Recently, we confirmed with a senior representative of the Virginia Bureau of Financial Institutions that Virginia consumer finance company licensees are no longer required to maintain a physical office in Virginia. This is a result of amendments to the Virginia Consumer Finance Companies Act that took effect earlier this year. There are now fewer than 10 states that require an in-state office in connection with a consumer or mortgage lender license.
In our experience, the Virginia in-state office requirement was operationally difficult for many out-of-state lenders to comply with, particularly because the bureau expected the office to be fully functional and staffed by W-2 employees. And so, a significant number of such lenders opted to forego making loans governed by the license rather than obtain the license.
If you are interested in obtaining a Virginia consumer finance company license and need assistance with the application process, please contact APPROVED.