6.1-444 - (Repealed effective October 1, 2010) Definitions. - Virginia Statutes

§ 6.1-444. (Repealed effective October 1, 2010) Definitions.

As used in this chapter, unless the context clearly requires a differentmeaning:

"Check" means a draft drawn on the account of an individual or individualsat a depository institution.

"Commissioner" means the Commissioner of Financial Institutions.

"Financial institution" means a bank, savings institution, or credit union.

"Licensee" means a person to whom a license has been issued under thischapter.

"Payday loan" means a small, short-maturity loan on the security of (i) acheck, (ii) any form of assignment of an interest in the account of anindividual or individuals at a depository institution, or (iii) any form ofassignment of income payable to an individual or individuals, other thanloans based on income tax refunds.

"Person" means any individual, firm, corporation, partnership, association,trust, or legal or commercial entity or group of individuals howeverorganized.

"Principal" means any person who, directly or indirectly, owns or controls(i) ten percent or more of the outstanding stock of a stock corporation or(ii) a ten percent or greater interest in a nonstock corporation or a limitedliability company.

(2002, c. 897; 2005, c. 571.)