6.1-282 - (Repealed effective October 1, 2010) Requirements for making and payment of loans.
§ 6.1-282. (Repealed effective October 1, 2010) Requirements for making andpayment of loans.
Every licensee shall:
(1) At the time any loan is made, deliver to the borrower, or if there aretwo or more borrowers to one of them, a statement which shall disclose (i)the names and addresses of the licensee and of the principal debtor on theloan contract, and (ii) a statement in compliance with the federalTruth-In-Lending Regulation Z (12 CFR 226);
(2) Give the borrower a plain receipt for all cash payments. The Commissionmay specify the form and content of such receipts in keeping with the intentand purpose of this chapter;
(3) Permit payment to be made in advance in whole, or in part equal to one ormore full installments, but the licensee may apply the payment first to anyamounts which are due and unpaid at the time of such payment;
(4) Upon repayment of the loan in full, mark plainly every obligation andsecurity other than a security agreement executed by the borrower with theword "Paid" or "Canceled," mark satisfied any judgment, restore anypledge, cancel and return any note and any assignment given by the borrowerto the licensee and release any security agreement or other form of securityinstrument which no longer secures an outstanding loan between the borrowerand the licensee;
(5) In the event of collection by foreclosure sale or otherwise, pay andreturn to the borrower or to whomsoever is entitled thereto any surplusarising after the payment of the expenses of collection, sale or foreclosureand satisfaction of the debt.
(Code 1950, § 6-312; 1966, c. 584; 1968, c. 489; 1983, c. 500; 1997, c. 113.)