2011 Code of Virginia Title 6.2 BANKING INSTITUTIONS AND SOLUTIONS. Chapter 18 Payday Lenders Payday lending database.

6.2-1810. Payday financing database.

A. The Commission shall approve and contract with a number of third events to produce, implement, and keep a real-time, Internet-accessible database that contains such pay day loan information because the Commission may need every so often by administrative guideline or policy statement. The database will probably be functional by January 1, 2009.

B. The after conditions shall connect with the database:

1. Prior to making a pay day loan, a licensee http://americashpaydayloans.com/payday-loans-az/ shall query the database via a Commission-certified database provider and shall retain proof the question for the Commission’s supervisory review. A licensee shall be allowed by the database to create a quick payday loan only when making the loan is permissible beneath the provisions with this chapter. During any duration that the database is unavailable because of technical dilemmas beyond the licensee’s control, a licensee may count on the pay day loan applicant’s written representations, as opposed to the database’s information, to validate that making the mortgage used for is permissible beneath the conditions of the chapter. A licensee is not subject to any administrative penalty or civil liability if that information is later determined to be inaccurate because a licensee may rely on the accuracy of the applicant’s representations and the database’s information.

2. The database provider shall retain the database, simply just just take all actions it deems essential to protect the privacy and protection regarding the given information within the database, lead to the confidentiality and security of these information, and acquire the info included in the database. The Commission shall get access to and make use of the database as an enforcement device to make sure licensees’ conformity aided by the conditions of the chapter.

3. The database shall advise the licensee whether the applicant is eligible for a new payday loan and, if the applicant is ineligible, the reason for such ineligibility upon a licensee’s query. In the event that database recommends the licensee that the applicant is ineligible for a quick payday loan, then the applicant shall direct any inquiry concerning the particular basis for such ineligibility towards the database provider instead of to your licensee. The info included in the pay day loan database is exempt and confidential through the Freedom of Information Act ( 2.2-3700 et seq.).

4. Then the licensee shall pay a fee to defray the costs of submitting the database inquiry if a licensee and borrower consummate a payday loan.

The amount of the database inquiry charge will probably be calculated according to a schedule set by the Commission. The routine shall keep a relationship that is reasonable real price of the operation regarding the database. Then the licensee shall not pay the database inquiry fee if a licensee submits a database inquiry but does not consummate a payday loan with the applicant. Each licensee shall remit all database inquiry costs right to the database provider on a basis that is weekly.

5. Then the licensee making the loan shall report such event or other information to the database not later than the close of business on the date of such event if a borrower enters into a payday loan or pays or otherwise satisfies a payday loan in full, or if a borrower enters into an extended payment plan as provided in subdivision 26 of 6.2-1816 or an extended term loan as provided in subdivision 27 of 6.2-1816.

(2008, cc. 849, 876, 6.1-453.1; 2010, c. 794.)

Disclaimer: These codes may possibly not be probably the most present variation. Virginia may have significantly more present or information that is accurate. We make no warranties or guarantees in regards to the precision, completeness, or adequacy regarding the information included on this web site or the knowledge associated with on hawaii web web site. Please check always sources that are official.