Virginia § 6.2-2001 - (Effective July 1, 2026) License requirement; exceptions
Full text of Virginia Code of Virginia § 6.2-2001 — (Effective July 1, 2026) License requirement; exceptions, with citation guidance and answers to common questions.
§ 6.2-2001. (Effective July 1, 2026) License requirement; exceptions
A. No person shall engage in the business of providing or offering to provide a DMP to any consumer, whether or not the person has an office, facility, agent, or other physical presence in the Commonwealth, unless such person obtains from the Commission a license issued pursuant to this chapter. The provisions of this chapter shall not apply to any bank, savings institution, or credit union, or to a person licensed to practice law in the Commonwealth.
B. This chapter shall be construed by the Commission to promote sound personal financial advice and management, and protect against financial loss consumers who place money or control of their funds or credit into the custody of an agency for transmission to such consumers' creditors.
C. A person licensed under this chapter is not required to be licensed as a money transmitter under Chapter 19.1 (§ 6.2-1922 et seq.), if the person's money transmission activities are limited to providing debt pooling and distribution services in accordance with this chapter.
2004, c. 790, § 6.1-363.3; 2010, c. 794; 2019, c. 325; 2025, c. 214.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 6.2-2001
What does Code of Virginia § 6.2-2001 cover?
Section 6.2-2001 ("(Effective July 1, 2026) License requirement; exceptions") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 6.2-2001?
A common citation format is "Code of Virginia § 6.2-2001" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 6.2-2001 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.