                                 CODE OF VIRGINIA

(EFFECTIVE JULY 1, 2026) LICENSE REQUIREMENT; EXCEPTIONS (§ 6.2-2001)

A. No person shall engage in the business of providing or offering to provide a
DMP to any consumer, whether or not the person has an office, facility, agent,
or other physical presence in the Commonwealth, unless such person obtains from
the Commission a license issued pursuant to this chapter. The provisions of this
chapter shall not apply to any bank, savings institution, or credit union, or to
a person licensed to practice law in the Commonwealth.

B. This chapter shall be construed by the Commission to promote sound personal
financial advice and management, and protect against financial loss consumers
who place money or control of their funds or credit into the custody of an
agency for transmission to such consumers&#8217; creditors.

C. A person licensed under this chapter is not required to be licensed as a
money transmitter under Chapter 19.1 (&#xA7; 6.2-1922 et seq.), if the
person&#8217;s money transmission activities are limited to providing debt
pooling and distribution services in accordance with this chapter.

HISTORY: 2004, c. 790, § 6.1-363.3; 2010, c. 794; 2019, c. 325; 2025, c. 214.