Interpretation Help on This!! Virginia lender laws

I wrote my state Financial Information Advisory this:

Hello,

I'm trying to find out if an internet bases payday loan company with no physical presence in Virginia needs to be licensed to lend by Virginia. If they don't need to be licensed by Virginia, would they still need to follow Virginia's payday loan laws, or would they need to follow the laws of the state in which they are licensed? Also I have found out several payday lenders I have investigated are completely unlicensed and out of country lenders how shall I proceed?

Thanks!

They Replied:

Virginia code specifically states the following regarding licensure and Virginia's laws governing payday lenders apply to any entity making a payday loan to a Virginia resident.

§ 6.1-445. License requirement.
A. No person shall engage in the business of making payday loans to any consumer residing in the Commonwealth, whether or not the person has a location in the Commonwealth, except in accordance with the provisions of this chapter and without having first obtained a license under this chapter from the Commission.

B. No person shall engage in the business of arranging or brokering payday loans for any consumer residing in the Commonwealth, whether or not the person has a location in the Commonwealth.


Knowledge of or complaints about such can be filed with the Bureau. A complaint form can be found on the SCC web site at:
scc.virginia.gov/bfi/complain.aspx
Kenneth J. Schrad
Director, Division of Information Resources
State Corporation Commission
PO Box 1197
Richmond, VA 23218
(804) 371-9141 (phone)
(804) 371-9211 (fax)
[email]ken.schrad@scc.virginia.gov[/email]


This means?? Anyone help me clarify before I state my interpretation. Thanks in advance.