Search
 

Payday lending legal in Virginia

RICHMOND, Va. - Legislation allowing payday lenders licensed by the State Corporation Commission to transact business in Virginia has been enacted and becomes effective July 1, 2002. To be licensed, a payday lending business has to pay a $500 application fee, a surety bond in the sum of $10,000 per...

By Staff Writer | Updated on June 04, 2002

<p>RICHMOND, Va. – Legislation allowing payday lenders licensed by the State Corporation Commission to transact business in Virginia has been enacted and becomes effective July 1, 2002. To be licensed, a payday lending business has to pay a $500 application fee, a surety bond in the sum of $10,000 per location to be licensed up to a maximum bond of $50,000, and evidence that an applicant has at least $25,000 in unencumbered liquid assets per location to be licensed. Applications are now being accepted. According to the Bureau of Financial Institutions, before issuing a license the Commission has to find that the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors and principal owners warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with the law.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2025 ALM Global, LLC. All Rights Reserved.