2011 Code of Virginia Title 6.2 FINANCE INSTITUTIONS AND SERVICES. Chapter 18 Payday Lenders Payday financing database.

2011 Code of Virginia Title 6.2 FINANCE INSTITUTIONS AND SERVICES. Chapter 18 Payday Lenders Payday financing 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 maintain a real-time, Internet-accessible database that contains such pay day loan information while the Commission may necessitate every so often by administrative rule or policy declaration. The database will be functional by 1, 2009 january.

B. The provisions that are following affect the database:

1. Prior to making an online payday loan, a licensee shall query the database by way of online payday loans Utah a Commission-certified database provider and shall retain proof of the question when it comes to Commission’s supervisory review. The database shall enable a licensee to help make an online payday loan only when making the mortgage is permissible underneath the conditions with this chapter. During any duration that the database is unavailable because of technical problems beyond the licensee’s control, a licensee may depend on the pay day loan applicant’s written representations, as opposed to the database’s information, to confirm that making the mortgage used for is permissible beneath the conditions of the chapter. Just because a licensee may count on the precision associated with the applicant’s representations therefore the database’s information, a licensee is certainly not at the mercy of any administrative penalty or civil liability if that info is later on determined become inaccurate.

2. The database provider shall retain the database, simply just take all actions it deems necessary to protect the confidentiality and protection of this given information within the database, lead to the privacy and safety of these information, and have the information and knowledge within the database. The Commission shall gain access to and make use of the database being an enforcement device to make certain licensees’ conformity aided by the conditions for this 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 suggests the licensee that the applicant is ineligible for an online payday loan, then the applicant shall direct any inquiry concerning the particular reason behind such ineligibility to your database provider instead of to the licensee. The information included in the pay day loan database is confidential and exempt 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 determined prior to a schedule set by the Commission. The routine shall keep an acceptable relationship to real price of the procedure for the database. In case a licensee submits a database inquiry but doesn’t consummate a payday loan because of the applicant, then your licensee shall perhaps not spend the database inquiry cost. Each licensee shall remit all database inquiry costs right to the database provider for 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 might not be the absolute most version that is recent. Virginia may do have more present or accurate information. We make no warranties or guarantees in regards to the accuracy, completeness, or adequacy regarding the given information included on this website or even the details associated with on hawaii web web site. Please check always formal sources.

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