Terms Used In Virginia Code 6.2-2200

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Bond: includes any form of financial instrument that provides security equivalent to that provided by a bond, such as an irrevocable letter of credit, if its use in lieu of a bond is authorized pursuant to regulations adopted by the Commission. See Virginia Code 6.2-2200
• Commission: means the State Corporation Commission. See Virginia Code 6.2-100
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Interest: means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including fees, service charges, and renewal charges, and any ancillary product sold in connection with a loan, but does not include the monthly maintenance fees, deposit item return fees, late charges, or reasonable costs of repossession and sale authorized under § Virginia Code 6.2-2200
• Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-2200
• loan agreement: means a written document that sets out the terms and conditions under which a licensee agrees to make a motor vehicle title loan to a borrower, and the borrower agrees to give to the licensee a security interest in a motor vehicle owned by the borrower to secure repayment of the motor vehicle title loan and performance of the other obligations under the loan agreement. See Virginia Code 6.2-2200
• Motor vehicle: means an automobile, motorcycle, mobile home, truck, van, or other vehicle operated on public highways and streets. See Virginia Code 6.2-2200
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, or other legal or commercial entity. See Virginia Code 6.2-2200
• 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 any other type of entity. See Virginia Code 6.2-2200
• title loan: means a loan secured by a non-purchase money security interest in a motor vehicle. See Virginia Code 6.2-2200
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}