_number":"6.2-2216.4","catch_line":"Restriction on certain fees and charges","url":"\/6.2-2216.4\/","token":"6.2\/III\/22\/6.2-2216.4","metadata":false},{"id":79602,"structure_id":13458,"section_number":"6.2-2216.5","catch_line":"Verification of borrower's income","url":"\/6.2-2216.5\/","token":"6.2\/III\/22\/6.2-2216.5","metadata":false},{"id":72369,"structure_id":13458,"section_number":"6.2-2217","catch_line":"Limited recourse; repossession and sale of motor vehicle","url":"\/6.2-2217\/","token":"6.2\/III\/22\/6.2-2217","metadata":false},{"id":65091,"structure_id":13458,"section_number":"6.2-2218","catch_line":"Advertising","url":"\/6.2-2218\/","token":"6.2\/III\/22\/6.2-2218","metadata":false},{"id":54679,"structure_id":13458,"section_number":"6.2-2218.1","catch_line":"Other business","url":"\/6.2-2218.1\/","token":"6.2\/III\/22\/6.2-2218.1","metadata":false},{"id":58040,"structure_id":13458,"section_number":"6.2-2219","catch_line":"Suspension or revocation of license","url":"\/6.2-2219\/","token":"6.2\/III\/22\/6.2-2219","metadata":false},{"id":87177,"structure_id":13458,"section_number":"6.2-2220","catch_line":"Cease and desist orders","url":"\/6.2-2220\/","token":"6.2\/III\/22\/6.2-2220","metadata":false},{"id":83357,"structure_id":13458,"section_number":"6.2-2221","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-2221\/","token":"6.2\/III\/22\/6.2-2221","metadata":false},{"id":63184,"structure_id":13458,"section_number":"6.2-2222","catch_line":"Fines for violations","url":"\/6.2-2222\/","token":"6.2\/III\/22\/6.2-2222","metadata":false},{"id":79604,"structure_id":13458,"section_number":"6.2-2223","catch_line":"Criminal penalty","url":"\/6.2-2223\/","token":"6.2\/III\/22\/6.2-2223","metadata":false},{"id":77105,"structure_id":13458,"section_number":"6.2-2224","catch_line":"Validity of noncompliant loan agreement; private right of action","url":"\/6.2-2224\/","token":"6.2\/III\/22\/6.2-2224","metadata":false},{"id":82178,"structure_id":13458,"section_number":"6.2-2225","catch_line":"Application of chapter to Internet loans","url":"\/6.2-2225\/","token":"6.2\/III\/22\/6.2-2225","metadata":false},{"id":82392,"structure_id":13458,"section_number":"6.2-2226","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-2226\/","token":"6.2\/III\/22\/6.2-2226","metadata":false},{"id":64595,"structure_id":13458,"section_number":"6.2-2227","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-2227\/","token":"6.2\/III\/22\/6.2-2227","metadata":false}],"previous_section":{"id":68337,"structure_id":13458,"section_number":"6.2-2207","catch_line":"Licenses; places of business; changes","url":"\/6.2-2207\/","token":"6.2\/III\/22\/6.2-2207","metadata":false},"next_section":{"id":78996,"structure_id":13458,"section_number":"6.2-2209","catch_line":"Retention of books, accounts, and records","url":"\/6.2-2209\/","token":"6.2\/III\/22\/6.2-2209","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2208\/","history_text":"<p>This law was first created in 2010. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0477\">477<\/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":false,"refers_to":false,"permalink":{"id":266921,"object_type":"law","relational_id":83906,"identifier":"6.2-2208","token":"6.2\/III\/22\/6.2-2208","url":"\/6.2-2208\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2208\/","token":"6.2\/III\/22\/6.2-2208","dublin_core":{"Title":"Acquisition of control; application","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2208","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-300699\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2208\/#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-300700\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2208\/#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-300701\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2208\/#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-300702\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2208\/#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 <span class=\"dictionary\">interest<\/span> in the <span class=\"dictionary\">licensee<\/span> if it finds that the applicant, its members if applicable, its directors, senior officers, trustees, and <span class=\"dictionary\">principals<\/span> and any proposed new directors, members, senior officers, trustees, 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 <span class=\"dictionary\">interest<\/span>, 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-300703\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2208\/#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 <span class=\"dictionary\">interest<\/span> 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 under this chapter; (ii) the acquisition of an <span class=\"dictionary\">interest<\/span> in a <span class=\"dictionary\">licensee<\/span>, directly or indirectly, 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 <span class=\"dictionary\">interest<\/span> in a <span class=\"dictionary\">licensee<\/span> by bequest, descent, survivorship, or operation of <span class=\"dictionary\">law<\/span>. The <span class=\"dictionary\">person<\/span> acquiring an <span class=\"dictionary\">interest<\/span> 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-300704\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2208\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nACQUISITION OF CONTROL; APPLICATION (\u00a7 6.2-2208)\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,\ntrustees, and principals and any proposed new directors, members, senior\nofficers, trustees, and principals have the financial responsibility, character,\nreputation, experience, and general fitness to warrant belief that the business\nwill be operated efficiently and fairly, in the public interest, and in\naccordance with law. The Commission shall grant or deny the application within\n60 days from the date a completed application accompanied by the required fee is\nfiled unless the period is extended by order of the Commissioner reciting the\nreasons for the extension. If the application is denied, the Commission shall\nnotify the applicant of the denial 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 under this chapter; (ii)\nthe acquisition of an interest in a licensee, directly or indirectly, by merger\nor consolidation by or with a person affiliated through common ownership with\nthe licensee; or (iii) the acquisition of an interest in a licensee by bequest,\ndescent, survivorship, or operation of law. The person acquiring an interest in\na licensee in a transaction that is exempt from filing an application by this\nsubsection shall send written notice to the Commissioner of such acquisition\nwithin 30 days of its closing.\n\nHISTORY: 2010, c. 477, \u00a7 6.1-488.","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}}