§ 6.2-2200. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Bond" includes any form of financial instrument that provides securityequivalent to that provided by a bond, such as an irrevocable letter ofcredit, if its use in lieu of a bond is authorized pursuant to regulationsadopted by the Commission.
"Licensee" means a person to whom a license has been issued under thischapter.
"Motor vehicle" means an automobile, motorcycle, mobile home, truck, van,or other vehicle operated on public highways and streets.
"Motor vehicle title loan" or "title loan" means a loan secured by anon-purchase money security interest in a motor vehicle.
"Motor vehicle title loan agreement" or "loan agreement" means a writtendocument that sets out the terms and conditions under which a licensee agreesto make a motor vehicle title loan to a borrower, and the borrower agrees togive to the licensee a security interest in a motor vehicle owned by theborrower to secure repayment of the motor vehicle title loan and performanceof the other obligations under the loan agreement.
"Person" means any individual, corporation, partnership, association,cooperative, limited liability company, trust, joint venture, or other legalor commercial entity.
"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 any other type of entity.
§ 6.2-2200. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Bond" includes any form of financial instrument that provides securityequivalent to that provided by a bond, such as an irrevocable letter ofcredit, if its use in lieu of a bond is authorized pursuant to regulationsadopted by the Commission.
"Licensee" means a person to whom a license has been issued under thischapter.
"Motor vehicle" means an automobile, motorcycle, mobile home, truck, van,or other vehicle operated on public highways and streets.
"Motor vehicle title loan" or "title loan" means a loan secured by anon-purchase money security interest in a motor vehicle.
"Motor vehicle title loan agreement" or "loan agreement" means a writtendocument that sets out the terms and conditions under which a licensee agreesto make a motor vehicle title loan to a borrower, and the borrower agrees togive to the licensee a security interest in a motor vehicle owned by theborrower to secure repayment of the motor vehicle title loan and performanceof the other obligations under the loan agreement.
"Person" means any individual, corporation, partnership, association,cooperative, limited liability company, trust, joint venture, or other legalor commercial entity.
"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 any other type of entity.
§ 6.2-2200. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Bond" includes any form of financial instrument that provides securityequivalent to that provided by a bond, such as an irrevocable letter ofcredit, if its use in lieu of a bond is authorized pursuant to regulationsadopted by the Commission.
"Licensee" means a person to whom a license has been issued under thischapter.
"Motor vehicle" means an automobile, motorcycle, mobile home, truck, van,or other vehicle operated on public highways and streets.
"Motor vehicle title loan" or "title loan" means a loan secured by anon-purchase money security interest in a motor vehicle.
"Motor vehicle title loan agreement" or "loan agreement" means a writtendocument that sets out the terms and conditions under which a licensee agreesto make a motor vehicle title loan to a borrower, and the borrower agrees togive to the licensee a security interest in a motor vehicle owned by theborrower to secure repayment of the motor vehicle title loan and performanceof the other obligations under the loan agreement.
"Person" means any individual, corporation, partnership, association,cooperative, limited liability company, trust, joint venture, or other legalor commercial entity.
"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 any other type of entity.
