                                 CODE OF VIRGINIA

WHAT PERSONS DEEMED INSURANCE PREMIUM FINANCE COMPANIES (§ 38.2-4700)

A. Any person engaged in whole or in part in financing premiums for insurance on
subjects of insurance resident, located or to be performed in this Commonwealth
shall be an insurance premium finance company subject to this chapter. Any
person who acquires agreements for this financing from an insurance premium
finance company shall be deemed an insurance premium finance company subject to
this chapter.

B. No person shall be deemed an insurance premium finance company by reason of
any transaction lawful under the laws of this Commonwealth without regard to the
provisions of this chapter. No bank, trust company, savings institution,
industrial loan association, credit union, consumer finance company licensed
under Chapter 15 (&#xA7; 6.2-1500 et seq.) of Title 6.2, licensed insurance
agent extending credit as authorized in &#xA7; 38.2-1806, or insurer shall be
licensed under the provisions of this chapter, nor be subject to the
restrictions and obligations imposed by this chapter.

HISTORY: 1964, c. 147, § 38.1-735; 1986, c. 562; 1996, c. 77.