Code of Virginia § 6.2-1800. Definitions.
291 words·~1 min read·
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As used in this chapter, unless the context requires a different meaning:
"Affiliate" means a person related to a licensee by common ownership or control, or any employee or agent of a licensee.
"Annual percentage rate" has the same meaning as in the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.) and its implementing regulations, as they may be amended from time to time. All fees and charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including interest and the monthly maintenance fees authorized under § 6.2-1817 , shall be included in the computation of the annual percentage rate.
"Check" means a draft drawn on the account of an individual at a depository institution.
"Depository institution" means a bank, savings institution, or credit union.
"Interest" means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including fees, service charges, and renewal charges, and any ancillary product sold in connection with a loan, but does not include the monthly maintenance fees, deposit item return fees, or late charges authorized under § 6.2-1817 .
"Licensee" means a person to whom a license has been issued under this chapter.
"Loan amount" means the principal amount of a loan, exclusive of fees or charges.
"Principal" means any person who, directly or indirectly, owns or controls
(i)10 percent or more of the outstanding stock of a stock corporation or
(ii)a 10 percent or greater interest in a nonstock corporation or a limited liability company.
"Short-term loan" means a loan made pursuant to this chapter.
2002, c. 897 , § 6.1-444; 2005, c. 571 ; 2010, c. 794 ; 2020, cc. 1215 , 1258 .