Virginia Administrative Code
Title 10 - FINANCE AND FINANCIAL INSTITUTIONS
Agency 5 - STATE CORPORATION COMMISSION
Chapter 60 - CONSUMER FINANCE COMPANIES
Section 10VAC5-60-60 - Schedule prescribing annual fees paid for examination, supervision, and regulation of consumer finance companies

Pursuant to § 6.2-1532 of the Code of Virginia, the commission sets the following schedule of annual fees to be paid by licensees under the Act to defray the costs of examination, supervision, and regulation of licensees by the bureau.

Each licensee shall be assessed a minimum annual fee of $150 plus $150 for each office where the licensee was authorized to engage in business under the Act as of December 31 of the calendar year preceding the date of the assessment. For example, the minimum annual fee due June 1, 2025, for a licensee that maintained a single authorized office as of December 31, 2024, would be $300 ($150 flat fee + $150 office fee) and the minimum annual fee due June 1, 2025, for a licensee who maintained three authorized offices as of December 31, 2024, would be $600 ($150 flat fee + $450 office fee).

In addition to the minimum fee, each licensee shall be assessed the following fees:

Fee for net loans receivable:

Fee for other licensee assets (total assets of licensee minus net loans receivable):

Fee for total assets of affiliates that conduct business in any of the licensee's authorized offices:

**The amounts of such Net Loans Receivable, Other Licensee Assets, and Affiliate Assets will be obtained from the annual reports that § 6.2-1534 of the Code of Virginia requires licensees to file with the bureau on or before the first day of April of each year. Accordingly, fees will be calculated based on Net Loans Receivable, Other Licensee Assets, and Affiliate Assets as of December 31 of the calendar year preceding the date of the assessment. For purposes of this section, "Net Loans Receivable" means the total outstanding principal balance of all loans made under the Act.

In accordance with § 6.2-1532 of the Code of Virginia, annual fees for any given calendar year will be assessed on or before May 1 of that year and must be paid on or before June 1 of that year.

Notwithstanding any provision of this section, if a licensee was not licensed under the Act as of December 31 of the calendar year preceding the date of the assessment, the annual fee shall be $0.

Fees prescribed and assessed pursuant to this schedule are apart from and do not include the reimbursement for costs authorized by subsection C of § 6.2-1533 of the Code of Virginia.

Sample Annual Fee Calculation:

Statutory Authority: §§ 6.2-1535 and 12.1-13 of the Code of Virginia.