Application Forms - Payday Lenders
Section 6.2-1806 of the Code of Virginia sets forth the qualifications for licensing
as a payday lender. It requires the Commission, before granting a payday lender
license, to make a finding, among other things, that an applicant, and its directors,
senior officers and principals have the financial responsibility, character, reputation,
experience and general fitness to warrant belief that the business will be operated
efficiently and fairly, in the public interest and in accordance with law. We consider
all the factors required by the Code to make a determination whether a particular
applicant qualifies. A person with experience in the lending business would qualify
as far as experience is concerned. Previous successful non-lending business experience
would also be considered. The applicant will be given the opportunity to talk to
the analyst handling the application to discuss his/her experience and demonstrate
he is knowledgeable of the business and familiar with Virginia laws and regulations
and applicable federal laws. We do not administer a separate written exam and do
not offer courses.
In addition, the Code requires a surety bond in the sum of $10,000 per location,
not to exceed a total of $50,000. Applicants must also have unencumbered liquid
assets of $25,000 per location to be licensed.
Applicants who intend to engage in or permit any other business in their licensed
location(s) must apply for each separate business, except for a registered check
cashing business. Other businesses conducted in licensed payday loan offices must
be financial in nature as defined in Regulation 10VAC5-200-100.
Applicants for a license to become a payday lender should carefully review all laws,
regulations, and administrative letters governing payday lenders prior to submitting
an application. Links to related laws and regulations appear below. Code and Regulation
Sections can be viewed and downloaded individually or a report of multiple Sections
can be created and downloaded. To download multiple Sections click on “create report”
at the beginning of the table of contents for the specific Chapter and enter the
beginning and ending Section of the sequence you wish to download. It is your responsibility
to read and comply with all applicable laws and regulations.
Following are applications and related forms for new payday lenders and for existing
licensees, including applications for additional offices and office relocations,
for other business to be conducted in a licensed office, and for the acquisition
of licensees. Each application form includes filing instructions. Some application
types require the filing of supplemental forms. In each instance, the appropriate
supplemental forms are listed directly following the application form. It is important
to carefully read and follow all instructions and to provide full and complete responses.
Investigation of the application may be delayed if the application is incomplete.
Note: Links to the Code of Virginia and Virginia Administrative Code in the menus
below are external links
and will take you off
the SCC website.
Application Steps
- Click on the appropriate application form and download the PDF file. Instructions
for each application are included in the application form.
- Download each supplemental form related to the specific application. (Applicable
supplemental forms will be listed immediately following the application form).
- Read and follow all instructions in completing the application.
- Once the application has been completed, review the form making sure that all items
have complete responses, the application is properly signed, and any required supplemental
forms have been completed and included as part of the application package.
- New applicants should view and download applicable laws, regulations, and administrative
letters listed above by clicking on each item in the dropdown boxes. Sections of
applicable chapters of the Code of Virginia can be printed individually or multiple
Sections can be downloaded by clicking on “create report” at the beginning of the
table of contents for the specific Chapter and enter the beginning and ending Section
of the sequence you wish to download.
- Since new applicants are required to have knowledge of legal requirements it is
important for the applicant to read and understand all related laws and regulations
before applying for the license.
Application Forms
- PAYDAY LENDER LICENSE
- CCB-5515 Application for a Payday Lender
License Pursuant to Chapter 18 of Title 6.2 of the Code of Virginia
- SUPPLEMENTAL FORMS
- CCB-1123 Personal Financial Report and
Disclosure Statement
- CCB-1143 Limited Personal Financial Report
and Disclosure Statement
- CCB-5516 Surety Bond Pursuant to Section
6.2-1804 of the Code of Virginia
- CCB-1149 Depository Institution Authorization
Form
- CCB-1150 Employment and Business Affiliation
Disclosure Form
- ADDITIONAL LOCATION OR RELOCATION OF AN EXISTING OFFICE
- CCB-5517 Application for an Additional
Office or Relocation of an Existing Office Pursuant Section 6.2-1807 of the Code of Virginia
- ACQUIRE CONTROL OF A PAYDAY LENDER LICENSEE
- CCB-5518 Application for Permission to
Acquire Control of a Payday Lender Licensee Pursuant to Section 6.2-1808 of the Code
of Virginia
- SUPPLEMENTAL FORMS
- CCB-1123 Personal Financial Report and
Disclosure Statement
- CCB-1143 Limited Personal Financial Report
and Disclosure Statement
- CCB-1149 Depository Institution Authorization
Form
- CCB-1150 Employment and Business Affiliation
Disclosure Form
- PAYDAY LOAN BUSINESS AND OTHER BUSINESS AT SAME LOCATION
- CCB-5519 Application to Conduct the Business
of Making Payday Loans and Other Business at the Same Location
Note: All applications are investigated by the Bureau
of Financial Institutions. Certain application decisions are made by the Commissioner
of Financial Institutions under delegated authority from the State Corporation Commission.
In the event you wish to appeal either a determination made by the Bureau of Financial
Institutions in the course of its investigation of your application or the Commissioner
of Financial Institutions’ decision on your application, you may request a formal
review by the State Corporation Commission in accordance with its
Rules of Practice and Procedure