2011 Code of Virginia Title 6.2 FINANCE INSTITUTIONS AND SERVICES. Chapter 18 Payday Lenders Payday lending database.
6.2-1810. Payday financing database.
A. The Commission shall approve and contract with a number of 3rd events to build up, implement, and keep a real-time, Internet-accessible database that contains such cash advance information while the Commission may necessitate every so often by administrative guideline or policy declaration. The database will be functional by 1, 2009 january.
B. The after conditions shall affect the database:
1. A licensee shall query the database through a Commission-certified database provider and shall retain evidence of the query for the Commission’s supervisory review before making a payday loan. A licensee shall be allowed by the database to help make an online payday loan only when making the mortgage is permissible beneath the conditions for this chapter. A licensee may rely on the payday loan applicant’s written representations, rather than the database’s information, to verify that making the loan applied for is permissible under the provisions of this chapter during any period that the database is unavailable due to technical problems beyond the licensee’s control. Because a licensee may depend on the precision associated with applicant’s representations additionally the database’s information, a licensee just isn’t susceptible to any administrative penalty or civil obligation if that info is later on determined become inaccurate.
2. The database provider shall keep up with the database, just just simply take all actions it deems required to protect the confidentiality and safety regarding the information included in the database, lead to the privacy and safety of these information, and obtain the knowledge included in the database. The Commission shall gain access to and utilize the database being an enforcement device to make certain licensees’ conformity utilizing the conditions for this chapter.
3. Upon a licensee’s question, the database shall advise the licensee whether or not the applicant is qualified to receive a brand new cash advance and, in the event that applicant is ineligible, the reason behind such ineligibility. Then the applicant shall direct any inquiry regarding the specific reason for such ineligibility to the database provider rather than to the licensee if the database advises the licensee that the applicant is ineligible for a payday loan. The info included in the cash advance database is confidential and exempt from the Freedom of Information Act ( 2.2-3700 et seq.).
4. In case a licensee and debtor consummate an online payday loan, then your licensee shall spend a charge to defray the expense of submitting the database inquiry.
the total amount of the database inquiry cost will probably be calculated prior to a schedule set because of the Commission. The routine shall keep an acceptable relationship to real price of the procedure associated with database. If your licensee submits a database inquiry but will not consummate an online payday loan with all the applicant, then your licensee shall perhaps not pay the database inquiry fee. Each licensee shall remit all database inquiry charges right to the database provider on a regular foundation.
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.)
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