Password 1950, §§ 6-279, 6-281; 1956, c

Age. The fresh new conditions associated with the area shall apply at any individual, perhaps the person provides a workplace or performs team at the an area in the Commonwealth.

F. One financing produced in solution associated with part try void, and no people will feel the to collect, located, or hold one principal, attention, charge, and other costs in connection with the loan.

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.

An effective. No one doing business under the authority of every rules from this new Commonwealth otherwise of your own You relating to finance companies, offers associations, believe organizations, strengthening and you will loan relationships, industrial mortgage connectivity, or borrowing from the bank unions might be entitled to licensure under this chapter.

B. Absolutely nothing present in subsection An effective or any other section of which term is going to be construed to get rid of a part away from a financial otherwise discounts facilities of getting a beneficial licensee under that it section. An effective licensee that’s a part otherwise affiliate of a bank otherwise offers facilities is going to be influenced from the specifications on the chapter, as well as laws adopted hereunder, while the completely as if particularly licensee were not instance a part or associate.

A. The Fee should point into candidate a licenses and come up with money in accordance with the terms of this chapter if this finds:

3. Anyone doing work in accordance with the particular provisions of any other supply of this title already essentially otherwise hereafter introduced.

No licensee should have fun with a strong, corporate, otherwise presumed term that contains all terms and conditions “coupons,” “trust,” “trustee,” “bank,” “banker,” “financial,” “financial support,” “thrift,” “building,” or “industrial.”

An effective. Application to possess a licenses while making fund less than it section should be in composing, lower than oath, plus the shape recommended because of the Payment.

dos. In case the candidate is actually a collaboration or association, title and you can address of each and every spouse or person in brand new partnership otherwise association;

3. If your candidate try a firm or limited liability organization, title and you can target of each elderly officer, manager, member, inserted agent, and prominent;

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.

Good. Upon the new processing of app and commission of your own software fee, the brand new Percentage will create eg study according to the program and you will certain requirements taken to when you look at the § six.2-1507 since it deems suitable.

B. The Commission shall offer otherwise refuse per application for a licenses within two months from the date the application, also all requisite pointers therefore the app commission, was registered until that time try prolonged by order of Fee you to definitely recites the reason why to your extension.

1. Your financial responsibility, experience, profile and you can general physical fitness of your own applicant and its own professionals, elder officers, directors, and principals are such in order to command this new depend on of your public also to guarantee religion this particular business might possibly be manage legitimately, seriously, fairly and you may effectively from inside the purpose of it part;

Any organization transacted because of the anybody under the power out-of and you can because enabled from the any legislation of the Commonwealth or of your United states according to banking companies, deals institutions, faith organizations, building and you will mortgage connections, industrial loan associations, or borrowing from the bank unions;

2. Your candidate possess offered, into the operation of your organization, unencumbered quick assets of at least $twenty-five,000 per place;

step installment loans for residents of Ohio 3. That applicant features complied with all the prerequisites so you can obtaining the permit prescribed by the § six.2-1505; and you may

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