§ 6.1-363.3. (Repealed effective October 1, 2010) License requirement;exceptions.
A. No person shall engage in the business of providing or offering to providea DMP to any consumer residing in the Commonwealth, whether or not the personhas a location in the Commonwealth, unless such person obtains from theCommission a license issued pursuant to this chapter. However, the provisionsof this chapter shall not apply to a person licensed to practice law in theCommonwealth.
B. This chapter shall be construed by the Commission to promote soundpersonal financial advice and management, and protect against financial lossresidents of the Commonwealth who place money or control of their funds orcredit into the custody of an Agency for transmission to such residents'creditors, regardless of whether the Agency has any office, facility, agent,or other physical presence in the Commonwealth.
C. An Agency operating under a license previously issued by the Commissionunder former Chapter 10.1 (§ 6.1-363.1) of this title may continue to operatein the Commonwealth pursuant to such license; provided, however, that suchlicense shall automatically terminate on the earliest of the following: (i)the date the Commission issues a license to the Agency under this chapter;(ii) the date the Commission denies an application for a license under thischapter, unless such Agency reapplies within 30 days thereafter, providedthat only one such reapplication shall be permitted; or (iii) June 30, 2005.An Agency operating under a license previously issued by the Commission underformer Chapter 10.1 of this title shall reapply to the Commission for alicense under this chapter no later than October 1, 2004.
D. A person licensed under this chapter is not required to also be licensedas a money transmitter under Chapter 12 (§ 6.1-370 et seq.) of this title,provided such person's money transmission activities are limited to providingdebt pooling and distribution services in accordance with this chapter.
E. Any person who violates this section is guilty of a Class 1 misdemeanor.Each violation of this section shall constitute a separate offense.
§ 6.1-363.3. (Repealed effective October 1, 2010) License requirement;exceptions.
A. No person shall engage in the business of providing or offering to providea DMP to any consumer residing in the Commonwealth, whether or not the personhas a location in the Commonwealth, unless such person obtains from theCommission a license issued pursuant to this chapter. However, the provisionsof this chapter shall not apply to a person licensed to practice law in theCommonwealth.
B. This chapter shall be construed by the Commission to promote soundpersonal financial advice and management, and protect against financial lossresidents of the Commonwealth who place money or control of their funds orcredit into the custody of an Agency for transmission to such residents'creditors, regardless of whether the Agency has any office, facility, agent,or other physical presence in the Commonwealth.
C. An Agency operating under a license previously issued by the Commissionunder former Chapter 10.1 (§ 6.1-363.1) of this title may continue to operatein the Commonwealth pursuant to such license; provided, however, that suchlicense shall automatically terminate on the earliest of the following: (i)the date the Commission issues a license to the Agency under this chapter;(ii) the date the Commission denies an application for a license under thischapter, unless such Agency reapplies within 30 days thereafter, providedthat only one such reapplication shall be permitted; or (iii) June 30, 2005.An Agency operating under a license previously issued by the Commission underformer Chapter 10.1 of this title shall reapply to the Commission for alicense under this chapter no later than October 1, 2004.
D. A person licensed under this chapter is not required to also be licensedas a money transmitter under Chapter 12 (§ 6.1-370 et seq.) of this title,provided such person's money transmission activities are limited to providingdebt pooling and distribution services in accordance with this chapter.
E. Any person who violates this section is guilty of a Class 1 misdemeanor.Each violation of this section shall constitute a separate offense.
§ 6.1-363.3. (Repealed effective October 1, 2010) License requirement;exceptions.
A. No person shall engage in the business of providing or offering to providea DMP to any consumer residing in the Commonwealth, whether or not the personhas a location in the Commonwealth, unless such person obtains from theCommission a license issued pursuant to this chapter. However, the provisionsof this chapter shall not apply to a person licensed to practice law in theCommonwealth.
B. This chapter shall be construed by the Commission to promote soundpersonal financial advice and management, and protect against financial lossresidents of the Commonwealth who place money or control of their funds orcredit into the custody of an Agency for transmission to such residents'creditors, regardless of whether the Agency has any office, facility, agent,or other physical presence in the Commonwealth.
C. An Agency operating under a license previously issued by the Commissionunder former Chapter 10.1 (§ 6.1-363.1) of this title may continue to operatein the Commonwealth pursuant to such license; provided, however, that suchlicense shall automatically terminate on the earliest of the following: (i)the date the Commission issues a license to the Agency under this chapter;(ii) the date the Commission denies an application for a license under thischapter, unless such Agency reapplies within 30 days thereafter, providedthat only one such reapplication shall be permitted; or (iii) June 30, 2005.An Agency operating under a license previously issued by the Commission underformer Chapter 10.1 of this title shall reapply to the Commission for alicense under this chapter no later than October 1, 2004.
D. A person licensed under this chapter is not required to also be licensedas a money transmitter under Chapter 12 (§ 6.1-370 et seq.) of this title,provided such person's money transmission activities are limited to providingdebt pooling and distribution services in accordance with this chapter.
E. Any person who violates this section is guilty of a Class 1 misdemeanor.Each violation of this section shall constitute a separate offense.
