                                 CODE OF VIRGINIA

LICENSE REQUIREMENT; EXCEPTIONS (§ 6.2-2027)

A. No person shall engage in the business of providing or offering to provide
debt settlement services 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 any 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.

C. A person licensed under Chapter 20 (&#xA7; 6.2-2000 et seq.) is not required
to be licensed under this chapter if it offers to provide or provides debt
settlement services solely in connection with offering to provide or providing
debt management plans.

D. A person licensed under this chapter shall not receive money from consumers
for transmission to consumers&#8217; creditors or engage in the business of
providing or offering to provide debt management plans to consumers unless such
person is also licensed under Chapter 20 (&#xA7; 6.2-2000 et seq.).

HISTORY: 2020, c. 785.