                                 CODE OF VIRGINIA

LICENSE REQUIREMENT (§ 6.2-1801)

A. No person shall engage in the business of making loans to individuals for
personal, family, household, or other nonbusiness purposes, and charge, contract
for, or receive, directly or indirectly, on or in connection with any loan
interest, charges, compensation, consideration, or expense that in the aggregate
is greater than the interest permitted by &#xA7; 6.2-303, whether or not the
person has a location in the Commonwealth, except as provided and authorized by
this chapter, Chapter 15 (&#xA7; 6.2-1500 et seq.), or Chapter 22 (&#xA7;
6.2-2200 et seq.) and without having first obtained a license under this chapter
from the Commission.

B. No person shall engage in the business of arranging or brokering short-term
loans for any consumer residing in the Commonwealth, whether or not the person
has an office or conducts business at a location in the Commonwealth.

C. The provisions of subsection A shall apply to any person who seeks to evade
its application by any device, subterfuge, or pretense whatsoever, including:

   1. The loan, forbearance, use, or sale of (i) credit, as guarantor, surety,
   endorser, comaker, or otherwise; (ii) money; (iii) goods; or (iv) things in
   action;

   2. The use of collateral or related sales or purchases of goods or services,
   or agreements to sell or purchase, whether real or pretended; receiving or
   charging compensation for goods or services, whether or not sold, delivered,
   or provided; and

   3. The real or pretended negotiation, arrangement, or procurement of a loan
   through any use or activity of a third person, whether real or fictitious.

D. Any loan made in violation of this section is void, and no person shall have
the right to collect, receive, or retain any principal, interest, fees, or other
charges in connection with the loan.

HISTORY: 2002, c. 897, § 6.1-445; 2005, c. 571; 2010, c. 794; 2020, cc. 1215,
1258.