Virginia Debt Settlement Laws

Debt Settlement License Registration Required:

Statute: Va. Code §6.2-2200 et seq.

Definition: “Debt pooling and distribution service” means an arrangement whereby a consumer gives money or control of his funds to a person for distribution to the consumer’s creditors.

“Debt settlement” means any action or negotiation initiated or taken by or on behalf of any consumer with any creditor of the consumer for the purpose of obtaining debt forgiveness of a portion of the credit extended by the creditor to the consumer or reduction of payments, charges, or fees payable by the consumer.