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

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 certify and contract with more than one 3rd parties to produce, implement, and keep a real-time, Internet-accessible database that contains such cash advance information while the Commission may need every once in awhile by administrative rule or policy declaration. The database will probably be functional by January 1, 2009.

B. The provisions that are following connect with 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 quick payday loan only when making the mortgage is permissible beneath the provisions of the chapter. During any period that the database is unavailable as a result of technical issues beyond the licensee’s control, a licensee may depend on the pay day loan applicant’s written payday loans in Arkansas representations, as opposed to the database’s information, to validate that making the mortgage used for is permissible underneath the provisions for this chapter. Just because a licensee may count on the precision of this applicant’s representations in addition to database’s information, a licensee just isn’t at the mercy of any administrative penalty or civil obligation if it info is later on determined become inaccurate.

2. The database provider shall take care of the database, simply take all actions it deems required to protect the privacy and safety associated with information included in the database, result in the privacy and safety of these information, and possess the details within the database. The Commission shall gain access to and make use of the database being an enforcement device to make certain licensees’ conformity because of the conditions with this chapter.

3. Upon a licensee’s question, the database shall advise the licensee whether or not the applicant is entitled to a unique cash advance and, in the event that applicant is ineligible, the explanation for such ineligibility. In the event that database recommends the licensee that the applicant is ineligible for an online payday loan, then the applicant shall direct any inquiry in connection with particular reason behind such ineligibility towards the database provider in place of into the licensee. The info within the pay day loan database is exempt and confidential from the Freedom of Information Act ( 2.2-3700 et seq.).

4. If your licensee and debtor consummate an online payday loan, then your licensee shall spend a charge to defray the expense of publishing the database inquiry.

The amount of the database inquiry fee will be determined in conformity with a schedule set by the Commission. The routine shall keep a relationship that is reasonable real cost of the procedure associated with database. In case a licensee submits a database inquiry but will not consummate a quick payday loan with all the applicant, then the licensee shall perhaps not spend the database inquiry cost. Each licensee shall remit all database inquiry charges right to the database provider for a regular foundation.

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

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

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