Virginia HB 1265: Consumer finance companies; loans, licensing.

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Bill Tracking - 2020 session > Legislation 

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2020 SESSION

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20103299D

HOUSE BILL NO. 1265 

Offered January 8, 2020 

Prefiled January 8, 2020 

A BILL to amend and reenact �� 6.2-1507, 6.2-1520, and 
 6.2-1523 of the Code of Virginia, relating to consumer finance companies; 
 loans; licensing. 
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Patron-- Carroll Foy 

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Referred to Committee on Labor and Commerce 

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Be it enacted by the General Assembly of Virginia:

1. That �� 6.2-1507, 6.2-1520, and 6.2-1523 of the Code of 
 Virginia are amended and reenacted as follows:

� 6.2-1507. Issuance of license.

A. The Commission shall issue and deliver to the applicant a 
 license to make loans in accordance with the provisions of this chapter at the 
 location in the Commonwealth specified in the application if it finds:

1. That the financial responsibility, experience, character 
 and general fitness of the applicant and its members, senior officers, 
 directors, and principals are such as to command the confidence of the public 
 and to warrant belief that this business will be operated lawfully, honestly, 
 fairly and efficiently within the purpose of this chapter;

2. That the applicant has available, for the operation of the 
 business at the specified location, liquid assets of at least $50,000 if the 
 specified location is in a locality with a population of more than 20,000, or 
 of at least $25,000 if the location is not in a locality with a population of 
 more than 20,000; and

3. That the applicant has complied with all of the 
 prerequisites to obtaining the license prescribed by � 6.2-1505; and

4. That the applicant will not make loans 
 in accordance with the provisions of this chapter at the same location at which 
 the applicant conducts business 
 under either Chapter 18 (� 6.2-1800 et seq.) or Chapter 22 (� 
 6.2-2200 et seq.).

If the Commission fails to make the findings required by 
 subdivisions 1, 2, and 3, and 4, it shall deny the 
 application for a license.

B. Notwithstanding the provisions of subsection A, if the 
 applicant has an existing license at another location in the Commonwealth, the 
 Commission shall issue and deliver to the applicant a license to make loans in 
 accordance with the provisions of this chapter at the location specified in the 
 application if it finds:

1. That the general fitness of the licensee is such as to 
 command the confidence of the public and to warrant belief that this business 
 will be operated lawfully, honestly, fairly and efficiently within the purpose 
 of this chapter; and

2. That the applicant has complied with all of the 
 prerequisites to obtaining the license prescribed by � 6.2-1505; and

3. That the applicant will not make 
 loans in accordance with the provisions of this chapter at the same location at 
 which the applicant conducts business under either Chapter 18 (� 6.2-1800 et 
 seq.) or Chapter 22 (� 6.2-2200 et seq.).

If the Commission fails to make the findings require