§ 6.1-363.7. (Repealed effective October 1, 2010) Qualifications.
A. Upon the filing and investigation of an application for a license, andcompliance by the applicant with the provisions of §§ 6.1-363.4 and6.1-363.5, the Commission shall issue and deliver to the applicant thelicense to engage in business under this chapter at the locations specifiedin the application if it finds:
1. That the financial responsibility, character, reputation, experience, andgeneral fitness of the applicant and its members, senior officers, directors,trustees, and principals are such as to warrant belief that the business willbe operated efficiently and fairly, in the public interest, and in accordancewith law;
2. That the applicant has made acceptable provision for the avoidance ofconflicts of interest;
3. The applicant maintains a separate trust account with an FDIC-insureddepository institution for the handling of customers' funds;
4. The applicant's credit counselors are certified through a bona fidethird-party certification provider unaffiliated with the applicant thatauthenticates the competence of counselors providing consumer assistance;
5. No more than one-third of the board of directors or managing members areemployees, officers, members, principals, trustees, directors, agents, orother representatives of organizations that grant credit to consumers;
6. The applicant is accredited by the International Standards Organization orthe Council on Accreditation or any other organization approved by theCommission;
7. The applicant has fidelity bond coverage in such principal amount as maybe determined by the Commission;
8. The applicant (i) is not the subject of any current materialadministrative or regulatory proceedings by any governmental authority, and(ii) has not received a material adverse determination in any pastadministrative or regulatory proceedings by any governmental authority; and
9. The applicant has filed with the Commission a form, that shall be providedto each consumer prior to his execution of a DMP, that contains the followingdisclosures to the consumer: (i) all fees charged by the applicant orcontributions solicited by the applicant from the consumer; (ii) whether theapplicant is a for-profit entity or nonprofit entity; and (iii) whether theapplicant received financial support from creditors during the precedingcalendar year.
B. If the Commission fails to make such findings, no license shall be issuedand the Commissioner shall notify the applicant of the denial and the reasonsfor such denial.
C. A license shall not be issued to a collection agency, or to any creditoror association of creditors, or to any credit-granting organization orassociation of such organizations. For purposes of this chapter the term"creditor" or "credit-granting organization" does not include doctors,lawyers, or other professionals who receive payment for their services ininstallments, nor does the term include persons whose only participation in acredit transaction is to honor a credit card.
§ 6.1-363.7. (Repealed effective October 1, 2010) Qualifications.
A. Upon the filing and investigation of an application for a license, andcompliance by the applicant with the provisions of §§ 6.1-363.4 and6.1-363.5, the Commission shall issue and deliver to the applicant thelicense to engage in business under this chapter at the locations specifiedin the application if it finds:
1. That the financial responsibility, character, reputation, experience, andgeneral fitness of the applicant and its members, senior officers, directors,trustees, and principals are such as to warrant belief that the business willbe operated efficiently and fairly, in the public interest, and in accordancewith law;
2. That the applicant has made acceptable provision for the avoidance ofconflicts of interest;
3. The applicant maintains a separate trust account with an FDIC-insureddepository institution for the handling of customers' funds;
4. The applicant's credit counselors are certified through a bona fidethird-party certification provider unaffiliated with the applicant thatauthenticates the competence of counselors providing consumer assistance;
5. No more than one-third of the board of directors or managing members areemployees, officers, members, principals, trustees, directors, agents, orother representatives of organizations that grant credit to consumers;
6. The applicant is accredited by the International Standards Organization orthe Council on Accreditation or any other organization approved by theCommission;
7. The applicant has fidelity bond coverage in such principal amount as maybe determined by the Commission;
8. The applicant (i) is not the subject of any current materialadministrative or regulatory proceedings by any governmental authority, and(ii) has not received a material adverse determination in any pastadministrative or regulatory proceedings by any governmental authority; and
9. The applicant has filed with the Commission a form, that shall be providedto each consumer prior to his execution of a DMP, that contains the followingdisclosures to the consumer: (i) all fees charged by the applicant orcontributions solicited by the applicant from the consumer; (ii) whether theapplicant is a for-profit entity or nonprofit entity; and (iii) whether theapplicant received financial support from creditors during the precedingcalendar year.
B. If the Commission fails to make such findings, no license shall be issuedand the Commissioner shall notify the applicant of the denial and the reasonsfor such denial.
C. A license shall not be issued to a collection agency, or to any creditoror association of creditors, or to any credit-granting organization orassociation of such organizations. For purposes of this chapter the term"creditor" or "credit-granting organization" does not include doctors,lawyers, or other professionals who receive payment for their services ininstallments, nor does the term include persons whose only participation in acredit transaction is to honor a credit card.
§ 6.1-363.7. (Repealed effective October 1, 2010) Qualifications.
A. Upon the filing and investigation of an application for a license, andcompliance by the applicant with the provisions of §§ 6.1-363.4 and6.1-363.5, the Commission shall issue and deliver to the applicant thelicense to engage in business under this chapter at the locations specifiedin the application if it finds:
1. That the financial responsibility, character, reputation, experience, andgeneral fitness of the applicant and its members, senior officers, directors,trustees, and principals are such as to warrant belief that the business willbe operated efficiently and fairly, in the public interest, and in accordancewith law;
2. That the applicant has made acceptable provision for the avoidance ofconflicts of interest;
3. The applicant maintains a separate trust account with an FDIC-insureddepository institution for the handling of customers' funds;
4. The applicant's credit counselors are certified through a bona fidethird-party certification provider unaffiliated with the applicant thatauthenticates the competence of counselors providing consumer assistance;
5. No more than one-third of the board of directors or managing members areemployees, officers, members, principals, trustees, directors, agents, orother representatives of organizations that grant credit to consumers;
6. The applicant is accredited by the International Standards Organization orthe Council on Accreditation or any other organization approved by theCommission;
7. The applicant has fidelity bond coverage in such principal amount as maybe determined by the Commission;
8. The applicant (i) is not the subject of any current materialadministrative or regulatory proceedings by any governmental authority, and(ii) has not received a material adverse determination in any pastadministrative or regulatory proceedings by any governmental authority; and
9. The applicant has filed with the Commission a form, that shall be providedto each consumer prior to his execution of a DMP, that contains the followingdisclosures to the consumer: (i) all fees charged by the applicant orcontributions solicited by the applicant from the consumer; (ii) whether theapplicant is a for-profit entity or nonprofit entity; and (iii) whether theapplicant received financial support from creditors during the precedingcalendar year.
B. If the Commission fails to make such findings, no license shall be issuedand the Commissioner shall notify the applicant of the denial and the reasonsfor such denial.
C. A license shall not be issued to a collection agency, or to any creditoror association of creditors, or to any credit-granting organization orassociation of such organizations. For purposes of this chapter the term"creditor" or "credit-granting organization" does not include doctors,lawyers, or other professionals who receive payment for their services ininstallments, nor does the term include persons whose only participation in acredit transaction is to honor a credit card.
