2018 Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 15 - Consumer Finance Companies
§ 6.2-1507. Issuance of license
A. The Commission shall issue and deliver to the applicant a license to make loans in accordance with the provisions of this chapter at the location in the Commonwealth specified in the application if it finds:
1. That the financial responsibility, experience, character and general fitness of the applicant and its members, senior officers, directors, and principals are such as to command the confidence of the public and to 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 the specified location, liquid assets of at least $50,000 if the specified location is in a locality with a population of more than 20,000, or of at least $25,000 if the location is not in a locality with a population of more than 20,000; and
3. That the applicant has complied with all of the prerequisites to obtaining the license prescribed by § 6.2-1505.
If the Commission fails to make the findings required by subdivisions 1, 2, and 3, it shall deny the application for a license.
B. Notwithstanding the provisions of subsection A, if the applicant has an existing license at another location in the Commonwealth, the Commission shall issue and deliver to the applicant a license to make loans in accordance with the provisions of this chapter at the location specified in the application if it finds:
1. That the general fitness of the licensee is such as to command the confidence of the public and to warrant belief that this business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter; and
2. That the applicant has complied with all of the prerequisites to obtaining the license prescribed by § 6.2-1505.
If the Commission fails to make the findings required by subdivisions 1 and 2, it shall deny the application for a license.
C. If the Commission denies an application for a license, it shall notify the applicant of the denial. The Commission shall retain the application fee.
Code 1950, § 6-287; 1966, c. 584, § 6.1-257; 1982, c. 79, § 6.1-256.1; 1995, c. 2; 2005, c. 63; 2010, c. 794.
