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Bureau of Financial Institutions

Application Forms - Credit Counseling Agencies

Chapter 20 of Title 6.2 of the Code of Virginia requires the licensing of persons wishing to engage in the business of providing or offering to provide a Debt Management Plan to any consumer residing in the Commonwealth, whether or not the agency has a location in the Commonwealth. A Debt Management Plan is defined in Section 6.2-2000 of the Code of Virginia as a program whereby an agency agrees to engage in debt pooling and distribution services on behalf of a consumer (or multiple consumers if a joint account) under which the consumer gives money or control of his funds to such an agency for distribution to the consumer's creditors. Section 6.2-2005 of the Code of Virginia sets forth the qualifications for licensing. It requires the Commission, before granting a credit counseling license, to make a finding, among other things, that an applicant, and its directors, senior officers, trustees and principals have the financial responsibility, character, reputation, experience and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law. We consider all the factors required by the Code to make a determination whether a particular applicant qualifies. The applicant will be given the opportunity to talk to the analyst handling the application to discuss his/her experience and demonstrate he is knowledgeable of the business and familiar with Virginia laws and regulations.

The applicant must be accredited by the International Standards Organization or the Council on Accreditation or another organization approved by the Commission, and the applicant's credit counselors must be certified through a bona fide third-party certification provider unaffiliated with the applicant that authenticates the competence of counselors providing consumer assistance.

In addition, the Code requires a surety bond in the principal amount as determined by the Commission but not less than $25,000 nor more than $350,000. The amount of bond required of a new licensee shall be based upon the applicant's financial condition, capitalization, projected Virginia monthly volume of funds received under debt management plans, experience, and other factors deemed pertinent by the Commissioner.

Applicants for a license to operate a credit counseling agency should carefully review all laws, regulations, and administrative letters governing credit counseling prior to submitting an application. Links to related laws and regulations appear below. Code and Regulation Sections can be viewed and downloaded individually or a report of multiple Sections can be created and downloaded. To download multiple Sections click on “create report” at the beginning of the table of contents for the specific Chapter and enter the beginning and ending Section of the sequence you wish to download. It is your responsibility to read and comply with all applicable laws and regulations.

Following are applications and related forms for new credit counseling agencies and for existing licensees, including applications for additional offices and office relocations, and the acquisition of licensees. Each application form includes filing instructions. Some application types require the filing of supplemental forms. In each instance, the appropriate supplemental forms are listed directly following the application form. It is important to carefully read and follow all instructions and to provide full and complete responses. Investigation of the application may be delayed if the application is incomplete.

Note: Links to the Code of Virginia and Virginia Administrative Code in the menus below are external linksExternal Link logoand will take you off the SCC website.

Application Steps

  1. Click on the appropriate application form and download the PDF file. Instructions for each application are included in the application form.
  2. Download each supplemental form related to the specific application. (Applicable supplemental forms will be listed immediately following the application form).
  3. Read and follow all instructions in completing the application.
  4. Once the application has been completed, review the form making sure that all items have complete responses, the application is properly signed, and any required supplemental forms have been completed and included as part of the application package.
  5. New applicants should view and download applicable laws, regulations, and administrative letters listed above by clicking on each item in the dropdown boxes. Sections of applicable chapters of the Code of Virginia can be printed individually or multiple Sections can be downloaded by clicking on “create report” at the beginning of the table of contents for the specific Chapter and enter the beginning and ending Section of the sequence you wish to download.
  6. Since new applicants are required to have knowledge of legal requirements it is important for the applicant to read and understand all related laws and regulations before applying for the license.

Application Forms

  • NEW CREDIT COUNSELING AGENCY
  • CCB-7700 Application to Engage in the Business of a Credit Counseling Agency Pursuant to Title 6.2, Chapter 20 of the Code of Virginia
  • SUPPLEMENTAL FORMS
    • CCB-1123 Personal Financial Report and Disclosure Statement
    • CCB-1148 Personal Information and Disclosure Statement for Directors of Credit Counseling Agencies
    • CCB-1149 Depository Institution Authorization Form
    • CCB-1150 Employment and Business Affiliation Disclosure Form
    • CCB-7703 Surety Bond Pursuant to Section 6.2-2003 of the Code of Virginia
  • ADDITIONAL LOCATION OR RELOCATION OF AN EXISTING OFFICE
  • CCB-7702 Application for an Additional Office or the Relocation of an Existing Office Pursuant Section 6.2-2006 of the Code of Virginia
  • ACQUIRE CONTROL OF A CREDIT COUNSELING LICENSEE
  • CCB-7704 Application for Permission to Acquire Control of a Credit Counseling Licensee Pursuant to Section 6.2-2007 of the Code of Virginia
  • SUPPLEMENTAL FORMS
    • CCB-1123 Personal Financial Report and Disclosure Statement
    • CCB-1148 Personal Information and Disclosure Statement for Directors of Credit Counseling Agencies
    • CCB-1149 Depository Institution Authorization Form
    • CCB-1150 Employment and Business Affiliation Disclosure Form

Note: All applications are investigated by the Bureau of Financial Institutions. Certain application decisions are made by the Commissioner of Financial Institutions under delegated authority from the State Corporation Commission. In the event you wish to appeal either a determination made by the Bureau of Financial Institutions in the course of its investigation of your application or the Commissioner of Financial Institutions’ decision on your application, you may request a formal review by the State Corporation Commission in accordance with its Rules of Practice and Procedure