6.2-2000 - (Effective October 1, 2010) Definitions.
§ 6.2-2000. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Agency" means any person that provides or offers to provide debtmanagement plans for consumers.
"Consumer" means an individual residing in the Commonwealth who owes moneyto one or more creditors, for personal, family, or household purposes,including an individual who owes money jointly with one or more otherindividuals.
"Credit counselor" means an employee or agent of an agency who designs adebt management plan, provides consumer budget and basic financial planningservices, or engages in debt settlement or debt pooling and distributionservices on a consumer's behalf.
"Creditor" or "credit-granting organization" does not include (i)doctors, lawyers, or other professionals who receive payment for theirservices in installments or (ii) persons whose only participation in a credittransaction is to honor a credit card.
"Debt collector" means a person defined as a debt collector under 15U.S.C. § 1692a of the federal Fair Debt Collection Practices Act (15 U.S.C. §1692 et seq.).
"Debt management plan" or "DMP" means a program whereby a person agreesto engage in debt pooling and distribution services on behalf of a consumer,or multiple consumers if a joint account.
"Debt pooling and distribution service" means an arrangement whereby aconsumer gives money or control of his funds to a person for distribution tothe consumer's creditors.
"Debt settlement" means any action or negotiation initiated or taken by oron behalf of any consumer with any creditor of the consumer for the purposeof obtaining debt forgiveness of a portion of the credit extended by thecreditor to the consumer or reduction of payments, charges, or fees payableby the consumer.
"Duplicate original" means an exact copy with signatures created by thesame impression as the original, or an exact copy bearing an originalsignature, or in the case of an electronic transaction, an electronic versionwith electronic signatures.
"Electronic signature" means a signature as defined in § 59.1-480.
"Licensee" means a person licensed under this chapter.
"Maintenance fee" means a fee paid by a consumer to an agency for theadministration of a DMP.
"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 a person.
"Set-up fee" means a fee paid by a consumer to an agency for theestablishment of a DMP.
(2004, c. 790, §§ 6.1-363.2, 6.1-363.7; 2005, c. 315; 2010, c. 794.)