§ 6.1-256.1. (Repealed effective October 1, 2010) Issuance of consumerfinance license.
A. The Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the location inthis Commonwealth specified in the application if it finds:
1. That the financial responsibility, experience, character and generalfitness of the applicant and its members, senior officers, directors, andprincipals are such as calculated to command the confidence of the public andto 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 thespecified location, liquid assets of at least $50,000 if the specifiedlocation is in a city or county with a population of more than 20,000, or ofat least $25,000 if the location is not in a city or county with a populationof more than 20,000; and
3. That all of the prerequisites to obtaining the license prescribed by §6.1-254 have been complied with, the foregoing facts being conditionsprecedent to the issuance of a license under this chapter.
B. Notwithstanding the provisions of subsection A of this section, if theapplicant has an existing license at another location in the Commonwealth,the Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the locationspecified in the application if it finds:
1. That the general fitness of the licensee is such as calculated to commandthe confidence of the public and to warrant belief that this business will beoperated lawfully, honestly, fairly and efficiently within the purpose ofthis chapter; and
2. That all of the prerequisites to obtaining the license prescribed by §6.1-254 have been complied with, the foregoing facts being conditionsprecedent to the issuance of a license under this chapter.
C. After receiving approval under subsection B or providing notice ofrelocation under § 6.1-269.1, the licensee shall give written notice to theCommissioner within 10 days of the commencement of business at the additionallocation or relocated place of business.
D. Every licensee shall within 10 days notify the Commissioner, in writing,of (i) the closing of any business location, and (ii) the name, address andposition of each new senior officer, member, partner, or director, andprovide such other information with respect to any such change as theCommissioner may reasonably require.
§ 6.1-256.1. (Repealed effective October 1, 2010) Issuance of consumerfinance license.
A. The Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the location inthis Commonwealth specified in the application if it finds:
1. That the financial responsibility, experience, character and generalfitness of the applicant and its members, senior officers, directors, andprincipals are such as calculated to command the confidence of the public andto 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 thespecified location, liquid assets of at least $50,000 if the specifiedlocation is in a city or county with a population of more than 20,000, or ofat least $25,000 if the location is not in a city or county with a populationof more than 20,000; and
3. That all of the prerequisites to obtaining the license prescribed by §6.1-254 have been complied with, the foregoing facts being conditionsprecedent to the issuance of a license under this chapter.
B. Notwithstanding the provisions of subsection A of this section, if theapplicant has an existing license at another location in the Commonwealth,the Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the locationspecified in the application if it finds:
1. That the general fitness of the licensee is such as calculated to commandthe confidence of the public and to warrant belief that this business will beoperated lawfully, honestly, fairly and efficiently within the purpose ofthis chapter; and
2. That all of the prerequisites to obtaining the license prescribed by §6.1-254 have been complied with, the foregoing facts being conditionsprecedent to the issuance of a license under this chapter.
C. After receiving approval under subsection B or providing notice ofrelocation under § 6.1-269.1, the licensee shall give written notice to theCommissioner within 10 days of the commencement of business at the additionallocation or relocated place of business.
D. Every licensee shall within 10 days notify the Commissioner, in writing,of (i) the closing of any business location, and (ii) the name, address andposition of each new senior officer, member, partner, or director, andprovide such other information with respect to any such change as theCommissioner may reasonably require.
§ 6.1-256.1. (Repealed effective October 1, 2010) Issuance of consumerfinance license.
A. The Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the location inthis Commonwealth specified in the application if it finds:
1. That the financial responsibility, experience, character and generalfitness of the applicant and its members, senior officers, directors, andprincipals are such as calculated to command the confidence of the public andto 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 thespecified location, liquid assets of at least $50,000 if the specifiedlocation is in a city or county with a population of more than 20,000, or ofat least $25,000 if the location is not in a city or county with a populationof more than 20,000; and
3. That all of the prerequisites to obtaining the license prescribed by §6.1-254 have been complied with, the foregoing facts being conditionsprecedent to the issuance of a license under this chapter.
B. Notwithstanding the provisions of subsection A of this section, if theapplicant has an existing license at another location in the Commonwealth,the Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the locationspecified in the application if it finds:
1. That the general fitness of the licensee is such as calculated to commandthe confidence of the public and to warrant belief that this business will beoperated lawfully, honestly, fairly and efficiently within the purpose ofthis chapter; and
2. That all of the prerequisites to obtaining the license prescribed by §6.1-254 have been complied with, the foregoing facts being conditionsprecedent to the issuance of a license under this chapter.
C. After receiving approval under subsection B or providing notice ofrelocation under § 6.1-269.1, the licensee shall give written notice to theCommissioner within 10 days of the commencement of business at the additionallocation or relocated place of business.
D. Every licensee shall within 10 days notify the Commissioner, in writing,of (i) the closing of any business location, and (ii) the name, address andposition of each new senior officer, member, partner, or director, andprovide such other information with respect to any such change as theCommissioner may reasonably require.
