Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 210 - MOTOR VEHICLE TITLE LENDING › Section 10VAC5-210-60 - Annual reporting requirements

Current through Register Vol. 40, No. 24, July 15, 2024
When making the annual report required by §
									6.2-2210 of the
				  Code of Virginia, in addition to other information required by the
				  commissioner, a licensee shall provide the following data regarding motor
				  vehicle title loans made under the Act:
1. The total number and dollar amount of
				loans made.
2. The total number of
				individual borrowers to whom loans were made.
3. The minimum and maximum loan
				amounts.
4. The minimum, maximum,
				and average contracted Annual Percentage Rates.
5. The minimum, maximum, and average loan
				terms (in days), and the average number of days that a loan was
				outstanding.
6. The total
				contracted loan charges.
7. The
				total loan charges paid by borrowers.
8. The total number and dollar amount of
				deposit item return fees paid by borrowers.
9. The total number of loans that went into
				default.
10. The total number of
				individual borrowers that failed to make a monthly payment on a loan for at
				least 60 days.
11. The total number
				of motor vehicles that were repossessed by or on behalf of the
				licensee.
12. The total number of
				motor vehicles that were surrendered to the licensee.
13. The total number of motor vehicles that
				were redeemed by borrowers after being repossessed or surrendered.
14. The total number of repossessed or
				surrendered motor vehicles that were sold by or on behalf of the
				licensee.
15. The total fair market
				value, as stated in the loan agreements, of repossessed or surrendered motor
				vehicles that were sold by or on behalf of the licensee.
16. The total amount of proceeds the licensee
				received from the sale of repossessed or surrendered motor vehicles.
17. The total amount of sale proceeds paid to
				borrowers pursuant to subsection C of §
									6.2-2217
				of the Code of Virginia.
18. The
				total amount of charges paid by borrowers for the repossession and sale of
				motor vehicles, including charges the licensee collected or recovered through
				the proceeds it received from the sale of repossessed or surrendered motor
				vehicles.
19. The total number of
				charged-off loans and the total dollar amount charged off.
20. The total number and dollar amount of
				personal money judgments against borrowers that were obtained by or on behalf
				of the licensee along with a breakdown of these totals that identifies the
				number and dollar amount of judgments the licensee pursued based on each of the
				following borrower actions:
(i) intentionally
				damaging or destroying a motor vehicle that secures a title loan;
(ii) intentionally concealing a motor vehicle
				that secures a title loan;
(iii)
				giving the licensee a lien on a motor vehicle that is already encumbered by an
				undisclosed prior lien; and
(iv)
				subsequently giving a security interest in, or selling, a motor vehicle that
				secures a title loan to a third party, without the licensee's written
				consent.