SECTION 6.2-1501. (Effective until January 1, 2021) Compliance with chapter; license required; attempts to evade application of chapter  

A. No person shall engage in the business of making loans to individuals for personal, family, household, or other nonbusiness purposes, and charge, contract for, or receive, directly or indirectly, on or in connection with any loan interest, charges, compensation, consideration, or expense that in the aggregate is greater than the interest permitted by § 6.2-303 , except as provided in and authorized by this chapter or Chapter 22 (§ 6.2-303 et seq.) and without first having obtained a license from the Commission.

B. Subject to subdivision C 3 and subsection C of § 6.2-303 , the prohibition in subsection A shall not be construed to prevent any person, other than a licensee, from:

1. Making a loan in accordance with Chapter 18 (§ 6.2-303 et seq.);

2. Making a mortgage loan pursuant to §§ 6.2-303 and 6.2-303 or §§ 6.2-303 and 6.2-303 in any principal amount; or

3. Extending credit as described in § 6.2-303 in any amount.

C. The provisions of subsection A shall apply to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including:

1. The loan, forbearance, use, or sale of (i) credit, as guarantor, surety, endorser, comaker, or otherwise; (ii) money; (iii) goods; or (iv) things in action;

2. The use of collateral or related sales or purchases of goods or services, or agreements to sell or purchase, whether real or pretended; receiving or charging compensation for goods or services, whether or not sold, delivered, or provided; and

3. The real or pretended negotiation, arrangement, or procurement of a loan through any use or activity of a third person, whether real or fictitious.

Code 1950, §§ 6-279, 6-281; 1956, c. 71; 1966, c. 584, §§ 6.1-249, 6.1-251; 1968, c. 489; 1974, c. 371; 1986, c. 502; 1995, c. 6.2-303 ; 1998, c. 6.2-303 ; 2001, c. 6.2-303 ; 2002, c. 6.2-303 ; 2010, cc. 6.2-303 , 6.2-303 .