Terms Used In Virginia Code > Title 9.1 > Chapter 9 - Sex Offender and Crimes Against Minors Registry Act

• Adult: means a person 18 years of age or more. See Virginia Code 1-203
• Affiliate: means a person related to a licensee by common ownership or control, or any employee or agent of a licensee. See 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}
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Bequest: Property gifted by will.
• 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
• Check casher: means a person engaged in the business of cashing checks, drafts, or money orders for compensation. See Virginia Code 6.2-2100
• Chief: means the Chief of the Division of Mines of the Department of Energy. See Virginia Code 45.2-100
• Commission: means the State Corporation Commission. See Virginia Code 6.2-100
• Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Dependent: A person dependent for support upon another.
• 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
• Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. ^{Source: OCC}
• Forbearance: A means of handling a delinquent loan. A
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• inhabitants: means with reference to any county, city, town, political subdivision of the Commonwealth or any combination thereof, the natural persons in such county, city, town, political subdivision or combination as shown by the unadjusted United States decennial census last preceding the time at which any provision dependent upon population is being applied or the time as of which it is being construed. See Virginia Code 1-235
• 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
• Item: means a check, draft, or money order. See Virginia Code 6.2-2100
• 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
• Loan amount: means the principal amount of a loan exclusive of fees or charges. See Virginia Code 6.2-2200
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• 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
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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
• Person: means any individual, 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
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
• 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
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Registrant: means a person registered under this chapter. See Virginia Code 6.2-2100
• Registration: means a registration filed under this chapter. See Virginia Code 6.2-2100
• 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}