6.2-1800 - (Effective October 1, 2010) Definitions. - Virginia Statutes

§ 6.2-1800. (Effective October 1, 2010) Definitions.

As used in this chapter, unless the context requires a different meaning:

"Check" means a draft drawn on the account of an individual at a depositoryinstitution.

"Depository institution" means a bank, savings institution, or creditunion.

"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 at a depository institution, or (iii) any form of assignment ofincome payable to an individual, other than loans based on income tax refunds.

"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 limitedliability company.

(2002, c. 897, § 6.1-444; 2005, c. 571; 2010, c. 794.)