A. It shall be unlawful for any credit services business to offer, advertise,or execute or cause to be executed by a consumer any contract in thisCommonwealth unless the credit services business at the time of the offer,advertisement, sale or execution of a contract has been properly registeredwith the Commissioner. The Commissioner may charge the credit servicesbusiness a reasonable fee not exceeding $100 to cover the costs of filing.
B. The registration shall contain (i) the name and address of the creditservices business, (ii) the name and address of the registered agentauthorized to accept service of process on behalf of the credit servicesbusiness, (iii) the name and address of any person who directly or indirectlyowns or controls a ten percent or greater interest in the credit servicesbusiness, and (iv) the name and address of the surety company that issued abond pursuant to § 59.1-335.4 or the name and address of the bank that issueda letter of credit pursuant to § 59.1-335.4. The registration statementshall also contain either a full and complete disclosure of any litigation orunresolved complaint filed within the preceding five years with agovernmental authority of the Commonwealth, any other state or the UnitedStates relating to the operation of the credit services business, or anotarized statement that there has been no litigation or unresolved complaintfiled within the preceding five years with the governmental authority of theCommonwealth, any other state or the United States relating to the operationof the credit services business.
C. The credit services business shall attach to the registration statement acopy of (i) the information statement required under § 59.1-335.6, (ii) acopy of the contract which the credit services business intends to executewith its consumers, and (iii) evidence of the bond or trust account requiredunder § 59.1-335.4.
D. The credit services business shall update the registration statementrequired under this section not later than ninety days after the date fromwhich a change in the information required in the statement occurs.
E. Each credit services business registering under this section shallmaintain a copy of the registration statement in its files. The creditservices business shall allow a buyer to inspect the registration statementon request.
A. It shall be unlawful for any credit services business to offer, advertise,or execute or cause to be executed by a consumer any contract in thisCommonwealth unless the credit services business at the time of the offer,advertisement, sale or execution of a contract has been properly registeredwith the Commissioner. The Commissioner may charge the credit servicesbusiness a reasonable fee not exceeding $100 to cover the costs of filing.
B. The registration shall contain (i) the name and address of the creditservices business, (ii) the name and address of the registered agentauthorized to accept service of process on behalf of the credit servicesbusiness, (iii) the name and address of any person who directly or indirectlyowns or controls a ten percent or greater interest in the credit servicesbusiness, and (iv) the name and address of the surety company that issued abond pursuant to § 59.1-335.4 or the name and address of the bank that issueda letter of credit pursuant to § 59.1-335.4. The registration statementshall also contain either a full and complete disclosure of any litigation orunresolved complaint filed within the preceding five years with agovernmental authority of the Commonwealth, any other state or the UnitedStates relating to the operation of the credit services business, or anotarized statement that there has been no litigation or unresolved complaintfiled within the preceding five years with the governmental authority of theCommonwealth, any other state or the United States relating to the operationof the credit services business.
C. The credit services business shall attach to the registration statement acopy of (i) the information statement required under § 59.1-335.6, (ii) acopy of the contract which the credit services business intends to executewith its consumers, and (iii) evidence of the bond or trust account requiredunder § 59.1-335.4.
D. The credit services business shall update the registration statementrequired under this section not later than ninety days after the date fromwhich a change in the information required in the statement occurs.
E. Each credit services business registering under this section shallmaintain a copy of the registration statement in its files. The creditservices business shall allow a buyer to inspect the registration statementon request.
A. It shall be unlawful for any credit services business to offer, advertise,or execute or cause to be executed by a consumer any contract in thisCommonwealth unless the credit services business at the time of the offer,advertisement, sale or execution of a contract has been properly registeredwith the Commissioner. The Commissioner may charge the credit servicesbusiness a reasonable fee not exceeding $100 to cover the costs of filing.
B. The registration shall contain (i) the name and address of the creditservices business, (ii) the name and address of the registered agentauthorized to accept service of process on behalf of the credit servicesbusiness, (iii) the name and address of any person who directly or indirectlyowns or controls a ten percent or greater interest in the credit servicesbusiness, and (iv) the name and address of the surety company that issued abond pursuant to § 59.1-335.4 or the name and address of the bank that issueda letter of credit pursuant to § 59.1-335.4. The registration statementshall also contain either a full and complete disclosure of any litigation orunresolved complaint filed within the preceding five years with agovernmental authority of the Commonwealth, any other state or the UnitedStates relating to the operation of the credit services business, or anotarized statement that there has been no litigation or unresolved complaintfiled within the preceding five years with the governmental authority of theCommonwealth, any other state or the United States relating to the operationof the credit services business.
C. The credit services business shall attach to the registration statement acopy of (i) the information statement required under § 59.1-335.6, (ii) acopy of the contract which the credit services business intends to executewith its consumers, and (iii) evidence of the bond or trust account requiredunder § 59.1-335.4.
D. The credit services business shall update the registration statementrequired under this section not later than ninety days after the date fromwhich a change in the information required in the statement occurs.
E. Each credit services business registering under this section shallmaintain a copy of the registration statement in its files. The creditservices business shall allow a buyer to inspect the registration statementon request.
