{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2216.3.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2216.3.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2216.3.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2216.3.html"}],"law_id":74445,"edition_id":1,"section_id":74445,"structure_id":13458,"section_number":"6.2-2216.3","catch_line":"Statement of balance due; repayment and refunds","history":"2020, cc. 1215, 1258.","full_text":"A\n\nThe licensee shall, upon the request of the borrower or his agent, provide a statement of balance due on a motor vehicle title loan.B\n\nA borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. The licensee shall give the borrower dated receipts for each payment made, which shall state the updated balance due on the loan.C\n\nWhen providing a statement of balance due on the loan, the licensee shall state the amount required to discharge the borrower’s obligation in full as of the date the notice is provided and for each of the next three business days following that date. If the licensee cannot reasonably supply a firm statement of balance due when requested or required, the licensee may provide a good faith estimate of the balance due immediately and provide to the borrower or his agent a firm statement of balance due within two business days.D\n\nThe licensee shall provide any statement of balance due verbally and in writing, and shall not fail to provide the information by phone upon the request of the borrower or his agent.E\n\nA licensee shall not fail to accept cash or other good funds instrument from the borrower, or a third party when submitted on behalf of the borrower, for repayment of a title loan in full or in part. Payments shall be credited by the licensee on the date received.F\n\nNotwithstanding any other provision of law, if a title loan is prepaid in full or refinanced prior to the loan’s maturity date, the licensee shall refund to the borrower a prorated portion of loan charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, all charges made in connection with the loan shall be included when calculating the loan charges except for deposit item return fees, late charges, and reasonable costs of repossession and sale authorized under § 6.2-2216.G\n\nThe licensee shall provide any refund due to a borrower in the form of cash or business check as soon as reasonably possible and not later than two business days after receiving payment from the borrower.H\n\nUpon repayment of the loan in full, the licensee shall (i) mark the original loan agreement with the word “paid” or “canceled,” return it to the borrower, and retain a copy in its records and (ii) promptly release any security interest in a motor vehicle.I\n\nWhen releasing a security interest in a motor vehicle, a licensee shall (i) take any action necessary to reflect the termination of its lien on the motor vehicle’s certificate of title and (ii) promptly return the certificate of title to the borrower.","order_by":null,"text":{"0":{"id":267562,"text":"The licensee shall, upon the request of the borrower or his agent, provide a statement of balance due on a motor vehicle title loan.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":267563,"text":"A borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. The licensee shall give the borrower dated receipts for each payment made, which shall state the updated balance due on the loan.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":267564,"text":"When providing a statement of balance due on the loan, the licensee shall state the amount required to discharge the borrower’s obligation in full as of the date the notice is provided and for each of the next three business days following that date. If the licensee cannot reasonably supply a firm statement of balance due when requested or required, the licensee may provide a good faith estimate of the balance due immediately and provide to the borrower or his agent a firm statement of balance due within two business days.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":267565,"text":"The licensee shall provide any statement of balance due verbally and in writing, and shall not fail to provide the information by phone upon the request of the borrower or his agent.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":267566,"text":"A licensee shall not fail to accept cash or other good funds instrument from the borrower, or a third party when submitted on behalf of the borrower, for repayment of a title loan in full or in part. Payments shall be credited by the licensee on the date received.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":267567,"text":"Notwithstanding any other provision of law, if a title loan is prepaid in full or refinanced prior to the loan’s maturity date, the licensee shall refund to the borrower a prorated portion of loan charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, all charges made in connection with the loan shall be included when calculating the loan charges except for deposit item return fees, late charges, and reasonable costs of repossession and sale authorized under § 6.2-2216.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":267568,"text":"The licensee shall provide any refund due to a borrower in the form of cash or business check as soon as reasonably possible and not later than two business days after receiving payment from the borrower.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":267569,"text":"Upon repayment of the loan in full, the licensee shall (i) mark the original loan agreement with the word “paid” or “canceled,” return it to the borrower, and retain a copy in its records and (ii) promptly release any security interest in a motor vehicle.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"8":{"id":267570,"text":"When releasing a security interest in a motor vehicle, a licensee shall (i) take any action necessary to reflect the termination of its lien on the motor vehicle’s certificate of title and (ii) promptly return the certificate of title to the borrower.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2216.3\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapters 1215<\/a> and 1258<\/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":58242,"section_number":"6.2-2216.2","catch_line":"Refinancing of motor vehicle title loan","order_by":null,"url":"\/6.2-2216.2\/"}],"refers_to":false,"permalink":{"id":266969,"object_type":"law","relational_id":74445,"identifier":"6.2-2216.3","token":"6.2\/III\/22\/6.2-2216.3","url":"\/6.2-2216.3\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2216.3\/","token":"6.2\/III\/22\/6.2-2216.3","dublin_core":{"Title":"Statement of balance due; repayment and refunds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2216.3","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The licensee<\/span> shall, upon the request of the borrower or his agent, provide a statement of balance due on a motor vehicle title loan<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. The licensee<\/span> shall give the borrower dated receipts for each payment made, which shall state the updated balance due on the loan. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> When providing a statement of balance due on the loan, the licensee<\/span> shall state the amount required to discharge the borrower’s obligation in full as of the date the notice is provided and for each of the next three business days following that date. If the licensee<\/span> cannot reasonably supply a firm statement of balance due when requested or required, the licensee<\/span> may provide a good faith estimate of the balance due immediately and provide to the borrower or his agent a firm statement of balance due within two business days. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The licensee<\/span> shall provide any statement of balance due verbally and in writing, and shall not fail to provide the information by phone upon the request of the borrower or his agent. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A licensee<\/span> shall not fail to accept cash or other good funds instrument from the borrower, or a third party<\/span> when submitted on behalf of the borrower, for repayment of a title loan in full or in part. Payments shall be credited by the licensee<\/span> on the date received. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Notwithstanding any other provision of law<\/span>, if a title loan is prepaid in full or refinanced prior to the loan’s maturity date, the licensee<\/span> shall refund to the borrower a prorated portion of loan charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, all charges made in connection with the loan shall be included when calculating the loan charges except for deposit item return fees, late charges, and reasonable costs of repossession and sale authorized under § 6.2-2216<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The licensee<\/span> shall provide any refund due to a borrower in the form of cash or business check as soon as reasonably possible and not later than two business days after receiving payment from the borrower. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> Upon repayment of the loan in full, the licensee<\/span> shall (i) mark the original loan agreement<\/span> with the word “paid” or “canceled,” return it to the borrower, and retain a copy in its records and (ii) promptly release any security interest<\/span> in a motor vehicle. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> When releasing a security interest<\/span> in a motor vehicle, a licensee<\/span> shall (i) take any action necessary to reflect the termination of its lien<\/span> on the motor vehicle’s certificate of title and (ii) promptly return the certificate of title to the borrower. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSTATEMENT OF BALANCE DUE; REPAYMENT AND REFUNDS (\u00a7 6.2-2216.3)\n\nA. The licensee shall, upon the request of the borrower or his agent, provide a\nstatement of balance due on a motor vehicle title loan.\n\nB. A borrower shall be permitted to make partial payments, in increments of not\nless than $5, on the loan at any time prior to maturity, without charge. The\nlicensee shall give the borrower dated receipts for each payment made, which\nshall state the updated balance due on the loan.\n\nC. When providing a statement of balance due on the loan, the licensee shall\nstate the amount required to discharge the borrower’s obligation in full\nas of the date the notice is provided and for each of the next three business\ndays following that date. If the licensee cannot reasonably supply a firm\nstatement of balance due when requested or required, the licensee may provide a\ngood faith estimate of the balance due immediately and provide to the borrower\nor his agent a firm statement of balance due within two business days.\n\nD. The licensee shall provide any statement of balance due verbally and in\nwriting, and shall not fail to provide the information by phone upon the request\nof the borrower or his agent.\n\nE. A licensee shall not fail to accept cash or other good funds instrument from\nthe borrower, or a third party when submitted on behalf of the borrower, for\nrepayment of a title loan in full or in part. Payments shall be credited by the\nlicensee on the date received.\n\nF. Notwithstanding any other provision of law, if a title loan is prepaid in\nfull or refinanced prior to the loan’s maturity date, the licensee shall\nrefund to the borrower a prorated portion of loan charges based on a ratio of\nthe number of days the loan was outstanding and the number of days for which the\nloan was originally contracted. For purposes of this section, all charges made\nin connection with the loan shall be included when calculating the loan charges\nexcept for deposit item return fees, late charges, and reasonable costs of\nrepossession and sale authorized under § 6.2-2216.\n\nG. The licensee shall provide any refund due to a borrower in the form of cash\nor business check as soon as reasonably possible and not later than two business\ndays after receiving payment from the borrower.\n\nH. Upon repayment of the loan in full, the licensee shall (i) mark the original\nloan agreement with the word “paid” or “canceled,”\nreturn it to the borrower, and retain a copy in its records and (ii) promptly\nrelease any security interest in a motor vehicle.\n\nI. When releasing a security interest in a motor vehicle, a licensee shall (i)\ntake any action necessary to reflect the termination of its lien on the motor\nvehicle’s certificate of title and (ii) promptly return the certificate of\ntitle to the borrower.\n\nHISTORY: 2020, cc. 1215, 1258.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}