20 Nov Password 1950, §§ 6-279, 6-281; 1956, c
Elizabeth. The new arrangements associated with point should apply at individuals, if the individual has an office or performs organization on an area about Commonwealth.
F. People financing built in violation associated with part is gap, without individual shall feel the right to collect, receive, otherwise retain people dominating, interest, fees, or any other charges concerning the the loan.
71; 1966, c. 584, §§ 6.1-249, six.1-251; 1968, c. 489; 1974, c. 371; 1986, c West Virginia check cashing installment loans. 502; 1995, c. 2; 1998, c. 9; 2001, c. 308; 2002, c. 897; 2010, cc. 477, 794; 2020, cc. 1215, 1258.
An excellent. No body doing business under the expert of any law from the brand new Commonwealth or of the United states in accordance with banking companies, deals institutions, faith enterprises, strengthening and you will loan associations, commercial financing associations, otherwise borrowing from the bank unions is eligible for licensure lower than it part.
B. Absolutely nothing present in subsection An effective and other element of it label would be construed to prevent a part from a lender otherwise offers facilities off to-be a great licensee lower than which chapter. A beneficial licensee that is a part or associate of a bank or discounts facilities will be governed by provisions of section, and all sorts of regulations followed hereunder, while the fully because if particularly licensee were not such as a subsidiary or representative.
An excellent. New Commission should material into applicant a permit making financing in accordance with the arrangements of section in the event it finds:
step three. Anybody operating according to the specific conditions of any almost every other supply for the label already in place otherwise hereafter enacted.
No licensee should play with a company, corporate, otherwise believed name containing any of the terminology « savings, » « faith, » « trustee, » « financial, » « banker, » « banking, » « financing, » « thrift, » « strengthening, » otherwise « commercial. »
A beneficial. App to own a permit and also make finance lower than that it chapter should get in composing, around oath, plus in the form prescribed from the Percentage.
2. In case your applicant are a partnership or connection, title and you may target each and every mate otherwise person in the fresh new partnership otherwise relationship;
3. When your applicant try an agency otherwise limited-liability company, the name and you may target each and every elder officer, movie director, representative, registered representative, and dominant;
Code 1950, § 6-284; 1966, c. 584, § six.1-254; 1976, c. 658; 1981, c. 452; 1989, c. 239; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.
An effective. Abreast of the fresh submitting of your application in addition to fee of your app commission, the newest Fee shall make like investigation in line with the application and you can the prerequisites sent to into the § six.2-1507 because it deems compatible.
B. Brand new Percentage should grant otherwise reject each app to own a licenses in this 60 days regarding the big date the applying, including the called for recommendations and the app percentage, was submitted unless of course that point is stretched from the buy of the Percentage you to definitely recites the causes into extension.
step one. Your economic duty, feel, reputation and you will general physical fitness of your applicant and its particular members, elder officials, directors, and you can principals is actually eg to demand the fresh new trust of the public and to guarantee belief that organization would-be manage legally, honestly, pretty and you will efficiently inside aim of that it chapter;
Any organization transacted by the any individual within the power out of and you will just like the permitted from the one laws of the Commonwealth otherwise of your You according to finance companies, deals establishments, faith people, strengthening and you can financing relationships, industrial loan contacts, or credit unions;
dos. Your applicant has offered, for the process of your own company, unencumbered liquid assets with a minimum of $twenty five,one hundred thousand each venue;
3. The candidate enjoys complied challenging requirements in order to obtaining permit recommended by the § six.2-1505; and