Source: https://law.lis.virginia.gov/admincodeexpand/title10/agency5/chapter200
Timestamp: 2019-04-20 06:48:24+00:00

Document:
Derived from Virginia Register Volume 18, Issue 24, eff. July 22, 2002; amended, Virginia Register Volume 25, Issue 4, eff. January 1, 2009; Volume 28, Issue 20, eff. June 1, 2012; Volume 30, Issue 17, eff. May 1, 2014.
Derived from Virginia Register Volume 18, Issue 24, eff. July 22, 2002; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.
Derived from Virginia Register Volume 25, Issue 4, eff. January 1, 2009.
Derived from Virginia Register Volume 25, Issue 4, eff. January 1, 2009; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012; Volume 30, Issue 17, eff. May 1, 2014.
Derived from Virginia Register Volume 18, Issue 24, eff. July 22, 2002; amended, Virginia Register Volume 25, Issue 4, eff. January 1, 2009; Volume 28, Issue 20, eff. June 1, 2012.
10VAC5-200-50. Responding to requests from the Bureau of Financial Institutions; providing false, misleading, or deceptive information.
A. When the bureau requests a written response, books, records, documentation, or other information from a licensee in connection with the bureau's investigation, enforcement, or examination of compliance with applicable laws, the licensee shall deliver a written response as well as any requested books, records, documentation, or information within the time period specified in the bureau's request. If no time period is specified, a written response as well as any requested books, records, documentation, or information shall be delivered by the licensee to the bureau not later than 30 days from the date of such request. In determining the specified time period for responding to the bureau and when considering a request for an extension of time to respond, the bureau shall take into consideration the volume and complexity of the requested written response, books, records, documentation, or information, and such other factors as the bureau determines to be relevant under the circumstances.
B. A licensee shall not provide any false, misleading, or deceptive information to the bureau.
C. Requests made by the bureau pursuant to subsection A are deemed to be in furtherance of the bureau's investigation and examination authority provided for in § 6.2-1813 of the Code of Virginia. Failure to comply with subsection A or any violation of subsection B may result in civil penalties, license suspension, or license revocation.
Derived from Virginia Register Volume 18, Issue 24, eff. July 22, 2002; amended Virginia Register Volume 28, Issue 20, eff. June 1, 2012; Volume 30, Issue 17, eff. May 1, 2014.
Derived from Virginia Register Volume 18, Issue 24, eff. July 22, 2002; amended, Virginia Register Volume 25, Issue 14, eff. March 1, 2009; Volume 30, Issue 17, eff. May 1, 2014.
1. The total number and dollar amount of payday loans made.
2. The total number of individual borrowers to whom loans were made.
3. The minimum, maximum, and average dollar amount of payday loans made.
4. The average annual percentage rate, and range of annual percentage rates, charged on payday loans made.
5. The average number of days, and the range of number of days, of the term of payday loans made.
6. The total number and dollar amount of borrower checks returned unpaid by the drawee depository institution.
7. The total number and dollar amount of returned checks ultimately paid.
8. The total number and dollar amount of returned checks charged off as uncollectible.
9. The total number and dollar amount of returned check fees collected from borrowers whose checks are returned for insufficient funds.
10. The total number of individual borrowers against whom lawsuits were instituted.
11. The number of individual borrowers who received more than one loan but less than 13 loans, and the number of individual borrowers who received 13 loans or more.
Derived from Virginia Register Volume 19, Issue 9, eff. January 1, 2003; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.
Derived from Virginia Register Volume 18, Issue 24, eff. July 22, 2002; amended, Virginia Register Volume 22, Issue 11, eff. March 1, 2006; Volume 25, Issue 4, eff. January 1, 2009; Volume 30, Issue 17, eff. May 1, 2014.
Derived from Virginia Register Volume 30, Issue 17, eff. May 1, 2014.
Derived from Virginia Register Volume 20, Issue 2, eff. September 11, 2003; amended, Virginia Register Volume 28, Issue 1, eff. September 1, 2011.
Derived from Virginia Register Volume 20, Issue 22, eff. June 15, 2004; amended, Virginia Register Volume 26, Issue 11, eff. February 1, 2010; Volume 27, Issue 10, eff. January 1, 2011.
Derived from Virginia Register Volume 25, Issue 4, eff. January 1, 2009; amended, Virginia Register Volume 25, Issue 14, eff. March 1, 2009; Volume 28, Issue 20, eff. June 1, 2012; Volume 30, Issue 17, eff. May 1, 2014.
10VAC5-200-113. Limited disclosure of data from payday lending database.
A. Pursuant to § 6.2-1810 of the Code of Virginia, the information contained in the payday lending database is confidential. However, provided that it does not directly or indirectly identify or pertain to any specific borrowers, licensees, or loan transactions, aggregate data and data that is otherwise derived from information contained in the database is not confidential and may be furnished by the database provider to the public. The database provider may charge and collect a fee to defray the cost of compiling and furnishing such data.
B. The database provider shall notify the bureau prior to furnishing data pursuant to this section.
Pursuant to subdivision B 4 of § 6.2-1810 of the Code of Virginia, a licensed payday lender shall pay a database inquiry fee to the database provider in connection with every payday loan consummated by the licensee. The amount of the database inquiry fee shall not exceed $5.00 per loan, which shall be remitted by each licensee directly to the database provider on a weekly basis.
Derived from Virginia Register Volume 25, Issue 4, eff. January 1, 2009; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.
A. Failure to comply with any provision of the Act or this chapter may result in fines, license suspension, or license revocation.
B. Pursuant to § 6.2-1824 of the Code of Virginia, a licensee shall be subject to a separate fine of up to $1,000 for every violation of the Act, this chapter, or other law or regulation applicable to the conduct of the licensee's business. If a licensee violates any provision of the Act, this chapter, or other law or regulation applicable to the conduct of the licensee's business in connection with multiple loans or borrowers, the licensee shall be subject to a separate fine for each loan or borrower. For example, if a licensee makes five loans and the licensee violates two provisions of this chapter that are applicable to the five loans, the licensee shall be subject to a maximum fine of $10,000.
C. If a licensee (i) fails to transmit information to the payday lending database in accordance with the Act or 10VAC5-200-110, (ii) transmits incorrect information to the database, or (iii) transmits information to the database in an untimely manner, the licensee shall be subject to a separate fine under § 6.2-1824 of the Code of Virginia for each item of data that is omitted, incorrect, or untimely. For example, if a licensee makes three loans and fails to transmit two items of information to the database in connection with each of the three loans, the licensee shall be subject to a maximum fine of $6,000.
Derived from Virginia Register Volume 25, Issue 14, eff. March 1, 2009.

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