                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-2000)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Agency&#8221; means any person that provides or offers to provide debt
management plans for consumers.
		&#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 an agency who
designs a debt management plan, provides consumer budget and basic financial
planning services, or engages in debt settlement or debt pooling and
distribution services on a consumer&#8217;s behalf. &#8220;Credit
counselor&#8221; does not include licensed certified public accountants or
licensed certified public accounting firms engaging in usual and customary
services performed on behalf of clients.
		&#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 management plan&#8221; or &#8220;DMP&#8221; means a program
whereby a person agrees to engage in debt pooling and distribution services on
behalf of a consumer, or multiple consumers if a joint account.
		&#8220;Debt pooling and distribution service&#8221; means an arrangement
whereby a consumer gives money or control of his funds to a person for
distribution to the consumer&#8217;s creditors.
		&#8220;Debt settlement&#8221; means any action or negotiation initiated or
taken by or on behalf of any consumer with any creditor of the consumer for the
purpose of obtaining debt forgiveness of a portion of the credit extended by the
creditor to the consumer or reduction of payments, charges, or fees payable by
the consumer.
		&#8220;Duplicate original&#8221; means an exact copy with signatures created
by the same impression as the original, or 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 a signature as defined in §
59.1-480.
		&#8220;Licensee&#8221; means a person licensed under this chapter.
		&#8220;Maintenance fee&#8221; means a fee paid by a consumer to an agency for
the administration of a DMP.
		&#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 person.
		&#8220;Set-up fee&#8221; means a fee paid by a consumer to an agency for the
establishment of a DMP.

HISTORY: 2004, c. 790, §§ 6.1-363.2, 6.1-363.7; 2005, c. 315; 2010, c. 794;
2011, c. 307.