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The foremost source of state law is the Constitution of Virginia. It provides the process for enacting all state legislation, as well as defining the powers of the state government and the basic rights of the people of Virginia. The Virginia Constitution has had six major revisions, as well as many amendments.
A debt buyer is a company, sometimes a collection agency, a private debt collection law firm, or a private investor, that purchases delinquent or charged-off debts from a creditor or lender for a percentage of the face value of the debt based on the potential collectibility of the accounts.
Virginia differs from many other states in that it does not provide for a right of redemption, by which a debtor can reclaim the property if they raise the money to pay the debt after the foreclosure sale. Furthermore, the debtor can not force the creditor to claim personal property ahead of real property.
This is because of the statute of limitations on debt. However, the terms of these laws vary, by state and by type of debt. For example, federal student loan debt is not covered by the statute of ...
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
While special districts exist in Virginia, they are generally less important than in other states. As of June 2012, Virginia had 193 special-district governments, as well as numerous special agencies, areas, and districts that were subordinate to the state or to a county, city, or town government.
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A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation.