Each mortgage contract shall through the borrower’s qualifications the debtor isn’t obliged on another automobile title financing;
10. 12. A licensee shall maybe not (i) making a motor vehicle name financing if, regarding go out the borrowed funds arrangement is actually closed of the debtor, the automobile’s certificate of subject evidences that the automobile is safety for another loan or perhaps try encumbered by a lien; (ii) making financing to a person who the licensee knows is a debtor under another car concept mortgage, whether produced by alike or some other licensee, or (iii) knowingly result in a borrower are compelled upon several car title mortgage whenever you want.
11. 13. A licensee shall (i) support the certification of title towards the automobile through the entire period your mortgage contract is during influence and (ii) within 7 days adopting the date on the car name loan arrangement, document getting their safety desire for the automobile included with the certification of title by complying because of the criteria of A§46.2-637, or in the way it is of an automobile signed up in a condition aside from the Commonwealth by complying with that state’s specifications for perfecting a security interest in an automobile;
12. 14. A licensee shall not render a subject loan to a debtor to enable the debtor to (i) pay for other products or services ended up selling at the licensee’s company area or by an affiliate or (ii) repay any balance due for the licensee or a joint venture partner of the licensee in connection with another credit score rating transaction;
13. A licensee’s safety curiosity about an automobile shall be quickly launched once the debtor’s duties underneath the financing agreement were contented entirely. When launching the safety curiosity about an automobile, a licensee shall (i) draw the initial loan agreement with all the word “paid” or “canceled,” send it back for the borrower, and retain a duplicate in information; (ii) bring any actions necessary to reflect the firing of the lien regarding motor vehicle’s certificate of concept; and (iii) come back the certificate of concept toward debtor;
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