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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 10. Finance and Financial Institutions |
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Agency 5. State Corporation Commission |
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Chapter 200. Payday Lending |
Section 10. Definitions
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A. The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise:
"Act" means Chapter 18 (§ 6.2-1800 et seq.) of Title 6.2 of the Code of Virginia.
"Bureau" means the Bureau of Financial Institutions.
"Business day" for purposes of clause 1 (vi) of § 6.2-1816 of the Code of Virginia and this chapter means a day on which the licensee's office is open for business as posted as required by subsection A of 10VAC5-200-70.
"Commission" means the State Corporation Commission.
"Duplicate original" for purposes of subdivision 2 of § 6.2-1816 of the Code of Virginia and this chapter means an exact copy of a signed original, an exact copy with signatures created by the same impression as the original, or an exact copy bearing an original signature.
"Good funds instrument" for purposes of clause 1 (vi) of § 6.2-1816 of the Code of Virginia and this chapter means a certified check, cashier's check, money order or, if the licensee is equipped to handle such payments, payment effected by use of a credit card, prepaid card, or debit card.
"Liquid assets" for purposes of the Act and this chapter means cash on hand and in depository institutions, money market funds, commercial paper, and treasury bills.
"Member of the military services of the United States" for purposes of the Act and this chapter means a regular or reserve member of the United States Army, Navy, Marine Corps, Air Force, Coast Guard, or National Guard serving on active duty under a call or order that does not specify a period of 30 days or fewer.
"Other dependent of a member of the military services of the United States" for purposes of the Act and this chapter means (i) an individual under the age of 18 whose mother or father is a member of the military services of the United States or (ii) an individual for whom a member of the military services of the United States provided more than one-half of the individual's financial support for 180 days immediately preceding the date the individual applied for a payday loan.
"Prepaid card" for purposes of the Act and this chapter means a card with a network logo (e.g., Visa, MasterCard, American Express, or Discover) that is used by a cardholder to access money that has been loaded onto the card in advance.
"Short-maturity loan," as used in the definition of "payday loan" in § 6.2-1800 of the Code of Virginia, means a loan with a term not exceeding 120 days.
"Small," as used in the definition of "payday loan" in § 6.2-1800 of the Code of Virginia, means $2,500 or less.
B. Other terms used in this chapter shall have the meaning set forth in § 6.2-1800.
Historical Notes
Derived from Volume 18, Issue 24, eff. July 22, 2002; amended, Virginia Register Volume 25, Issue 04, eff. January 1, 2009; Volume 28, Issue 20, eff. June 1, 2012; Volume 30, Issue 17, eff. May 1, 2014.