{"data":{"id":"us-va/va.-code-6.2-2228","jurisdiction":"us-va","citation":"Va. Code § 6.2-2228","heading":"Definitions","body":"As used in this chapter, unless the context requires a different meaning:\"Recipient\" means a person whose principal place of business is in the Commonwealth and that applies for sales-based financing and is made a specific offer of sales-based financing by a provider. A recipient may also be an authorized representative of such person. A person acting as a broker cannot be a recipient.\"Sales-based financing\" means a transaction that is repaid by the recipient to the provider, over time, as a percentage of sales or revenue, in which the payment amount may increase or decrease according to the volume of sales made or revenue received by the recipient. Sales-based financing also includes a true-up mechanism where the financing is repaid as a fixed payment but provides for a reconciliation process that adjusts the payment to an amount that is a percentage of sales or revenue.\"Sales-based financing broker\" or \"broker\" means a person that, for compensation or the expectation of compensation, obtains or offers to obtain sales-based financing from a provider for a recipient.\"Sales-based financing provider\" or \"provider\" means a person that extends a specific offer of sales-based financing to a recipient. Unless otherwise exempt, \"provider\" also includes a person that solicits and presents specific offers of sales-based financing under an exclusive contract or arrangement with a provider.\"Specific offer\" means the specific terms of sales-based financing, including price or amount, that are quoted to a recipient, based on information obtained from or about the recipient, which, if accepted by a recipient, shall be binding on the provider, as applicable, subject to any specific requirements stated in such terms.2022, c. 516.","path":["Title 6.2. Financial Institutions and Services","Subtitle III. Other Regulated Providers of Financial Services","Chapter 22.1. Sales-Based Financing Providers"],"source_url":"https://law.lis.virginia.gov/vacode/6.2-2228/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:12:34Z","sha256":"23213e1ebc10bdf22ea5ef9c0838b1b202d2d035f871b95e7997ceac70be8314","source_id":"us-va","stale":true,"prev":"us-va/va.-code-6.2-2227","next":"us-va/va.-code-6.2-2229"},"notice":"GroundRules: Original legal text. Not legal advice."}