{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2606.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2606.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2606.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2606.html"}],"law_id":77205,"edition_id":1,"section_id":77205,"structure_id":12857,"section_number":"6.2-2606","catch_line":"Qualifications","history":"2020, cc. 1198, 1250.","full_text":"A\n\nUpon the filing and investigation of an application for a license, compliance by the applicant with the provisions of \u00a7\u00a7 6.2-2603 and 6.2-2604, and compliance by the persons identified in subsection B of \u00a7 6.2-2605 with the provisions contained therein, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the location specified in the application if it finds that:1\n\nThe financial responsibility, character, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law;2\n\nThe application does not contain any false statement of a material fact; and3\n\nThe application does not omit any statement of a material fact that is required by &#xA7; 6.2-2603.B\n\nIf the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.","order_by":null,"text":{"0":{"id":276957,"text":"Upon the filing and investigation of an application for a license, compliance by the applicant with the provisions of \u00a7\u00a7 6.2-2603 and 6.2-2604, and compliance by the persons identified in subsection B of \u00a7 6.2-2605 with the provisions contained therein, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the location specified in the application if it finds that:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":276958,"text":"The financial responsibility, character, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":276959,"text":"The application does not contain any false statement of a material fact; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":276960,"text":"The application does not omit any statement of a material fact that is required by &#xA7; 6.2-2603.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":276961,"text":"If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3"}},"ancestry":[{"id":12857,"edition_id":1,"name":"Qualified Education Loan Servicers","identifier":"26","label":"chapter","depth":3,"order_by":1,"parent_id":12856,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":267179,"object_type":"structure","relational_id":12857,"identifier":"26","token":"6.2\/IV\/26","url":"\/6.2\/IV\/26\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12856,"edition_id":1,"name":"Other Financial Activities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":267075,"object_type":"structure","relational_id":12856,"identifier":"IV","token":"6.2\/IV","url":"\/6.2\/IV\/","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":79869,"structure_id":12857,"section_number":"6.2-2600","catch_line":"Definitions","url":"\/6.2-2600\/","token":"6.2\/IV\/26\/6.2-2600","metadata":false},{"id":56387,"structure_id":12857,"section_number":"6.2-2601","catch_line":"License requirement; exceptions","url":"\/6.2-2601\/","token":"6.2\/IV\/26\/6.2-2601","metadata":false},{"id":62840,"structure_id":12857,"section_number":"6.2-2602","catch_line":"Licensure of qualified education loan servicers; automatic issuance of license for federal student loan servicing contractors","url":"\/6.2-2602\/","token":"6.2\/IV\/26\/6.2-2602","metadata":false},{"id":56136,"structure_id":12857,"section_number":"6.2-2603","catch_line":"Application for license; form; content; fee","url":"\/6.2-2603\/","token":"6.2\/IV\/26\/6.2-2603","metadata":false},{"id":86504,"structure_id":12857,"section_number":"6.2-2604","catch_line":"Bond required","url":"\/6.2-2604\/","token":"6.2\/IV\/26\/6.2-2604","metadata":false},{"id":71805,"structure_id":12857,"section_number":"6.2-2605","catch_line":"Investigation of applications","url":"\/6.2-2605\/","token":"6.2\/IV\/26\/6.2-2605","metadata":false},{"id":77205,"structure_id":12857,"section_number":"6.2-2606","catch_line":"Qualifications","url":"\/6.2-2606\/","token":"6.2\/IV\/26\/6.2-2606","metadata":false},{"id":56065,"structure_id":12857,"section_number":"6.2-2607","catch_line":"Licenses; place of business; changes; renewal","url":"\/6.2-2607\/","token":"6.2\/IV\/26\/6.2-2607","metadata":false},{"id":79671,"structure_id":12857,"section_number":"6.2-2608","catch_line":"Retention of records; responding to the Bureau","url":"\/6.2-2608\/","token":"6.2\/IV\/26\/6.2-2608","metadata":false},{"id":76529,"structure_id":12857,"section_number":"6.2-2609","catch_line":"Acquisition of control; application","url":"\/6.2-2609\/","token":"6.2\/IV\/26\/6.2-2609","metadata":false},{"id":82485,"structure_id":12857,"section_number":"6.2-2610","catch_line":"Prohibited activities; compliance with federal laws and regulations","url":"\/6.2-2610\/","token":"6.2\/IV\/26\/6.2-2610","metadata":false},{"id":77018,"structure_id":12857,"section_number":"6.2-2611","catch_line":"Affirmative acts required of qualified education loan servicers","url":"\/6.2-2611\/","token":"6.2\/IV\/26\/6.2-2611","metadata":false},{"id":65901,"structure_id":12857,"section_number":"6.2-2612","catch_line":"Reporting requirements","url":"\/6.2-2612\/","token":"6.2\/IV\/26\/6.2-2612","metadata":false},{"id":80772,"structure_id":12857,"section_number":"6.2-2613","catch_line":"Investigations; examinations","url":"\/6.2-2613\/","token":"6.2\/IV\/26\/6.2-2613","metadata":false},{"id":61083,"structure_id":12857,"section_number":"6.2-2614","catch_line":"Annual fees","url":"\/6.2-2614\/","token":"6.2\/IV\/26\/6.2-2614","metadata":false},{"id":76191,"structure_id":12857,"section_number":"6.2-2615","catch_line":"Suspension or revocation of license","url":"\/6.2-2615\/","token":"6.2\/IV\/26\/6.2-2615","metadata":false},{"id":81753,"structure_id":12857,"section_number":"6.2-2616","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-2616\/","token":"6.2\/IV\/26\/6.2-2616","metadata":false},{"id":53994,"structure_id":12857,"section_number":"6.2-2617","catch_line":"Cease and desist orders","url":"\/6.2-2617\/","token":"6.2\/IV\/26\/6.2-2617","metadata":false},{"id":63307,"structure_id":12857,"section_number":"6.2-2618","catch_line":"Civil penalties","url":"\/6.2-2618\/","token":"6.2\/IV\/26\/6.2-2618","metadata":false},{"id":79951,"structure_id":12857,"section_number":"6.2-2619","catch_line":"Private cause of action","url":"\/6.2-2619\/","token":"6.2\/IV\/26\/6.2-2619","metadata":false},{"id":63154,"structure_id":12857,"section_number":"6.2-2620","catch_line":"Investigating and restraining prohibited acts","url":"\/6.2-2620\/","token":"6.2\/IV\/26\/6.2-2620","metadata":false},{"id":60246,"structure_id":12857,"section_number":"6.2-2621","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-2621\/","token":"6.2\/IV\/26\/6.2-2621","metadata":false},{"id":69784,"structure_id":12857,"section_number":"6.2-2622","catch_line":"Regulations","url":"\/6.2-2622\/","token":"6.2\/IV\/26\/6.2-2622","metadata":false}],"previous_section":{"id":71805,"structure_id":12857,"section_number":"6.2-2605","catch_line":"Investigation of applications","url":"\/6.2-2605\/","token":"6.2\/IV\/26\/6.2-2605","metadata":false},"next_section":{"id":56065,"structure_id":12857,"section_number":"6.2-2607","catch_line":"Licenses; place of business; changes; renewal","url":"\/6.2-2607\/","token":"6.2\/IV\/26\/6.2-2607","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2606\/","history_text":"<p>This law was first created in 2020. The record of its establishment is cataloged in chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?201+ful+CHAP1198\">1198<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?201+ful+CHAP1250\">1250<\/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":[{"id":56136,"section_number":"6.2-2603","catch_line":"Application for license; form; content; fee","order_by":null,"url":"\/6.2-2603\/"},{"id":86504,"section_number":"6.2-2604","catch_line":"Bond required","order_by":null,"url":"\/6.2-2604\/"},{"id":71805,"section_number":"6.2-2605","catch_line":"Investigation of applications","order_by":null,"url":"\/6.2-2605\/"}],"permalink":{"id":267205,"object_type":"law","relational_id":77205,"identifier":"6.2-2606","token":"6.2\/IV\/26\/6.2-2606","url":"\/6.2-2606\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2606\/","token":"6.2\/IV\/26\/6.2-2606","dublin_core":{"Title":"Qualifications","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2606","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Upon the filing and investigation of an application for a license, compliance by the applicant with the provisions of \u00a7\u00a7&nbsp;<a class=\"law\" title=\"Application for license; form; content; fee\" href=\"\/6.2-2603\/\">6.2-2603<\/a> and <a class=\"law\" title=\"Bond required\" href=\"\/6.2-2604\/\">6.2-2604<\/a>, and compliance by the <span class=\"dictionary\">persons<\/span> identified in subsection B of \u00a7&nbsp;<a class=\"law\" title=\"Investigation of applications\" href=\"\/6.2-2605\/\">6.2-2605<\/a> with the provisions contained therein, the <span class=\"dictionary\">Commission<\/span> shall <span class=\"dictionary\">issue<\/span> and deliver to the applicant the license applied for to engage in business under this chapter at the location specified in the application if it finds that: <a id=\"paragraph-276957\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2606\/#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> The financial responsibility, character, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, and <span class=\"dictionary\">principals<\/span> are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the <span class=\"dictionary\">law<\/span>; <a id=\"paragraph-276958\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2606\/#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> The application does not contain any false statement of a <span class=\"dictionary\">material<\/span> <span class=\"dictionary\">fact<\/span>; and <a id=\"paragraph-276959\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2606\/#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> The application does not omit any statement of a <span class=\"dictionary\">material<\/span> <span class=\"dictionary\">fact<\/span> that is required by &#xA7; <a class=\"law\" title=\"Application for license; form; content; fee\" href=\"\/6.2-2603\/\">6.2-2603<\/a>. <a id=\"paragraph-276960\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2606\/#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> If the <span class=\"dictionary\">Commission<\/span> fails to make such <span class=\"dictionary\">findings<\/span>, no license shall be issued and the <span class=\"dictionary\">Commissioner<\/span> shall notify the applicant of the denial and the reasons for such denial. <a id=\"paragraph-276961\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2606\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nQUALIFICATIONS (\u00a7 6.2-2606)\n\nA. Upon the filing and investigation of an application for a license, compliance\nby the applicant with the provisions of \u00a7\u00a7 6.2-2603 and 6.2-2604, and\ncompliance by the persons identified in subsection B of \u00a7 6.2-2605 with the\nprovisions contained therein, the Commission shall issue and deliver to the\napplicant the license applied for to engage in business under this chapter at\nthe location specified in the application if it finds that:\n\n   1. The financial responsibility, character, experience, and general fitness of\n   the applicant and its members, senior officers, directors, trustees, and\n   principals are such as to warrant belief that the business will be operated\n   efficiently and fairly, in the public interest, and in accordance with the\n   law;\n\n   2. The application does not contain any false statement of a material fact;\n   and\n\n   3. The application does not omit any statement of a material fact that is\n   required by &#xA7; 6.2-2603.\n\nB. If the Commission fails to make such findings, no license shall be issued and\nthe Commissioner shall notify the applicant of the denial and the reasons for\nsuch denial.\n\nHISTORY: 2020, cc. 1198, 1250.","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}}