                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-2026)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Consumer&#8221; means an individual residing in the Commonwealth who
owes money to one or more creditors, for personal, family, or household
purposes, including an individual who owes money jointly with one or more other
individuals.
		&#8220;Credit counselor&#8221; means an employee or agent of a licensee who
engages in debt settlement services on a consumer&#8217;s behalf.
		&#8220;Creditor&#8221; includes persons that extend credit to, or persons that
service loans made to, consumers. &#8220;Creditor&#8221; or
&#8220;credit-granting organization&#8221; does not include (i) doctors,
lawyers, or other professionals who receive payment for their services in
installments or (ii) persons whose only participation in a credit transaction is
to honor a credit card.
		&#8220;Debt collector&#8221; means a person defined as a debt collector under
15 U.S.C. § 1692a of the federal Fair Debt Collection Practices Act, 15 U.S.C.
§ 1692 et seq.
		&#8220;Debt settlement services&#8221; means any action or negotiation
initiated or taken on behalf of any consumer with any creditor of the consumer
for the purpose of obtaining debt forgiveness of all or a portion of the credit
extended by the creditor to the consumer or a reduction of payments, charges, or
fees payable by the consumer. For purposes of this chapter, with respect to
student loan forgiveness or student loan payment reduction programs established
under federal or state law and widely available to similarly situated consumers
at no cost, the facilitation of enrollment in or qualification for such programs
does not constitute an action or negotiation.
		&#8220;Duplicate original&#8221; means an exact copy with signatures created
by the same impression as the original, an exact copy bearing an original
signature, or, in the case of an electronic transaction, an electronic version
with electronic signatures.
		&#8220;Electronic signature&#8221; means an electronic signature as defined in
§ 59.1-480.
		&#8220;Licensee&#8221; means a person licensed under this chapter.
		&#8220;Principal&#8221; means any person that, 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 a person.

HISTORY: 2020, c. 785.