6.2-1810. Payday financing database.
A. The Commission shall approve and contract with more than one 3rd events to produce, implement, and keep a real-time, Internet-accessible database that contains such pay day loan information whilst the Commission may necessitate every so often by administrative guideline or policy declaration. The database will be functional by 1, 2009 january.
B. The after provisions shall 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. The database shall enable a licensee which will make a quick payday loan only when making the mortgage is permissible beneath the conditions of the chapter. During any duration that the database is unavailable because of technical issues 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 for this chapter. A licensee is not subject to any administrative penalty or civil liability if that information is later determined to be inaccurate because a licensee may rely on the accuracy of the applicant’s representations and the database’s information.
2. The database provider shall retain the database, simply just just take all actions it deems required to protect the privacy and protection associated with given information within the database, result in the privacy and safety of these information, and possess the details 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 of the chapter.
3. Upon a licensee’s question, the database shall advise the licensee if the applicant is qualified to receive a brand new pay day loan and, in the event that applicant is ineligible, the reason behind such ineligibility. 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 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 amount of the database inquiry charge will probably be determined according 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 will not consummate an online payday loan using the applicant, then your 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. 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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