{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-2206.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-2206.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-2206.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-2206.html"}],"law_id":374112,"edition_id":2,"section_id":374112,"structure_id":53201,"section_number":"6.2-2206","catch_line":"Qualifications","history":"2010, c. 477, \u00a7 6.1-486.","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 6.2-2203 and 6.2-2204, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the locations 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, 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; and\n\n2\n\nThat the applicant has unencumbered liquid assets per location available for the operation of the business of at least $75,000.\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":1396584,"text":"Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7 6.2-2203 and 6.2-2204, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the locations 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":1396585,"text":"That 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; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1396586,"text":"That the applicant has unencumbered liquid assets per location available for the operation of the business of at least $75,000.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":1396587,"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":53201,"edition_id":2,"name":"Motor Vehicle Title Loans","identifier":"22","label":"chapter","depth":3,"order_by":9,"parent_id":53187,"metadata":{"child_laws":35,"child_structures":0},"date_created":"2026-08-02 03:12:53","date_modified":"2026-08-02 12:28:09","permalink":{"id":1493889,"object_type":"structure","relational_id":53201,"identifier":"22","token":"6.2\/III\/22","url":"\/6.2\/III\/22\/","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":374106,"structure_id":53201,"section_number":"6.2-2200","catch_line":"Definitions","url":"\/6.2-2200\/","token":"6.2\/III\/22\/6.2-2200","metadata":false},{"id":374107,"structure_id":53201,"section_number":"6.2-2201","catch_line":"License required","url":"\/6.2-2201\/","token":"6.2\/III\/22\/6.2-2201","metadata":false},{"id":374108,"structure_id":53201,"section_number":"6.2-2202","catch_line":"Scope of chapter","url":"\/6.2-2202\/","token":"6.2\/III\/22\/6.2-2202","metadata":false},{"id":374109,"structure_id":53201,"section_number":"6.2-2203","catch_line":"Application for license; form; content; fee","url":"\/6.2-2203\/","token":"6.2\/III\/22\/6.2-2203","metadata":false},{"id":374110,"structure_id":53201,"section_number":"6.2-2204","catch_line":"Bond required","url":"\/6.2-2204\/","token":"6.2\/III\/22\/6.2-2204","metadata":false},{"id":374111,"structure_id":53201,"section_number":"6.2-2205","catch_line":"Investigation of applications","url":"\/6.2-2205\/","token":"6.2\/III\/22\/6.2-2205","metadata":false},{"id":374112,"structure_id":53201,"section_number":"6.2-2206","catch_line":"Qualifications","url":"\/6.2-2206\/","token":"6.2\/III\/22\/6.2-2206","metadata":false},{"id":374113,"structure_id":53201,"section_number":"6.2-2207","catch_line":"Licenses; places of business; changes","url":"\/6.2-2207\/","token":"6.2\/III\/22\/6.2-2207","metadata":false},{"id":374114,"structure_id":53201,"section_number":"6.2-2208","catch_line":"Acquisition of control; application","url":"\/6.2-2208\/","token":"6.2\/III\/22\/6.2-2208","metadata":false},{"id":374115,"structure_id":53201,"section_number":"6.2-2209","catch_line":"Retention of books, accounts, and records","url":"\/6.2-2209\/","token":"6.2\/III\/22\/6.2-2209","metadata":{"court_decisions":""}},{"id":374116,"structure_id":53201,"section_number":"6.2-2210","catch_line":"Annual report","url":"\/6.2-2210\/","token":"6.2\/III\/22\/6.2-2210","metadata":false},{"id":374117,"structure_id":53201,"section_number":"6.2-2211","catch_line":"Other reporting requirements","url":"\/6.2-2211\/","token":"6.2\/III\/22\/6.2-2211","metadata":{"court_decisions":""}},{"id":374118,"structure_id":53201,"section_number":"6.2-2212","catch_line":"Investigations; examinations","url":"\/6.2-2212\/","token":"6.2\/III\/22\/6.2-2212","metadata":false},{"id":374119,"structure_id":53201,"section_number":"6.2-2213","catch_line":"Annual fees","url":"\/6.2-2213\/","token":"6.2\/III\/22\/6.2-2213","metadata":false},{"id":374120,"structure_id":53201,"section_number":"6.2-2214","catch_line":"Regulations","url":"\/6.2-2214\/","token":"6.2\/III\/22\/6.2-2214","metadata":false},{"id":374122,"structure_id":53201,"section_number":"6.2-2215","catch_line":"Required and prohibited business methods","url":"\/6.2-2215\/","token":"6.2\/III\/22\/6.2-2215","metadata":{"court_decisions":""}},{"id":374121,"structure_id":53201,"section_number":"6.2-2215.1","catch_line":"Loan terms and conditions","url":"\/6.2-2215.1\/","token":"6.2\/III\/22\/6.2-2215.1","metadata":false},{"id":374128,"structure_id":53201,"section_number":"6.2-2216","catch_line":"Authorized fees and charges","url":"\/6.2-2216\/","token":"6.2\/III\/22\/6.2-2216","metadata":false},{"id":374123,"structure_id":53201,"section_number":"6.2-2216.1","catch_line":"Inflation adjustment of maximum monthly maintenance fee","url":"\/6.2-2216.1\/","token":"6.2\/III\/22\/6.2-2216.1","metadata":false},{"id":374124,"structure_id":53201,"section_number":"6.2-2216.2","catch_line":"Refinancing of motor vehicle title loan","url":"\/6.2-2216.2\/","token":"6.2\/III\/22\/6.2-2216.2","metadata":false},{"id":374125,"structure_id":53201,"section_number":"6.2-2216.3","catch_line":"Statement of balance due; repayment and refunds","url":"\/6.2-2216.3\/","token":"6.2\/III\/22\/6.2-2216.3","metadata":false},{"id":374126,"structure_id":53201,"section_number":"6.2-2216.4","catch_line":"Restriction on certain fees and charges","url":"\/6.2-2216.4\/","token":"6.2\/III\/22\/6.2-2216.4","metadata":{"court_decisions":""}},{"id":374127,"structure_id":53201,"section_number":"6.2-2216.5","catch_line":"Verification of borrower's income","url":"\/6.2-2216.5\/","token":"6.2\/III\/22\/6.2-2216.5","metadata":false},{"id":374129,"structure_id":53201,"section_number":"6.2-2217","catch_line":"Limited recourse; repossession and sale of motor vehicle","url":"\/6.2-2217\/","token":"6.2\/III\/22\/6.2-2217","metadata":false},{"id":374131,"structure_id":53201,"section_number":"6.2-2218","catch_line":"Advertising","url":"\/6.2-2218\/","token":"6.2\/III\/22\/6.2-2218","metadata":false},{"id":374130,"structure_id":53201,"section_number":"6.2-2218.1","catch_line":"Other business","url":"\/6.2-2218.1\/","token":"6.2\/III\/22\/6.2-2218.1","metadata":{"court_decisions":""}},{"id":374132,"structure_id":53201,"section_number":"6.2-2219","catch_line":"Suspension or revocation of license","url":"\/6.2-2219\/","token":"6.2\/III\/22\/6.2-2219","metadata":false},{"id":374133,"structure_id":53201,"section_number":"6.2-2220","catch_line":"Cease and desist orders","url":"\/6.2-2220\/","token":"6.2\/III\/22\/6.2-2220","metadata":false},{"id":374134,"structure_id":53201,"section_number":"6.2-2221","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-2221\/","token":"6.2\/III\/22\/6.2-2221","metadata":false},{"id":374135,"structure_id":53201,"section_number":"6.2-2222","catch_line":"Fines for violations","url":"\/6.2-2222\/","token":"6.2\/III\/22\/6.2-2222","metadata":false},{"id":374136,"structure_id":53201,"section_number":"6.2-2223","catch_line":"Criminal penalty","url":"\/6.2-2223\/","token":"6.2\/III\/22\/6.2-2223","metadata":false},{"id":374137,"structure_id":53201,"section_number":"6.2-2224","catch_line":"Validity of noncompliant loan agreement; private right of action","url":"\/6.2-2224\/","token":"6.2\/III\/22\/6.2-2224","metadata":false},{"id":374138,"structure_id":53201,"section_number":"6.2-2225","catch_line":"Application of chapter to Internet loans","url":"\/6.2-2225\/","token":"6.2\/III\/22\/6.2-2225","metadata":false},{"id":374139,"structure_id":53201,"section_number":"6.2-2226","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-2226\/","token":"6.2\/III\/22\/6.2-2226","metadata":false},{"id":374140,"structure_id":53201,"section_number":"6.2-2227","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-2227\/","token":"6.2\/III\/22\/6.2-2227","metadata":false}],"previous_section":{"id":374111,"structure_id":53201,"section_number":"6.2-2205","catch_line":"Investigation of applications","url":"\/6.2-2205\/","token":"6.2\/III\/22\/6.2-2205","metadata":false},"next_section":{"id":374113,"structure_id":53201,"section_number":"6.2-2207","catch_line":"Licenses; places of business; changes","url":"\/6.2-2207\/","token":"6.2\/III\/22\/6.2-2207","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2206\/","history_text":"<p>This law was first created in 2010. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0477\">477<\/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":374109,"section_number":"6.2-2203","catch_line":"Application for license; form; content; fee","order_by":null,"url":"\/6.2-2203\/"},{"id":374110,"section_number":"6.2-2204","catch_line":"Bond required","order_by":null,"url":"\/6.2-2204\/"}],"permalink":{"id":1493915,"object_type":"law","relational_id":374112,"identifier":"6.2-2206","token":"6.2\/III\/22\/6.2-2206","url":"\/6.2-2206\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-2206\/","token":"6.2\/III\/22\/6.2-2206","dublin_core":{"Title":"Qualifications","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2206","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=\"\/6.2-2203\/\">6.2-2203<\/a> and <a class=\"law\" title=\"Bond required\" href=\"\/6.2-2204\/\">6.2-2204<\/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 locations specified in the application if it finds: <a id=\"paragraph-1396584\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2206\/#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, trustees, 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-1396585\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2206\/#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 location available for the operation of the business of at least $75,000. <a id=\"paragraph-1396586\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2206\/#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-1396587\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2206\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nQUALIFICATIONS (\u00a7 6.2-2206)\n\nA. Upon the filing and investigation of an application for a license, and\ncompliance by the applicant with the provisions of \u00a7\u00a7 6.2-2203 and 6.2-2204,\nthe Commission shall issue and deliver to the applicant the license applied for\nto engage in business under this chapter at the locations 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   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; and\n\n   2. That the applicant has unencumbered liquid assets per location available\n   for the operation of the business of at least $75,000.\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: 2010, c. 477, \u00a7 6.1-486.","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"}}