6.2-2001 - (Effective October 1, 2010) License requirement; exceptions. - Virginia Statutes

§ 6.2-2001. (Effective October 1, 2010) License requirement; exceptions.

A. No person shall engage in the business of providing or offering to providea DMP to any consumer, whether or not the person has an office, facility,agent, or other physical presence in the Commonwealth, unless such personobtains from the Commission a license issued pursuant to this chapter. Theprovisions of this chapter shall not apply to a person licensed to practicelaw in the Commonwealth.

B. This chapter shall be construed by the Commission to promote soundpersonal financial advice and management, and protect against financial lossconsumers who place money or control of their funds or credit into thecustody of an agency for transmission to such consumers' creditors.

C. A person licensed under this chapter is not required to be licensed as amoney transmitter under Chapter 19 (§ 6.2-1900 et seq.), if the person'smoney transmission activities are limited to providing debt pooling anddistribution services in accordance with this chapter.

(2004, c. 790, § 6.1-363.3; 2010, c. 794.)