{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-1806.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-1806.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-1806.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-1806.html"}],"law_id":373947,"edition_id":2,"section_id":373947,"structure_id":53192,"section_number":"6.2-1806","catch_line":"Qualifications","history":"2002, c. 897, \u00a7 6.1-450; 2010, c. 794.","full_text":"A\n\nUpon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7 6.2-1803 and 6.2-1804, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the offices specified in the application if it finds:\n\n1\n\nThat the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law; and\n\n2\n\nThat the applicant has unencumbered liquid assets per office available for the operation of the business of at least $25,000.\n\nB\n\nIf the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.\n\n","order_by":null,"text":{"0":{"id":1395737,"text":"Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7 6.2-1803 and 6.2-1804, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the offices specified in the application if it finds:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1395738,"text":"That the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1395739,"text":"That the applicant has unencumbered liquid assets per office available for the operation of the business of at least $25,000.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":1395740,"text":"If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"ancestry":[{"id":53192,"edition_id":2,"name":"Short-term Loans","identifier":"18","label":"chapter","depth":3,"order_by":4,"parent_id":53187,"metadata":{"child_laws":36,"child_structures":0},"date_created":"2026-08-02 03:12:34","date_modified":"2026-08-02 12:28:08","permalink":{"id":1493237,"object_type":"structure","relational_id":53192,"identifier":"18","token":"6.2\/III\/18","url":"\/6.2\/III\/18\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53187,"edition_id":2,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":53152,"metadata":{"child_laws":332,"child_structures":12},"date_created":"2026-08-02 03:12:17","date_modified":"2026-08-02 12:28:07","permalink":{"id":1492723,"object_type":"structure","relational_id":53187,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":373941,"structure_id":53192,"section_number":"6.2-1800","catch_line":"Definitions","url":"\/6.2-1800\/","token":"6.2\/III\/18\/6.2-1800","metadata":false},{"id":373942,"structure_id":53192,"section_number":"6.2-1801","catch_line":"License requirement","url":"\/6.2-1801\/","token":"6.2\/III\/18\/6.2-1801","metadata":{"court_decisions":""}},{"id":373943,"structure_id":53192,"section_number":"6.2-1802","catch_line":"Applicability","url":"\/6.2-1802\/","token":"6.2\/III\/18\/6.2-1802","metadata":{"court_decisions":""}},{"id":373944,"structure_id":53192,"section_number":"6.2-1803","catch_line":"Application for license; form; content; fee","url":"\/6.2-1803\/","token":"6.2\/III\/18\/6.2-1803","metadata":false},{"id":373945,"structure_id":53192,"section_number":"6.2-1804","catch_line":"Bond required","url":"\/6.2-1804\/","token":"6.2\/III\/18\/6.2-1804","metadata":{"court_decisions":""}},{"id":373946,"structure_id":53192,"section_number":"6.2-1805","catch_line":"Investigation of applications","url":"\/6.2-1805\/","token":"6.2\/III\/18\/6.2-1805","metadata":false},{"id":373947,"structure_id":53192,"section_number":"6.2-1806","catch_line":"Qualifications","url":"\/6.2-1806\/","token":"6.2\/III\/18\/6.2-1806","metadata":false},{"id":373948,"structure_id":53192,"section_number":"6.2-1807","catch_line":"Licenses; places of offices; changes","url":"\/6.2-1807\/","token":"6.2\/III\/18\/6.2-1807","metadata":false},{"id":373949,"structure_id":53192,"section_number":"6.2-1808","catch_line":"Acquisition of control; application","url":"\/6.2-1808\/","token":"6.2\/III\/18\/6.2-1808","metadata":false},{"id":373950,"structure_id":53192,"section_number":"6.2-1809","catch_line":"Retention of books, accounts, and records","url":"\/6.2-1809\/","token":"6.2\/III\/18\/6.2-1809","metadata":false},{"id":373951,"structure_id":53192,"section_number":"6.2-1810","catch_line":"Loan database","url":"\/6.2-1810\/","token":"6.2\/III\/18\/6.2-1810","metadata":false},{"id":373952,"structure_id":53192,"section_number":"6.2-1811","catch_line":"Annual report","url":"\/6.2-1811\/","token":"6.2\/III\/18\/6.2-1811","metadata":false},{"id":373953,"structure_id":53192,"section_number":"6.2-1812","catch_line":"Other reporting requirements","url":"\/6.2-1812\/","token":"6.2\/III\/18\/6.2-1812","metadata":false},{"id":373954,"structure_id":53192,"section_number":"6.2-1813","catch_line":"Investigations; examinations","url":"\/6.2-1813\/","token":"6.2\/III\/18\/6.2-1813","metadata":false},{"id":373955,"structure_id":53192,"section_number":"6.2-1814","catch_line":"Annual fees","url":"\/6.2-1814\/","token":"6.2\/III\/18\/6.2-1814","metadata":false},{"id":373956,"structure_id":53192,"section_number":"6.2-1815","catch_line":"Regulations","url":"\/6.2-1815\/","token":"6.2\/III\/18\/6.2-1815","metadata":false},{"id":373958,"structure_id":53192,"section_number":"6.2-1816","catch_line":"Required and prohibited business methods","url":"\/6.2-1816\/","token":"6.2\/III\/18\/6.2-1816","metadata":{"court_decisions":{"0":{"name":"Ruby v. Cashnet, Inc.","case_number":"100287","citation":"708 S.E.2d 871","date":"2011-04-21","url":"https:\/\/www.courtlistener.com\/opinion\/1058039\/ruby-v-cashnet-inc\/","abstract":" .\u202f.\u202f. 708 S.E.2d 871 (2011) .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"}}}},{"id":373957,"structure_id":53192,"section_number":"6.2-1816.1","catch_line":"Loan terms and conditions","url":"\/6.2-1816.1\/","token":"6.2\/III\/18\/6.2-1816.1","metadata":false},{"id":373960,"structure_id":53192,"section_number":"6.2-1817","catch_line":"Authorized fees and charges","url":"\/6.2-1817\/","token":"6.2\/III\/18\/6.2-1817","metadata":false},{"id":373959,"structure_id":53192,"section_number":"6.2-1817.1","catch_line":"Inflation adjustment of maximum monthly maintenance fee","url":"\/6.2-1817.1\/","token":"6.2\/III\/18\/6.2-1817.1","metadata":false},{"id":373965,"structure_id":53192,"section_number":"6.2-1818","catch_line":"Repealed","url":"\/6.2-1818\/","token":"6.2\/III\/18\/6.2-1818","metadata":false},{"id":373961,"structure_id":53192,"section_number":"6.2-1818.1","catch_line":"Refinancing of short-term loans","url":"\/6.2-1818.1\/","token":"6.2\/III\/18\/6.2-1818.1","metadata":false},{"id":373962,"structure_id":53192,"section_number":"6.2-1818.2","catch_line":"Statement of balance due; repayment and refunds","url":"\/6.2-1818.2\/","token":"6.2\/III\/18\/6.2-1818.2","metadata":false},{"id":373963,"structure_id":53192,"section_number":"6.2-1818.3","catch_line":"Restriction on certain fees and charges","url":"\/6.2-1818.3\/","token":"6.2\/III\/18\/6.2-1818.3","metadata":false},{"id":373964,"structure_id":53192,"section_number":"6.2-1818.4","catch_line":"Verification of borrower's income","url":"\/6.2-1818.4\/","token":"6.2\/III\/18\/6.2-1818.4","metadata":false},{"id":373966,"structure_id":53192,"section_number":"6.2-1819","catch_line":"Advertising","url":"\/6.2-1819\/","token":"6.2\/III\/18\/6.2-1819","metadata":false},{"id":373967,"structure_id":53192,"section_number":"6.2-1820","catch_line":"Other business","url":"\/6.2-1820\/","token":"6.2\/III\/18\/6.2-1820","metadata":false},{"id":373968,"structure_id":53192,"section_number":"6.2-1821","catch_line":"Suspension or revocation of license","url":"\/6.2-1821\/","token":"6.2\/III\/18\/6.2-1821","metadata":false},{"id":373969,"structure_id":53192,"section_number":"6.2-1822","catch_line":"Cease and desist orders","url":"\/6.2-1822\/","token":"6.2\/III\/18\/6.2-1822","metadata":false},{"id":373970,"structure_id":53192,"section_number":"6.2-1823","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1823\/","token":"6.2\/III\/18\/6.2-1823","metadata":false},{"id":373971,"structure_id":53192,"section_number":"6.2-1824","catch_line":"Civil penalties","url":"\/6.2-1824\/","token":"6.2\/III\/18\/6.2-1824","metadata":false},{"id":373972,"structure_id":53192,"section_number":"6.2-1825","catch_line":"Criminal penalties","url":"\/6.2-1825\/","token":"6.2\/III\/18\/6.2-1825","metadata":{"court_decisions":""}},{"id":373973,"structure_id":53192,"section_number":"6.2-1826","catch_line":"Validity of noncompliant loan agreement; private right of action","url":"\/6.2-1826\/","token":"6.2\/III\/18\/6.2-1826","metadata":false},{"id":373974,"structure_id":53192,"section_number":"6.2-1827","catch_line":"Application of chapter to Internet loans","url":"\/6.2-1827\/","token":"6.2\/III\/18\/6.2-1827","metadata":false},{"id":373975,"structure_id":53192,"section_number":"6.2-1828","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-1828\/","token":"6.2\/III\/18\/6.2-1828","metadata":{"court_decisions":""}},{"id":373976,"structure_id":53192,"section_number":"6.2-1829","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-1829\/","token":"6.2\/III\/18\/6.2-1829","metadata":false}],"previous_section":{"id":373946,"structure_id":53192,"section_number":"6.2-1805","catch_line":"Investigation of applications","url":"\/6.2-1805\/","token":"6.2\/III\/18\/6.2-1805","metadata":false},"next_section":{"id":373948,"structure_id":53192,"section_number":"6.2-1807","catch_line":"Licenses; places of offices; changes","url":"\/6.2-1807\/","token":"6.2\/III\/18\/6.2-1807","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1806\/","history_text":"<p>This law was first created in 2002. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?021+ful+CHAP0897\">897<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":[{"id":373944,"section_number":"6.2-1803","catch_line":"Application for license; form; content; fee","order_by":null,"url":"\/6.2-1803\/"},{"id":373945,"section_number":"6.2-1804","catch_line":"Bond required","order_by":null,"url":"\/6.2-1804\/"}],"permalink":{"id":1493263,"object_type":"law","relational_id":373947,"identifier":"6.2-1806","token":"6.2\/III\/18\/6.2-1806","url":"\/6.2-1806\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-1806\/","token":"6.2\/III\/18\/6.2-1806","dublin_core":{"Title":"Qualifications","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1806","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7&nbsp;<a class=\"law\" title=\"Application for license; form; content; fee\" href=\"\/6.2-1803\/\">6.2-1803<\/a> and <a class=\"law\" title=\"Bond required\" href=\"\/6.2-1804\/\">6.2-1804<\/a>, the <span class=\"dictionary\">Commission<\/span> shall <span class=\"dictionary\">issue<\/span> and deliver to the applicant the license applied for to engage in business under this chapter at the offices specified in the application if it finds: <a id=\"paragraph-1395737\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1806\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> That the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and <span class=\"dictionary\">principals<\/span> are such as to warrant belief that the business will be operated efficiently and fairly, in the public <span class=\"dictionary\">interest<\/span> and in accordance with <span class=\"dictionary\">law<\/span>; and <a id=\"paragraph-1395738\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1806\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> That the applicant has unencumbered liquid <span class=\"dictionary\">assets<\/span> per office available for the operation of the business of at least $25,000. <a id=\"paragraph-1395739\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1806\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> If the <span class=\"dictionary\">Commission<\/span> fails to make such <span class=\"dictionary\">findings<\/span>, no license shall be issued and the <span class=\"dictionary\">Commissioner<\/span> shall notify the applicant of the denial and the reasons for such denial. <a id=\"paragraph-1395740\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1806\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nQUALIFICATIONS (\u00a7 6.2-1806)\n\nA. Upon the filing and investigation of an application for a license, and\ncompliance by the applicant with the provisions of \u00a7\u00a7 6.2-1803 and 6.2-1804,\nthe Commission shall issue and deliver to the applicant the license applied for\nto engage in business under this chapter at the offices specified in the\napplication if it finds:\n\n   1. That the financial responsibility, character, reputation, experience, and\n   general fitness of the applicant and its members, senior officers, directors,\n   and principals are such as to warrant belief that the business will be\n   operated efficiently and fairly, in the public interest and in accordance with\n   law; and\n\n   2. That the applicant has unencumbered liquid assets per office available for\n   the operation of the business of at least $25,000.\n\nB. If the Commission fails to make such findings, no license shall be issued and\nthe Commissioner shall notify the applicant of the denial and the reasons for\nsuch denial.\n\nHISTORY: 2002, c. 897, \u00a7 6.1-450; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}