Section 6.1-450 of the Virginia Payday Loan Act (Chapter 18 of Title 6.1 of the Code of Virginia) sets forth the qualifications for licensing. 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 linksand will take you off the SCC website.

Application Steps

1. Click on the appropriate application form and download the PDF file. Instructions for each application are included in the application form.
2. Download each supplemental form related to the specific application. (Applicable supplemental forms will be listed immediately following the application form).
3. Read and follow all instructions in completing the application.
4. 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.
5. 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.
6. 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 6.1 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 6.1-448 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 to the Payday Lender Act

• ACQUIRE CONTROL OF A PAYDAY LENDER LICENSEE
• CCB-5518 Application for Permission to Acquire Control of a Payday Lender Licensee Pursuant to Section 6.1-452 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