Virginia Administrative Code
Title 10 - FINANCE AND FINANCIAL INSTITUTIONS
Agency 5 - STATE CORPORATION COMMISSION
Chapter 60 - CONSUMER FINANCE COMPANIES
Section 10VAC5-60-5 - Definitions
Current through Register Vol. 41, No. 3, September 23, 2024
A. The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise:
"Act" means Chapter 15 (§ 6.2-1500 et seq.) of Title 6.2 of the Code of Virginia.
"Advertisement" means a commercial message in any medium that promotes, directly or indirectly, a consumer finance loan. The term includes a communication sent to a consumer as part of a solicitation of business but excludes messages on promotional items such as pens, pencils, notepads, hats, and calendars.
"Consumer finance loan" means a loan made to an individual for personal, family, household, or other nonbusiness purposes.
"Liquid assets," for purposes of the Act and this chapter, means funds held in a checking account or savings account at a depository institution, money market funds, commercial paper, and treasury bills.
B. Other terms used in this chapter shall have the meanings set forth in § 6.2-100 or 6.2-1500 of the Code of Virginia.
Statutory Authority: §§ 6.2-1535 and 12.1-13 of the Code of Virginia.
