2018 Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 18 - Payday Lenders
§ 6.2-1806. Qualifications
A. Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of §§ 6.2-1803 and 6.2-1804, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the offices specified in the application if it finds:
1. That the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law; and
2. That the applicant has unencumbered liquid assets per office available for the operation of the business of at least $25,000.
B. If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.
2002, c. 897, § 6.1-450; 2010, c. 794.