{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2609.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2609.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2609.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2609.html"}],"law_id":76529,"edition_id":1,"section_id":76529,"structure_id":12857,"section_number":"6.2-2609","catch_line":"Acquisition of control; application","history":"2020, cc. 1198, 1250.","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 general fitness of the applicant and of any proposed new directors, senior officers, principals, trustees, or members of the licensee;3\n\nSubmits and furnishes to the Commissioner information concerning the identity of the applicant and of any proposed new directors, senior officers, principals, trustees, or members of the licensee. Such individuals shall (i) consent to a criminal history records check, submit to fingerprinting, and pay for the cost of such fingerprinting and criminal records check and (ii) cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commissioner:\n\t\t\t\ta. The Bureau, who shall forward these items to the Central Criminal Records Exchange. The Central Criminal Records Exchange shall (i) conduct searches of its own criminal history records and forward such individuals’ fingerprints and personal descriptive information to the Federal Bureau of Investigation for the purpose of obtaining national criminal history record information regarding such individuals and (ii) forward the results of the state and national records search to the Commissioner or his designee, who shall be an employee of the Commission; or\n\t\t\t\tb. The Registry, provided that it is capable of processing criminal history records checks; and4\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 and any proposed new directors, members, senior officers, trustees, and principals of the licensee have the financial responsibility, character, 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 giving 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 the acquisition of an interest in a licensee (i) directly or indirectly, including an acquisition by merger or consolidation, by or with a person licensed or exempt from licensing under this chapter; (ii) directly or indirectly, by merger or consolidation by or with a person affiliated through common ownership with the licensee; or (iii) by bequest, descent, survivorship, or operation of law. This section shall also not apply to the acquisition of an interest in a licensee that (i) an agreement with the U.S. Secretary of Education under 20 U.S.C. § 1078(b) or (ii) is a party to a contract awarded by the U.S. Secretary of Education under 20 U.S.C. § 1087f. 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 of such acquisition to the Commissioner within 30 days of its closing.","order_by":null,"text":{"0":{"id":274737,"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":274738,"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":274739,"text":"Delivers such other information to the Commissioner as the Commissioner may require concerning the financial responsibility, background, experience, and general fitness of the applicant and of any proposed new directors, senior officers, principals, trustees, or members of the licensee;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":274740,"text":"Submits and furnishes to the Commissioner information concerning the identity of the applicant and of any proposed new directors, senior officers, principals, trustees, or members of the licensee. Such individuals shall (i) consent to a criminal history records check, submit to fingerprinting, and pay for the cost of such fingerprinting and criminal records check and (ii) cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commissioner:\n\t\t\t\ta. The Bureau, who shall forward these items to the Central Criminal Records Exchange. The Central Criminal Records Exchange shall (i) conduct searches of its own criminal history records and forward such individuals’ fingerprints and personal descriptive information to the Federal Bureau of Investigation for the purpose of obtaining national criminal history record information regarding such individuals and (ii) forward the results of the state and national records search to the Commissioner or his designee, who shall be an employee of the Commission; or\n\t\t\t\tb. The Registry, provided that it is capable of processing criminal history records checks; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":274741,"text":"Pays such application fee as the Commission may prescribe.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":274742,"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 and any proposed new directors, members, senior officers, trustees, and principals of the licensee have the financial responsibility, character, 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 giving 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":"A4","next_prefix":"C"},"6":{"id":274743,"text":"The provisions of this section shall not apply to the acquisition of an interest in a licensee (i) directly or indirectly, including an acquisition by merger or consolidation, by or with a person licensed or exempt from licensing under this chapter; (ii) directly or indirectly, by merger or consolidation by or with a person affiliated through common ownership with the licensee; or (iii) by bequest, descent, survivorship, or operation of law. This section shall also not apply to the acquisition of an interest in a licensee that (i) an agreement with the U.S. Secretary of Education under 20 U.S.C. § 1078(b) or (ii) is a party to a contract awarded by the U.S. Secretary of Education under 20 U.S.C. § 1087f. 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 of such acquisition to the Commissioner 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":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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2609\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapters 1198<\/a> and 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":false,"permalink":{"id":267217,"object_type":"law","relational_id":76529,"identifier":"6.2-2609","token":"6.2\/IV\/26\/6.2-2609","url":"\/6.2-2609\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2609\/","token":"6.2\/IV\/26\/6.2-2609","dublin_core":{"Title":"Acquisition of control; application","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2609","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as provided in this section, no 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 person<\/span> licensed to conduct business under this chapter unless such person<\/span> first: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Files an application with the Commission<\/span> in such form as the Commissioner<\/span> may prescribe from time to time; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Delivers such other information to the Commissioner<\/span> as the Commissioner<\/span> may require concerning the financial responsibility, background, experience, and general fitness of the applicant and of any proposed new directors, senior officers, principals<\/span>, trustees, or members of the licensee<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Submits and furnishes to the Commissioner<\/span> information concerning the identity of the applicant and of any proposed new directors, senior officers, principals<\/span>, trustees, or members of the licensee<\/span>. Such individuals shall (i) consent to a criminal history records check, submit to fingerprinting, and pay for the cost of such fingerprinting and criminal records check and (ii) cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commissioner<\/span>:\n\t\t\t\ta. The Bureau<\/span>, who shall forward these items to the Central Criminal Records Exchange. The Central Criminal Records Exchange shall (i) conduct searches of its own criminal history records and forward such individuals’ fingerprints and personal descriptive information to the Federal Bureau<\/span> of Investigation for the purpose of obtaining national criminal history record information regarding such individuals and (ii) forward the results of the state and national records search to the Commissioner<\/span> or his designee, who shall be an employee of the Commission<\/span>; or\n\t\t\t\tb. The Registry<\/span>, provided that it is capable of processing criminal history records checks; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Pays such application fee as the Commission<\/span> may prescribe. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon the filing and investigation of an application, the Commission<\/span> shall permit the applicant to acquire the interest in the licensee<\/span> if it finds that the applicant and any proposed new directors, members, senior officers, trustees, and principals<\/span> of the licensee<\/span> have the financial responsibility, character, 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<\/span>. The 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 order<\/span> of the Commissioner<\/span> giving the reasons for the extension. If the application is denied, the Commission<\/span> shall notify the applicant of the denial and the reasons for the denial. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The provisions of this section shall not apply to the acquisition of an interest in a licensee<\/span> (i) directly or indirectly, including an acquisition by merger or consolidation<\/span>, by or with a person<\/span> licensed or exempt from licensing under this chapter; (ii) directly or indirectly, by merger or consolidation<\/span> by or with a person<\/span> affiliated through common ownership with the licensee<\/span>; or (iii) by bequest, descent, survivorship, or operation of law<\/span>. This section shall also not apply to the acquisition of an interest in a licensee<\/span> that (i) an agreement with the U.S. Secretary of Education under 20 U.S.C. § 1078(b) or (ii) is a party<\/span> to a contract<\/span> awarded by the U.S. Secretary of Education under 20 U.S.C. § 1087f. The person<\/span> acquiring an interest in a licensee<\/span> in a transaction that is exempt from filing an application by this subsection shall send written notice of such acquisition to the Commissioner<\/span> within 30 days of its closing. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACQUISITION OF CONTROL; APPLICATION (\u00a7 6.2-2609)\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 general fitness of the applicant and of any proposed new directors, senior\n officers, principals, trustees, or members of the licensee;\n\n 3. Submits and furnishes to the Commissioner information concerning the\n identity of the applicant and of any proposed new directors, senior officers,\n principals, trustees, or members of the licensee. Such individuals shall (i)\n consent to a criminal history records check, submit to fingerprinting, and pay\n for the cost of such fingerprinting and criminal records check and (ii) cause\n their fingerprints, personal descriptive information, and records check fees\n to be submitted to either of the following, as prescribed by the Commissioner:\n \t\t\t\ta. The Bureau, who shall forward these items to the Central Criminal\n Records Exchange. The Central Criminal Records Exchange shall (i) conduct\n searches of its own criminal history records and forward such\n individuals’ fingerprints and personal descriptive information to the\n Federal Bureau of Investigation for the purpose of obtaining national criminal\n history record information regarding such individuals and (ii) forward the\n results of the state and national records search to the Commissioner or his\n designee, who shall be an employee of the Commission; or\n \t\t\t\tb. The Registry, provided that it is capable of processing criminal\n history records checks; and\n\n 4. 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 and any proposed new directors, members, senior officers,\ntrustees, and principals of the licensee have the financial responsibility,\ncharacter, 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 giving 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 the acquisition of an\ninterest in a licensee (i) directly or indirectly, including an acquisition by\nmerger or consolidation, by or with a person licensed or exempt from licensing\nunder this chapter; (ii) directly or indirectly, by merger or consolidation by\nor with a person affiliated through common ownership with the licensee; or (iii)\nby bequest, descent, survivorship, or operation of law. This section shall also\nnot apply to the acquisition of an interest in a licensee that (i) an agreement\nwith the U.S. Secretary of Education under 20 U.S.C. § 1078(b) or (ii) is a\nparty to a contract awarded by the U.S. Secretary of Education under 20 U.S.C.\n§ 1087f. The person acquiring an interest in a licensee in a transaction\nthat is exempt from filing an application by this subsection shall send written\nnotice of such acquisition to the Commissioner within 30 days of its closing.\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}}