As used in this chapter, unless the context requires a different meaning:\n'Affiliate' means a person related to a licensee by common ownership or control, or any employee or agent of a licensee.\n'Annual percentage rate' has the same meaning as in the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.) and its implementing regulations, as they may be amended from time to time. All fees and charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including interest and the monthly maintenance fees authorized under § 6.2-1817, shall be included in the computation of the annual percentage rate.\n'Check' means a draft drawn on the account of an individual at a depository institution.\n'Depository institution' means a bank, savings institution, or credit union.\n'Interest' means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including fees, service charges, and renewal charges, and any ancillary product sold in connection with a loan, but does not include the monthly maintenance fees, deposit item return fees, or late charges authorized under § 6.2-1817.\n'Licensee' means a person to whom a product sold in connection with a loan, but does not include the monthly maintenance fees, deposit item return fees, or late charges authorized under § 6.2-1817.\n'Licensee' means a person to whom a license has been issued under this chapter.\n'Loan amount' means the principal amount of a loan, exclusive of fees or charges.\n'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 a nonstock corporation or a limited liability company.\n'Short-term loan' means a loan made pursuant to this chapter.\n2002, c. 897, § 6.1-444; 2005, c. 571; 2010, c. 794; 2020, cc. 1215, 1258.
Virginia Legal Code