§ 6.1-363.2. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, unless the context clearly requires a differentmeaning:
"Bureau" means the Bureau of Financial Institutions.
"Commissioner" means the Commissioner of Financial Institutions.
"Consumer" means an individual who owes money to one or more creditors, forpersonal, family, or household purposes, including an individual who owesmoney jointly with one or more other individuals.
"Credit Counseling Agency" or "Agency" means any person that provides oroffers to provide to consumers credit counseling services, including debtmanagement plans.
"Credit counselor" means an employee or agent of an Agency who designs adebt management plan, provides consumer budget and basic financial planningservices, or engages in debt settlement or debt pooling on a consumer'sbehalf.
"Debt collector" means a person defined as a debt collector under 15 U.S.C.§ 1692a of the Fair Debt Collection Practices Act.
"Debt management plan" or "DMP" means a program whereby an Agency agreesto engage in debt settlement or debt pooling and distribution services onbehalf of a consumer (or multiple consumers if a joint account) with theconsumer's creditors, and under which the consumer gives money or control ofhis funds to such Agency for distribution to the consumer's creditors.
"Debt settlement" means any action or negotiation initiated or taken by oron behalf of any consumer with any creditor of the consumer for the purposeof obtaining debt forgiveness of a portion of the credit extended by thecreditor to the consumer or reduction of payments, charges, or fees payableby the consumer.
"Duplicate original" means an exact copy with signatures created by thesame impression as the original, or an exact copy bearing an originalsignature, or in the case of an electronic transaction, an electronic versionwith electronic signatures.
"Electronic signature" means a signature as defined in § 59.1-480.
"Licensee" means a person licensed under this chapter.
"Maintenance fee" means a fee paid by a consumer to an Agency forcontinuing provision of DMP services.
"Person" means any individual, firm, corporation, limited liabilitycompany, partnership, association, trust, or legal or commercial entity, orgroup of individuals however organized.
"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 person.
"Set-up fee" means a fee paid by a consumer to an Agency for theestablishment of the DMP.
§ 6.1-363.2. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, unless the context clearly requires a differentmeaning:
"Bureau" means the Bureau of Financial Institutions.
"Commissioner" means the Commissioner of Financial Institutions.
"Consumer" means an individual who owes money to one or more creditors, forpersonal, family, or household purposes, including an individual who owesmoney jointly with one or more other individuals.
"Credit Counseling Agency" or "Agency" means any person that provides oroffers to provide to consumers credit counseling services, including debtmanagement plans.
"Credit counselor" means an employee or agent of an Agency who designs adebt management plan, provides consumer budget and basic financial planningservices, or engages in debt settlement or debt pooling on a consumer'sbehalf.
"Debt collector" means a person defined as a debt collector under 15 U.S.C.§ 1692a of the Fair Debt Collection Practices Act.
"Debt management plan" or "DMP" means a program whereby an Agency agreesto engage in debt settlement or debt pooling and distribution services onbehalf of a consumer (or multiple consumers if a joint account) with theconsumer's creditors, and under which the consumer gives money or control ofhis funds to such Agency for distribution to the consumer's creditors.
"Debt settlement" means any action or negotiation initiated or taken by oron behalf of any consumer with any creditor of the consumer for the purposeof obtaining debt forgiveness of a portion of the credit extended by thecreditor to the consumer or reduction of payments, charges, or fees payableby the consumer.
"Duplicate original" means an exact copy with signatures created by thesame impression as the original, or an exact copy bearing an originalsignature, or in the case of an electronic transaction, an electronic versionwith electronic signatures.
"Electronic signature" means a signature as defined in § 59.1-480.
"Licensee" means a person licensed under this chapter.
"Maintenance fee" means a fee paid by a consumer to an Agency forcontinuing provision of DMP services.
"Person" means any individual, firm, corporation, limited liabilitycompany, partnership, association, trust, or legal or commercial entity, orgroup of individuals however organized.
"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 person.
"Set-up fee" means a fee paid by a consumer to an Agency for theestablishment of the DMP.
§ 6.1-363.2. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, unless the context clearly requires a differentmeaning:
"Bureau" means the Bureau of Financial Institutions.
"Commissioner" means the Commissioner of Financial Institutions.
"Consumer" means an individual who owes money to one or more creditors, forpersonal, family, or household purposes, including an individual who owesmoney jointly with one or more other individuals.
"Credit Counseling Agency" or "Agency" means any person that provides oroffers to provide to consumers credit counseling services, including debtmanagement plans.
"Credit counselor" means an employee or agent of an Agency who designs adebt management plan, provides consumer budget and basic financial planningservices, or engages in debt settlement or debt pooling on a consumer'sbehalf.
"Debt collector" means a person defined as a debt collector under 15 U.S.C.§ 1692a of the Fair Debt Collection Practices Act.
"Debt management plan" or "DMP" means a program whereby an Agency agreesto engage in debt settlement or debt pooling and distribution services onbehalf of a consumer (or multiple consumers if a joint account) with theconsumer's creditors, and under which the consumer gives money or control ofhis funds to such Agency for distribution to the consumer's creditors.
"Debt settlement" means any action or negotiation initiated or taken by oron behalf of any consumer with any creditor of the consumer for the purposeof obtaining debt forgiveness of a portion of the credit extended by thecreditor to the consumer or reduction of payments, charges, or fees payableby the consumer.
"Duplicate original" means an exact copy with signatures created by thesame impression as the original, or an exact copy bearing an originalsignature, or in the case of an electronic transaction, an electronic versionwith electronic signatures.
"Electronic signature" means a signature as defined in § 59.1-480.
"Licensee" means a person licensed under this chapter.
"Maintenance fee" means a fee paid by a consumer to an Agency forcontinuing provision of DMP services.
"Person" means any individual, firm, corporation, limited liabilitycompany, partnership, association, trust, or legal or commercial entity, orgroup of individuals however organized.
"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 person.
"Set-up fee" means a fee paid by a consumer to an Agency for theestablishment of the DMP.
