{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-2031.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-2031.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-2031.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-2031.html"}],"law_id":374072,"edition_id":2,"section_id":374072,"structure_id":53199,"section_number":"6.2-2031","catch_line":"Qualifications","history":"2020, c. 785.","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 6.2-2028 and 6.2-2029, the Commission shall issue and deliver to the applicant the license to engage in business under this chapter at the locations specified in the application if it finds that:\n\n1\n\nThe financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, 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;\n\n2\n\nThe applicant has made acceptable provision for the avoidance of conflicts of interest;\n\n3\n\nThe applicant’s credit counselors are certified through a bona fide third-party certification provider unaffiliated with the applicant that authenticates the competence of counselors providing consumer assistance;\n\n4\n\nNo more than one-third of the board of directors or managing members are employees, officers, members, principals, trustees, directors, agents, or other representatives of organizations that grant credit to consumers;\n\n5\n\nThe applicant has fidelity bond coverage in such principal amount as may be determined by the Commission; and\n\n6\n\nThe applicant (i) is not the subject of any current material administrative or regulatory proceedings by any governmental authority and (ii) has not received a material adverse determination in any past administrative or regulatory proceedings by any governmental authority.\n\nB\n\nFor purposes of subdivision A 6, the Commission shall have sole discretion to determine the materiality of any proceedings or determinations.\n\nC\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\nD\n\nA license shall not be issued to a collection agency, or to any creditor or association of creditors, or to any credit-granting organization or association of such organizations.\n\n","order_by":null,"text":{"0":{"id":1396429,"text":"Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7 6.2-2028 and 6.2-2029, the Commission shall issue and deliver to the applicant the license to engage in business under this chapter at the locations specified in the application if it finds that:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1396430,"text":"The financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, 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;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1396431,"text":"The applicant has made acceptable provision for the avoidance of conflicts of interest;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":1396432,"text":"The applicant’s credit counselors are certified through a bona fide third-party certification provider unaffiliated with the applicant that authenticates the competence of counselors providing consumer assistance;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":1396433,"text":"No more than one-third of the board of directors or managing members are employees, officers, members, principals, trustees, directors, agents, or other representatives of organizations that grant credit to consumers;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":1396434,"text":"The applicant has fidelity bond coverage in such principal amount as may be determined by the Commission; and","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":1396435,"text":"The applicant (i) is not the subject of any current material administrative or regulatory proceedings by any governmental authority and (ii) has not received a material adverse determination in any past administrative or regulatory proceedings by any governmental authority.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":1396436,"text":"For purposes of subdivision A 6, the Commission shall have sole discretion to determine the materiality of any proceedings or determinations.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"C"},"8":{"id":1396437,"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":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"9":{"id":1396438,"text":"A license shall not be issued to a collection agency, or to any creditor or association of creditors, or to any credit-granting organization or association of such organizations.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":53199,"edition_id":2,"name":"Debt Settlement Services Providers","identifier":"20.1","label":"chapter","depth":3,"order_by":8,"parent_id":53187,"metadata":{"child_laws":25,"child_structures":0},"date_created":"2026-08-02 03:12:48","date_modified":"2026-08-02 12:28:08","permalink":{"id":1493733,"object_type":"structure","relational_id":53199,"identifier":"20.1","token":"6.2\/III\/20.1","url":"\/6.2\/III\/20.1\/","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":374066,"structure_id":53199,"section_number":"6.2-2026","catch_line":"Definitions","url":"\/6.2-2026\/","token":"6.2\/III\/20.1\/6.2-2026","metadata":false},{"id":374067,"structure_id":53199,"section_number":"6.2-2027","catch_line":"License requirement; exceptions","url":"\/6.2-2027\/","token":"6.2\/III\/20.1\/6.2-2027","metadata":false},{"id":374068,"structure_id":53199,"section_number":"6.2-2028","catch_line":"Application for license; form; content; fee","url":"\/6.2-2028\/","token":"6.2\/III\/20.1\/6.2-2028","metadata":false},{"id":374069,"structure_id":53199,"section_number":"6.2-2029","catch_line":"Bond required","url":"\/6.2-2029\/","token":"6.2\/III\/20.1\/6.2-2029","metadata":false},{"id":374071,"structure_id":53199,"section_number":"6.2-2030","catch_line":"Investigation of applications","url":"\/6.2-2030\/","token":"6.2\/III\/20.1\/6.2-2030","metadata":false},{"id":374072,"structure_id":53199,"section_number":"6.2-2031","catch_line":"Qualifications","url":"\/6.2-2031\/","token":"6.2\/III\/20.1\/6.2-2031","metadata":false},{"id":374073,"structure_id":53199,"section_number":"6.2-2032","catch_line":"Licenses; places of business; changes","url":"\/6.2-2032\/","token":"6.2\/III\/20.1\/6.2-2032","metadata":false},{"id":374074,"structure_id":53199,"section_number":"6.2-2033","catch_line":"Acquisition of control; application","url":"\/6.2-2033\/","token":"6.2\/III\/20.1\/6.2-2033","metadata":false},{"id":374075,"structure_id":53199,"section_number":"6.2-2034","catch_line":"Retention of books, accounts, and records; responding to Bureau","url":"\/6.2-2034\/","token":"6.2\/III\/20.1\/6.2-2034","metadata":false},{"id":374076,"structure_id":53199,"section_number":"6.2-2035","catch_line":"Annual report","url":"\/6.2-2035\/","token":"6.2\/III\/20.1\/6.2-2035","metadata":false},{"id":374077,"structure_id":53199,"section_number":"6.2-2036","catch_line":"Other reporting requirements","url":"\/6.2-2036\/","token":"6.2\/III\/20.1\/6.2-2036","metadata":false},{"id":374078,"structure_id":53199,"section_number":"6.2-2037","catch_line":"Investigations; examinations","url":"\/6.2-2037\/","token":"6.2\/III\/20.1\/6.2-2037","metadata":false},{"id":374079,"structure_id":53199,"section_number":"6.2-2038","catch_line":"Annual fees","url":"\/6.2-2038\/","token":"6.2\/III\/20.1\/6.2-2038","metadata":{"court_decisions":""}},{"id":374080,"structure_id":53199,"section_number":"6.2-2039","catch_line":"Regulations","url":"\/6.2-2039\/","token":"6.2\/III\/20.1\/6.2-2039","metadata":false},{"id":374082,"structure_id":53199,"section_number":"6.2-2040","catch_line":"Licensees providing debt settlement services; prohibited and required business methods","url":"\/6.2-2040\/","token":"6.2\/III\/20.1\/6.2-2040","metadata":false},{"id":374083,"structure_id":53199,"section_number":"6.2-2041","catch_line":"Fee","url":"\/6.2-2041\/","token":"6.2\/III\/20.1\/6.2-2041","metadata":{"court_decisions":""}},{"id":374084,"structure_id":53199,"section_number":"6.2-2042","catch_line":"Advertising","url":"\/6.2-2042\/","token":"6.2\/III\/20.1\/6.2-2042","metadata":false},{"id":374085,"structure_id":53199,"section_number":"6.2-2043","catch_line":"Suspension or revocation of license","url":"\/6.2-2043\/","token":"6.2\/III\/20.1\/6.2-2043","metadata":false},{"id":374086,"structure_id":53199,"section_number":"6.2-2044","catch_line":"Cease and desist orders","url":"\/6.2-2044\/","token":"6.2\/III\/20.1\/6.2-2044","metadata":false},{"id":374087,"structure_id":53199,"section_number":"6.2-2045","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-2045\/","token":"6.2\/III\/20.1\/6.2-2045","metadata":false},{"id":374088,"structure_id":53199,"section_number":"6.2-2046","catch_line":"Civil penalties","url":"\/6.2-2046\/","token":"6.2\/III\/20.1\/6.2-2046","metadata":false},{"id":374089,"structure_id":53199,"section_number":"6.2-2047","catch_line":"Criminal penalty","url":"\/6.2-2047\/","token":"6.2\/III\/20.1\/6.2-2047","metadata":false},{"id":374090,"structure_id":53199,"section_number":"6.2-2048","catch_line":"Private right of action","url":"\/6.2-2048\/","token":"6.2\/III\/20.1\/6.2-2048","metadata":false},{"id":374091,"structure_id":53199,"section_number":"6.2-2049","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-2049\/","token":"6.2\/III\/20.1\/6.2-2049","metadata":false},{"id":374092,"structure_id":53199,"section_number":"6.2-2050","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-2050\/","token":"6.2\/III\/20.1\/6.2-2050","metadata":false}],"previous_section":{"id":374071,"structure_id":53199,"section_number":"6.2-2030","catch_line":"Investigation of applications","url":"\/6.2-2030\/","token":"6.2\/III\/20.1\/6.2-2030","metadata":false},"next_section":{"id":374073,"structure_id":53199,"section_number":"6.2-2032","catch_line":"Licenses; places of business; changes","url":"\/6.2-2032\/","token":"6.2\/III\/20.1\/6.2-2032","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2031\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapter 785<\/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.<\/p>","references":false,"refers_to":[{"id":374068,"section_number":"6.2-2028","catch_line":"Application for license; form; content; fee","order_by":null,"url":"\/6.2-2028\/"},{"id":374069,"section_number":"6.2-2029","catch_line":"Bond required","order_by":null,"url":"\/6.2-2029\/"}],"permalink":{"id":1493755,"object_type":"law","relational_id":374072,"identifier":"6.2-2031","token":"6.2\/III\/20.1\/6.2-2031","url":"\/6.2-2031\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-2031\/","token":"6.2\/III\/20.1\/6.2-2031","dublin_core":{"Title":"Qualifications","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2031","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7 6.2-2028<\/a> and 6.2-2029<\/a>, the Commission<\/span> shall issue<\/span> and deliver to the applicant the license to engage in business under this chapter at the locations specified in the application if it finds that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, and principals<\/span> are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The applicant has made acceptable provision for the avoidance of conflicts of interest; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The applicant’s credit counselors<\/span> are certified through a bona fide third-party<\/span> certification provider unaffiliated with the applicant that authenticates the competence of counselors providing consumer<\/span> assistance; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> No more than one-third of the board of directors or managing members are employees, officers, members, principals<\/span>, trustees, directors, agents, or other representatives of organizations that grant credit to consumers<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The applicant has fidelity bond<\/span> coverage in such principal<\/span> amount as may be determined by the Commission<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The applicant (i) is not the subject of any current material<\/span> administrative or regulatory proceedings by any governmental authority and (ii) has not received a material<\/span> adverse determination in any past administrative or regulatory proceedings by any governmental authority. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For purposes of subdivision A 6, the Commission<\/span> shall have sole discretion to determine the materiality of any proceedings or determinations. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If the Commission<\/span> fails to make such findings<\/span>, no license shall be issued and the Commissioner<\/span> shall notify the applicant of the denial and the reasons for such denial. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A license shall not be issued to a collection agency, or to any creditor<\/span> or association of creditors<\/span>, or to any credit-granting organization<\/span> or association of such organizations. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nQUALIFICATIONS (\u00a7 6.2-2031)\n\nA. Upon the filing and investigation of an application for a license, and\ncompliance by the applicant with the provisions of \u00a7\u00a7 6.2-2028 and 6.2-2029,\nthe Commission shall issue and deliver to the applicant the license to engage in\nbusiness under this chapter at the locations specified in the application if it\nfinds that:\n\n 1. The financial responsibility, character, reputation, experience, and\n general fitness of the applicant and its members, senior officers, directors,\n trustees, and principals are such as to warrant belief that the business will\n be operated efficiently and fairly, in the public interest, and in accordance\n with law;\n\n 2. The applicant has made acceptable provision for the avoidance of conflicts\n of interest;\n\n 3. The applicant’s credit counselors are certified through a bona fide\n third-party certification provider unaffiliated with the applicant that\n authenticates the competence of counselors providing consumer assistance;\n\n 4. No more than one-third of the board of directors or managing members are\n employees, officers, members, principals, trustees, directors, agents, or\n other representatives of organizations that grant credit to consumers;\n\n 5. The applicant has fidelity bond coverage in such principal amount as may be\n determined by the Commission; and\n\n 6. The applicant (i) is not the subject of any current material administrative\n or regulatory proceedings by any governmental authority and (ii) has not\n received a material adverse determination in any past administrative or\n regulatory proceedings by any governmental authority.\n\nB. For purposes of subdivision A 6, the Commission shall have sole discretion to\ndetermine the materiality of any proceedings or determinations.\n\nC. 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\nD. A license shall not be issued to a collection agency, or to any creditor or\nassociation of creditors, or to any credit-granting organization or association\nof such organizations.\n\nHISTORY: 2020, c. 785.","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"}}