E. This new conditions associated with the area should connect with any individual, perhaps the individual provides a workplace or performs business at a location from the Commonwealth.
No licensee should have fun with a company, business, otherwise assumed term that has had any of the terms and conditions “coupons,” “trust,” “trustee,” “financial,” “banker,” “financial,” “financial support,” “thrift,” “building,” or “commercial
F. Any mortgage manufactured in admission associated with point is emptiness, with no people should have the directly to assemble, discover, otherwise retain one principal, attract, charges, or other fees regarding the the borrowed funds.
71; 1966, c. 584, §§ 6.1-249, 6.1-251; 1968, c. 489; 1974, c. 371; 1986, c. 502; 1995, c. 2; 1998, c. 9; 2001, c. 308; 2002, c. 897; 2010, cc. 477, 794; 2020, cc. 1215, 1258.
A. No one working beneath the power of any rules away from the Commonwealth or of the All of us in accordance with finance companies, deals associations, faith businesses, strengthening and you can mortgage relationships, commercial financing relationships, or borrowing unions might be entitled to licensure under so it part.
A licensee which is a subsidiary or representative off a bank otherwise discounts establishment might be governed by terms associated with the part, and all of legislation observed hereunder, as the totally since if such as for instance licensee just weren’t including a subsidiary or representative.
1. Any company transacted by the people under the expert from and because enabled because of the people laws of your Commonwealth otherwise of one’s All of us relating to banks, savings associations, faith enterprises, building and you may mortgage relationships, industrial financing associations, otherwise borrowing unions;
step 3. Individuals operating in accordance with the specific specifications of any most other provision associated with label currently in effect otherwise hereafter enacted.
A beneficial. App to own a license while making fund around which section will get in writing, not as much as oath, and also in the proper execution given by Commission.
B. Little within subsection A great or any other section of that it identity can be construed to get rid of a subsidiary from a financial or coupons business from to-be an excellent licensee below so it chapter
dos. When your candidate is a collaboration or connection, title and you will target of any mate or member of the fresh relationship otherwise connection;
step 3. When your candidate is actually a company or limited-liability business, the name and you will address of any senior manager, director, user, registered agent, and you can dominating;
Password 1950, § 6-284; 1966, c. 584, § 6.1-254; 1976, c. 658; 1981, c. 452; 1989, c. 239; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.
A good. Upon the fresh new processing of your own app additionally the payment of one’s app fee, brand new Commission shall make such as for example research relative to the applying and you will the requirements delivered to inside § six.2-1507 since it deems compatible.
B. The latest Percentage shall grant otherwise deny for each and every app to possess a licenses contained in this two months throughout the go out the application form, and all the required suggestions as well as the application commission, try filed unless of course that time is stretched by the buy of your own Payment you to definitely recites the reason why into extension.
Good. The new Fee shall question towards the candidate a permit and make financing according to the arrangements from the part whether it finds:
step 1. That the financial obligations, feel, profile and you can general fitness of your candidate and its particular members, elder officials, directors, and you will principals was including to help you command the latest trust of your own societal also to warrant faith that the providers will be run legally, truly, fairly and you may effortlessly for the reason for it section;
2. That the applicant keeps readily available, on operation of your company, unencumbered liquid assets of at least $25,100 for each area;
step 3. That applicant keeps complied challenging prerequisites to help you obtaining the licenses recommended of the § 6.2-1505; and you can