6.2-1810. Payday financing database.
A. The Commission shall certify and contract with more than one 3rd events to build up, implement, and keep a real-time, Internet-accessible database that contains such cash advance information given that Commission might need every so often by administrative guideline or policy declaration. The database will be functional by 1, 2009 january.
B. The after provisions shall connect with the database:
1. Before generally making an online payday loan, a licensee shall query the database by way of a Commission-certified database provider and shall retain proof of the question when it comes to Commission’s supervisory review. A licensee shall be allowed by the database to create a quick payday loan only when making the mortgage original source site is permissible underneath the provisions for this chapter. During any duration 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 with this chapter. Just because a licensee may count on the precision regarding the applicant’s representations and also the database’s information, a licensee just isn’t at the mercy of any administrative penalty or civil obligation if that info is later on determined become inaccurate.
2. The database provider shall retain the database, just just take all actions it deems required to protect the privacy and safety for the given information included in the database, be responsible for the privacy and safety of these information, and have the info within the database. The Commission shall get access to and make use of the database as an enforcement device to make certain licensees’ conformity aided by 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 recommends the licensee that the applicant is ineligible for a quick payday loan, then the applicant shall direct any inquiry about the certain basis for such ineligibility into the database provider in place of into the licensee. The info within the cash advance database is private and exempt through the Freedom of Information Act ( 2.2-3700 et seq.).
4. In case a licensee and borrower consummate an online payday loan, then your licensee shall pay a charge to defray the expense of publishing the database inquiry.
The amount of the database inquiry cost will be determined relative to a schedule set because of the Commission. The routine shall keep an acceptable relationship to real cost of the procedure associated with database. In case a licensee submits a database inquiry but doesn’t consummate an online payday loan aided by 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 for 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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