§ 2.2-2001.5 — Assignment of right to receive veterans' benefits

Virginia § 2.2-2001.5

• Jurisdiction: Virginia
• Title 2.2: Administration of Government
• Subtitle I: Organization of State Government
• Ch. 20: Department of Veterans Services
• Part C: State Agencies Related to the General Operation of Government

Text

A. As used in this section:

"Assignment of right to receive veterans' benefits" means any financial transaction in which a person provides a cash payment to a veteran in consideration for the veteran's assignment of his right to receive future pension or retirement benefits, without regard to whether the transaction is characterized or structured as a loan, assignment, loan secured by assignment, pledge, or other arrangement.

"Pension or retirement benefits" means any periodic benefit payable to a veteran by an agency of the federal government on account of the veteran's service in the Armed Forces of the United States, including any military retirement, pension, or disability benefit payments.

B. No person shall advertise, arrange, offer, or enter into any assignment of right to receive veterans' benefits if such assignment of right to receive veterans' benefits is prohibited or void under the provisions of 37 U.S.C. § 701 or 38 U.S.C. § 5301(a).

C. A violation of this section constitutes a prohibited practice under the provisions of § 59.1-200 and shall be subject to any and all of the enforcement provisions of the Virginia Consumer Protection Act (§ 59.1-196 et seq.).

Legislative History

2020, c. 438.