6.2-2202 - (Effective October 1, 2010) Scope of chapter. - Virginia Statutes

§ 6.2-2202. (Effective October 1, 2010) Scope of chapter.

A. The provisions of this chapter shall not apply to any bank, savingsinstitution, or credit union, or to a person licensed under Chapter 15 (§6.2-1500 et seq.), that does not elect to become licensed under this chapter.Electing to become licensed under this chapter, however, shall constitute awaiver of the benefit of any and all laws of the Commonwealth and otherstates, territories, possessions, and districts of the United States andfederal laws preemptive of, or inconsistent with, the provisions of thischapter.

B. The provisions of this chapter shall not apply to extensions of credit forthe sole purpose of financing the purchase of a motor vehicle, or ofrefinancing a purchase money loan, secured by a lien on the motor vehicle.

(2010, c. 477.)