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

6.2-1810. Payday financing database.

A. The Commission shall approve and contract with more than one 3rd parties to produce, implement, and maintain a real-time, Internet-accessible database that contains such pay day loan information because the Commission may need every once in awhile by administrative guideline or policy declaration. The database will be functional by 1, 2009 january.

B. The provisions that are following 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 a cash advance only when making the mortgage is permissible underneath the conditions with 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. Just because a licensee may depend on the precision associated with applicant’s representations additionally the database’s information, a licensee is certainly not at the mercy of any administrative penalty or civil obligation if it info is later on determined become inaccurate.

2. The database provider shall keep up with the database, simply simply take all actions it deems essential to protect the confidentiality and security for the given information within the database, lead to the privacy https://paydayloanadvance.org/payday-loans-fl/ and safety of such information, and have the info within the database. The Commission shall get access to and utilize database being an enforcement device to make certain licensees’ conformity with all the conditions with 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. 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 within the cash advance 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 quantity of the database inquiry charge will probably be determined prior to a schedule set by the Commission. The routine shall keep a fair relationship to real price of the procedure regarding the 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 spend the database inquiry charge. Each licensee shall remit all database inquiry costs right to the database provider on a basis that is weekly.

5. In cases where a debtor gets in into a quick payday loan or pays or elsewhere satisfies a quick payday loan in complete, or if a debtor comes into into a prolonged repayment plan as supplied in subdivision 26 of 6.2-1816 or a prolonged term loan as provided in subdivision 27 of 6.2-1816, then your licensee making the loan shall report such occasion or other information into the database perhaps not later on compared to the close of company regarding the date of these occasion.

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

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