{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-2231.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-2231.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-2231.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-2231.html"}],"law_id":374144,"edition_id":2,"section_id":374144,"structure_id":53202,"section_number":"6.2-2231","catch_line":"Disclosure requirements","history":"2022, c. 516.","full_text":"Each provider shall provide the following disclosures to a recipient at the time of extending a specific offer of sales-based financing, according to formatting prescribed by the Commission:\n\n1\n\nThe total amount of the sales-based financing, and the disbursement amount, if different from the financing amount, after any fees deducted or withheld at disbursement.\n\n2\n\nThe finance charge.\n\n3\n\nThe total repayment amount, which is the disbursement amount plus the finance charge.\n\n4\n\nThe estimated number of payments, which is the number of payments expected, based on the projected sales volume, to equal the total repayment amount.\n\n5\n\nThe payment amounts, based on the projected sales volume (i) for payment amounts that are fixed, the payment amounts, frequency, and method or (ii) for payment amounts that are variable, a payment schedule or a description of the method used to calculate the amounts and frequency of payments and payment method.\n\n6\n\nA description of all other potential fees and charges not included in the finance charge, including draw fees, late payment fees, returned payment fees, and prepayment fees or penalties.\n\n7\n\nIf the recipient elects to pay off or refinance the sales-based financing prior to full repayment, an updated disclosure of:\n\t\t\ta. The information required by subdivisions 1 through 6 as of the day of prepayment or refinance; and\n\n\t\t\tb. A description of prepayment policies including whether the recipient will be required to pay any additional fees, penalties, or other amounts not already included in the finance charge, or if the recipient will receive any discount to the finance charge.\n\n8\n\nA description of collateral requirements or security interests, if any.\n\n9\n\nA statement of whether the provider will pay compensation directly to a broker in connection with the specific offer of sales-based financing and the amount of compensation.\n\n","order_by":null,"text":{"0":{"id":1396716,"text":"Each provider shall provide the following disclosures to a recipient at the time of extending a specific offer of sales-based financing, according to formatting prescribed by the Commission:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1396717,"text":"The total amount of the sales-based financing, and the disbursement amount, if different from the financing amount, after any fees deducted or withheld at disbursement.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1396718,"text":"The finance charge.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":1396719,"text":"The total repayment amount, which is the disbursement amount plus the finance charge.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":1396720,"text":"The estimated number of payments, which is the number of payments expected, based on the projected sales volume, to equal the total repayment amount.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":1396721,"text":"The payment amounts, based on the projected sales volume (i) for payment amounts that are fixed, the payment amounts, frequency, and method or (ii) for payment amounts that are variable, a payment schedule or a description of the method used to calculate the amounts and frequency of payments and payment method.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":1396722,"text":"A description of all other potential fees and charges not included in the finance charge, including draw fees, late payment fees, returned payment fees, and prepayment fees or penalties.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":1396723,"text":"If the recipient elects to pay off or refinance the sales-based financing prior to full repayment, an updated disclosure of:\n\t\t\ta. The information required by subdivisions 1 through 6 as of the day of prepayment or refinance; and\t\t\tb. A description of prepayment policies including whether the recipient will be required to pay any additional fees, penalties, or other amounts not already included in the finance charge, or if the recipient will receive any discount to the finance charge.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":1396724,"text":"A description of collateral requirements or security interests, if any.","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":1396725,"text":"A statement of whether the provider will pay compensation directly to a broker in connection with the specific offer of sales-based financing and the amount of compensation.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8"}},"ancestry":[{"id":53202,"edition_id":2,"name":"Sales-Based Financing Providers","identifier":"22.1","label":"chapter","depth":3,"order_by":10,"parent_id":53187,"metadata":{"child_laws":11,"child_structures":0},"date_created":"2026-08-02 03:12:57","date_modified":"2026-08-02 12:28:09","permalink":{"id":1494031,"object_type":"structure","relational_id":53202,"identifier":"22.1","token":"6.2\/III\/22.1","url":"\/6.2\/III\/22.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53187,"edition_id":2,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":53152,"metadata":{"child_laws":332,"child_structures":12},"date_created":"2026-08-02 03:12:17","date_modified":"2026-08-02 12:28:07","permalink":{"id":1492723,"object_type":"structure","relational_id":53187,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":374141,"structure_id":53202,"section_number":"6.2-2228","catch_line":"Definitions","url":"\/6.2-2228\/","token":"6.2\/III\/22.1\/6.2-2228","metadata":false},{"id":374142,"structure_id":53202,"section_number":"6.2-2229","catch_line":"Exemptions","url":"\/6.2-2229\/","token":"6.2\/III\/22.1\/6.2-2229","metadata":false},{"id":374143,"structure_id":53202,"section_number":"6.2-2230","catch_line":"Registration; authority to transact business","url":"\/6.2-2230\/","token":"6.2\/III\/22.1\/6.2-2230","metadata":false},{"id":374144,"structure_id":53202,"section_number":"6.2-2231","catch_line":"Disclosure requirements","url":"\/6.2-2231\/","token":"6.2\/III\/22.1\/6.2-2231","metadata":false},{"id":374145,"structure_id":53202,"section_number":"6.2-2232","catch_line":"Recipient place of business; required signature","url":"\/6.2-2232\/","token":"6.2\/III\/22.1\/6.2-2232","metadata":false},{"id":374146,"structure_id":53202,"section_number":"6.2-2233","catch_line":"Additional information","url":"\/6.2-2233\/","token":"6.2\/III\/22.1\/6.2-2233","metadata":false},{"id":374147,"structure_id":53202,"section_number":"6.2-2234","catch_line":"Place for bringing action under a contract or agreement to provide sales-based financing; certain fees paid by provider; confessions of judgment prohibited","url":"\/6.2-2234\/","token":"6.2\/III\/22.1\/6.2-2234","metadata":false},{"id":374148,"structure_id":53202,"section_number":"6.2-2235","catch_line":"Applicability of chapter to internet transactions","url":"\/6.2-2235\/","token":"6.2\/III\/22.1\/6.2-2235","metadata":false},{"id":374149,"structure_id":53202,"section_number":"6.2-2236","catch_line":"Validity of noncompliant sales-based financing","url":"\/6.2-2236\/","token":"6.2\/III\/22.1\/6.2-2236","metadata":false},{"id":374150,"structure_id":53202,"section_number":"6.2-2237","catch_line":"Regulations","url":"\/6.2-2237\/","token":"6.2\/III\/22.1\/6.2-2237","metadata":false},{"id":374151,"structure_id":53202,"section_number":"6.2-2238","catch_line":"Authority of Attorney General","url":"\/6.2-2238\/","token":"6.2\/III\/22.1\/6.2-2238","metadata":false}],"previous_section":{"id":374143,"structure_id":53202,"section_number":"6.2-2230","catch_line":"Registration; authority to transact business","url":"\/6.2-2230\/","token":"6.2\/III\/22.1\/6.2-2230","metadata":false},"next_section":{"id":374145,"structure_id":53202,"section_number":"6.2-2232","catch_line":"Recipient place of business; required signature","url":"\/6.2-2232\/","token":"6.2\/III\/22.1\/6.2-2232","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2231\/","history_text":"

This law was first created in 2022. The record of its establishment is cataloged in chapter 516<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1494045,"object_type":"law","relational_id":374144,"identifier":"6.2-2231","token":"6.2\/III\/22.1\/6.2-2231","url":"\/6.2-2231\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-2231\/","token":"6.2\/III\/22.1\/6.2-2231","dublin_core":{"Title":"Disclosure requirements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2231","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Each provider<\/span> shall provide the following disclosures to a recipient<\/span> at the time of extending a specific offer<\/span> of sales-based financing<\/span>, according to formatting prescribed by the Commission<\/span>:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The total amount of the sales-based financing<\/span>, and the disbursement amount, if different from the financing amount, after any fees deducted or withheld at disbursement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The finance charge. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The total repayment amount, which is the disbursement amount plus the finance charge. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The estimated number of payments, which is the number of payments expected, based on the projected sales volume, to equal the total repayment amount. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The payment amounts, based on the projected sales volume (i) for payment amounts that are fixed, the payment amounts, frequency, and method or (ii) for payment amounts that are variable, a payment schedule or a description of the method used to calculate the amounts and frequency of payments and payment method. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A description of all other potential fees and charges not included in the finance charge, including draw fees, late payment fees, returned payment fees, and prepayment fees or penalties. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> If the recipient<\/span> elects to pay off or refinance the sales-based financing<\/span> prior to full repayment, an updated disclosure of:\n\t\t\ta. The information required by subdivisions 1 through 6 as of the day of prepayment or refinance; and

\t\t\tb. A description of prepayment policies including whether the recipient<\/span> will be required to pay any additional fees, penalties, or other amounts not already included in the finance charge, or if the recipient<\/span> will receive any discount to the finance charge. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> A description of collateral<\/span> requirements or security interests, if any. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> A statement of whether the provider<\/span> will pay compensation directly to a broker<\/span> in connection with the specific offer<\/span> of sales-based financing<\/span> and the amount of compensation. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISCLOSURE REQUIREMENTS (\u00a7 6.2-2231)\n\nEach provider shall provide the following disclosures to a recipient at the time\nof extending a specific offer of sales-based financing, according to formatting\nprescribed by the Commission:\n\n1. The total amount of the sales-based financing, and the disbursement amount,\nif different from the financing amount, after any fees deducted or withheld at\ndisbursement.\n\n2. The finance charge.\n\n3. The total repayment amount, which is the disbursement amount plus the finance\ncharge.\n\n4. The estimated number of payments, which is the number of payments expected,\nbased on the projected sales volume, to equal the total repayment amount.\n\n5. The payment amounts, based on the projected sales volume (i) for payment\namounts that are fixed, the payment amounts, frequency, and method or (ii) for\npayment amounts that are variable, a payment schedule or a description of the\nmethod used to calculate the amounts and frequency of payments and payment\nmethod.\n\n6. A description of all other potential fees and charges not included in the\nfinance charge, including draw fees, late payment fees, returned payment fees,\nand prepayment fees or penalties.\n\n7. If the recipient elects to pay off or refinance the sales-based financing\nprior to full repayment, an updated disclosure of:\n\t\t\ta. The information required by subdivisions 1 through 6 as of the day of\nprepayment or refinance; and\t\t\tb. A description of prepayment policies including\nwhether the recipient will be required to pay any additional fees, penalties, or\nother amounts not already included in the finance charge, or if the recipient\nwill receive any discount to the finance charge.\n\n8. A description of collateral requirements or security interests, if any.\n\n9. A statement of whether the provider will pay compensation directly to a\nbroker in connection with the specific offer of sales-based financing and the\namount of compensation.\n\nHISTORY: 2022, c. 516.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}