But Net Credit sought to use the same VCPA exemption for "small loan companies," pointing to Markow's ruling.
Herring's office sued in May, claiming Net Credit was charging interest rates of 34 to 155 percent, when the rate should be capped at 12 percent under the VCPA.
Net Credit's position was that it need not be licensed by the State Corporation Commission to make consumer loans in Virginia and that it also is exempt from regulation of fraudulent conduct under the VCPA's exemption for small loan companies.
"In short, Defendant's position is that there exists a gap in the statutory scheme where lenders engaging in fraud may operate with impunity, subject neither to regulatory supervision nor the disciplining balm of adjudication of VCPA claims in the courts," Bernhard wrote.
Parsing the language of the VCPA exemption, Bernhard said the qualifying phrase at the end refers to federal regulation, which would not apply to insurance companies.
The VCPAS questionnaires provided quantitative data.
Following each VCP session, quantitative data from the VCPAS were entered into a SPSS version 11.0 data file.
The final item on both the pre- and post-experience VCPAS was, "I think the Virtual Clinical Practicum should be a permanent part of the nursing curriculum." Since the answer to this question could be meaningful in and of itself, it was analyzed separately to assess changes in student perception before and after experiencing the VCP.
Discussion Significant differences in students' overall perception of the VCP were found between the pre- and post-experience administrations of the VCPAS during the beta test.
Sample VCPAS Items in Descending Order of the Mean (Combined Beta Test Pre-Experience and Post-Experience).