                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-2200)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Affiliate&#8221; means a person related to a licensee by common
ownership or control, or any employee or agent of a licensee.
		&#8220;Annual percentage rate&#8221; has the same meaning as in the federal
Truth in Lending Act (15 U.S.C. § 1601 et seq.) and its implementing
regulations, as they may be amended from time to time. All fees and charges
payable directly or indirectly by a borrower to a licensee as a condition to a
loan, including interest and the monthly maintenance fees authorized under §
6.2-2216, shall be included in the computation of the annual percentage rate.
		&#8220;Bond&#8221; includes any form of financial instrument that provides
security equivalent to that provided by a bond, such as an irrevocable letter of
credit, if its use in lieu of a bond is authorized pursuant to regulations
adopted by the Commission.
		&#8220;Interest&#8221; means all charges payable directly or indirectly by a
borrower to a licensee as a condition to a loan, including fees, service
charges, and renewal charges, and any ancillary product sold in connection with
a loan, but does not include the monthly maintenance fees, deposit item return
fees, late charges, or reasonable costs of repossession and sale authorized
under § 6.2-2216.
		&#8220;Licensee&#8221; means a person to whom a license has been issued under
this chapter.
		&#8220;Loan amount&#8221; means the principal amount of a loan exclusive of
fees or charges.
		&#8220;Motor vehicle&#8221; means an automobile, motorcycle, mobile home,
truck, van, or other vehicle operated on public highways and streets.
		&#8220;Motor vehicle title loan&#8221; or &#8220;title loan&#8221; means a
loan secured by a non-purchase money security interest in a motor vehicle.
		&#8220;Motor vehicle title loan agreement&#8221; or &#8220;loan
agreement&#8221; means a written document that sets out the terms and conditions
under which a licensee agrees to make a motor vehicle title loan to a borrower,
and the borrower agrees to give to the licensee a security interest in a motor
vehicle owned by the borrower to secure repayment of the motor vehicle title
loan and performance of the other obligations under the loan agreement.
		&#8220;Person&#8221; means any individual, corporation, partnership,
association, cooperative, limited liability company, trust, joint venture, or
other legal or commercial entity.
		&#8220;Principal&#8221; means any person who, directly or indirectly, owns or
controls (i) 10 percent or more of the outstanding stock of a stock corporation
or (ii) a 10 percent or greater interest in any other type of entity.

HISTORY: 2010, c. 477, § 6.1-480; 2020, cc. 1215, 1258.