                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1800)

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 §
6.2-1817, shall be included in the computation of the annual percentage rate.
		&#8220;Check&#8221; means a draft drawn on the account of an individual at a
depository institution.
		&#8220;Depository institution&#8221; means a bank, savings institution, or
credit union.
		&#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, or late charges authorized under § 6.2-1817.
		&#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;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 a nonstock corporation or a limited
liability company.
		&#8220;Short-term loan&#8221; means a loan made pursuant to this chapter.

HISTORY: 2002, c. 897, § 6.1-444; 2005, c. 571; 2010, c. 794; 2020, cc. 1215,
1258.