Confirm that this rule set covers the contract
Classification comes first. Record the creditor’s legal name, the principal advanced, the repayment promise, the stated finance charge or rate, the payment schedule, the agreement date, and every document that changed the transaction. Those facts determine whether Virginia’s short-term-loan chapter supplies the governing rule set or whether another consumer-credit framework applies.
A loan outside the statutory definition does not become a Chapter 18.2 short-term loan merely because it has a short repayment period or expensive payments. Likewise, a contract signed under an earlier version of the law requires the provisions effective on its signing date. Virginia’s State Corporation Commission supervises the relevant financial-services licensing function through its Bureau of Financial Institutions.
Virginia Code, Title 6.2, Chapter 18.2 — Short-Term Loans · Virginia State Corporation Commission, Bureau of Financial Institutions
Lender authority and pre-loan requirements
- Licensee status: match the creditor named in the agreement with the authority required for a Virginia short-term lender.
- Business identity: retain the lender name, address or access information, loan number, and the date of origination shown in the agreement and receipt.
- Origination controls: identify any eligibility review or short-term-loan database entry required by the provision effective on the signing date.
- Loan file: preserve the signed agreement, disclosures, payment authorization, receipts, and every later modification or replacement document.
Virginia Code, Title 6.2, Chapter 18.2 — Short-Term Loans · Virginia State Corporation Commission, Bureau of Financial Institutions · Virginia State Corporation Commission, Consumer Financial Services
Principal, charges, term, and installment design
Enter figures from the signed contract, not an advertisement or payment estimate. Principal means funds advanced; total repayment includes the borrower’s full payment obligation. A stated rate, an annual percentage rate, and a finance charge answer different questions and belong in separate entries.
| Contract Field | Agreement Value | Current Virginia Requirement | Governing Citation | Effective Date | Observed Discrepancy |
|---|---|---|---|---|---|
| Principal advanced | Enter the amount actually advanced to the borrower. | Match the amount to the applicable Chapter 18.2 principal limit for the agreement date. | Record the controlling Code section and subsection. | Record the version effective when the agreement was made. | State any amount outside the applicable limit. |
| Finance charge, stated rate, and APR | Enter each figure separately, plus every separately stated charge. | Match each charge to the Chapter 18.2 charge framework in force on the agreement date. | Record the controlling Code section and subsection. | Record the version effective when the agreement was made. | State any charge, rate, or disclosure that lacks support in the applicable provision. |
| Maturity and installments | Enter the maturity date, number of installments, due dates, and amount of each payment. | Match duration and repayment structure to the applicable Chapter 18.2 term and installment rule. | Record the controlling Code section and subsection. | Record the version effective when the agreement was made. | State any timing or installment feature that conflicts with the applicable rule. |
| Total repayment obligation | Enter the sum of all scheduled borrower payments. | Reconcile the total with principal and charges permitted under the applicable Chapter 18.2 provision. | Record the controlling Code section and subsection. | Record the version effective when the agreement was made. | State any unexplained difference between the scheduled total and the permitted components. |
Disclosures, receipts, and payment practices
- Disclosure document: compare the agreement’s borrower-facing terms with the disclosures required by the applicable short-term-loan provision.
- Copy and receipt: retain the signed contract and each payment record so the scheduled balance and actual payments remain traceable.
- Payment handling: compare payment collection, crediting, failed-payment treatment, prepayment treatment, and electronic-payment terms with the provision governing the transaction.
- Servicing record: preserve notices, account statements, payment authorizations, and collection communications alongside the original agreement.
Virginia Code, Title 6.2, Chapter 18.2 — Short-Term Loans · Virginia State Corporation Commission, Consumer Financial Services
Refinancing, replacement loans, and other restricted conduct
Later transactions need their own review. A refinancing, renewal, replacement loan, repeat transaction, new payment authorization, or added security arrangement can trigger provisions aimed at preserving the statutory short-term-loan structure and preventing prohibited conduct.
Link every later agreement to the original loan number, funding date, unpaid balance, new principal, new charges, and changed payment schedule. That record shows whether the lender originated a separate covered transaction or altered an existing one under a restriction that applies to refinancing or replacement activity.
Record the source version behind every result
Each finding needs the Code section and subsection, official page link, access date, effective date, and amendment status. As of October 16, 2026, the official Virginia Code places the short-term-loan provisions in Title 6.2, Chapter 18.2.
A material mismatch warrants preservation of the agreement, disclosures, receipts, and payment history, followed by clarification from the Virginia State Corporation Commission’s Bureau of Financial Institutions or qualified legal assistance.
Virginia Code, Title 6.2, Chapter 18.2 — Short-Term Loans · Virginia State Corporation Commission, Bureau of Financial Institutions · Virginia State Corporation Commission, Consumer Financial Services