6.2-1810. Payday lending database.
A. The Commission shall approve and contract with more than one third events to build up, implement, and keep a real-time, Internet-accessible database that contains such pay day loan information while the Commission may need every once in awhile by administrative rule or policy declaration. The database will be functional by January 1, 2009.
B. The after conditions shall 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 cash advance only when making the loan is permissible underneath the conditions with visit the website here this chapter. During any period 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. Just because a licensee may depend on the precision associated with applicant’s representations in addition to database’s information, a licensee is certainly not susceptible to any administrative penalty or civil obligation if it info is later determined become inaccurate.
2. The database provider shall keep up with the database, just take all actions it deems essential to protect the privacy and safety regarding the given information within the database, lead to the privacy and protection of these information, and obtain the knowledge included in the database. The Commission shall gain access to and make use of the database as an enforcement device to make certain licensees’ conformity utilizing 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. 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 about the certain cause for such ineligibility to your database provider in place of into the licensee. The information included in the cash advance database is private 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 total amount of the database inquiry charge will be calculated relative to a schedule set because of the Commission. The routine shall keep a relationship that is reasonable real price of the procedure regarding the database. In case a licensee submits a database inquiry but doesn’t consummate an online payday loan with all the applicant, then your licensee shall perhaps not spend the database inquiry cost. Each licensee shall remit all database inquiry costs straight to the database provider on a weekly foundation.
5. If your debtor goes into into a quick payday loan or pays or elsewhere satisfies a quick payday loan in complete, or if a debtor comes into into a long repayment plan as supplied in subdivision 26 of 6.2-1816 or a prolonged term loan as supplied in subdivision 27 of 6.2-1816, then your licensee making the mortgage shall report such event or any other information into the database perhaps not later compared to the close of business in the date of these occasion.
(2008, cc. 849, 876, 6.1-453.1; 2010, c. 794.)
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