§ 6.2-2228 Definitions
§ 6.2-2229 Exemptions
§ 6.2-2230 Registration; authority to transact business
§ 6.2-2231 Disclosure requirements
§ 6.2-2232 Recipient place of business; required signature
§ 6.2-2233 Additional information
§ 6.2-2234 Place for bringing action under a contract or agreement to provide sales-based financing; certain fees paid by provider; confessions of judgment prohibited
§ 6.2-2235 Applicability of chapter to internet transactions
§ 6.2-2236 Validity of noncompliant sales-based financing
§ 6.2-2237 Regulations
§ 6.2-2238 Authority of Attorney General
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Terms Used In Virginia Code > Title 6.2 > Subtitle III > Chapter 22.1 - Sales-Based Financing Providers

  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • broker: means a person that, for compensation or the expectation of compensation, obtains or offers to obtain sales-based financing from a provider for a recipient. See Virginia Code 6.2-2228
  • Chief: means the Chief of the Division of Mines of the Department of Energy. See Virginia Code 45.2-100
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Finance charge: has the meaning assigned to it in Consumer Financial Protection Bureau Regulation Z, Virginia Code 6.2-100
  • provider: means a person that extends a specific offer of sales-based financing to a recipient. See Virginia Code 6.2-2228
  • Recipient: means a person whose principal place of business is in the Commonwealth and that applies for sales-based financing and is made a specific offer of sales-based financing by a provider. See Virginia Code 6.2-2228
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Sales-based financing: means a transaction that is repaid by the recipient to the provider, over time, as a percentage of sales or revenue, in which the payment amount may increase or decrease according to the volume of sales made or revenue received by the recipient. See Virginia Code 6.2-2228
  • Specific offer: means the specific terms of sales-based financing, including price or amount, that are quoted to a recipient, based on information obtained from or about the recipient, which, if accepted by a recipient, shall be binding on the provider, as applicable, subject to any specific requirements stated in such terms. See Virginia Code 6.2-2228