6.2-1810. Payday lending database.
www.badcreditloansadvisor.com/payday-loans-al/
A. The Commission shall approve and contract with a number of 3rd parties to produce, implement, and keep a real-time, Internet-accessible database that contains such cash advance information whilst the Commission may necessitate every so often by administrative guideline or policy declaration. The database will be functional by January 1, 2009.
B. The provisions that are following 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. A licensee shall be allowed by the database to help make an online payday loan only when making the loan is permissible underneath the conditions of the chapter. A licensee may rely on the payday loan applicant’s written representations, rather than the database’s information, to verify that making the loan applied for is permissible under the provisions of this chapter during any period that the database is unavailable due to technical problems beyond the licensee’s control. 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 take care of the database, simply take all actions it deems essential to protect the confidentiality and safety regarding the given information included in the database, lead to the privacy and safety of these information, and acquire the data included in the database. The Commission shall gain access to and make use of the database being an enforcement device to make certain licensees’ conformity using the conditions of the 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. 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 pay day loan database is exempt and confidential 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 quantity of the database inquiry cost will be determined relative to a schedule set by the Commission. The schedule shall keep a fair relationship to real price of the operation of this database. Then the licensee shall not pay the database inquiry fee if a licensee submits a database inquiry but does not consummate a payday loan with the applicant. Each licensee shall remit all database inquiry costs right to the database provider on a basis that is weekly.
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 protracted repayment plan as supplied in subdivision 26 of 6.2-1816 or a long 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 towards the database perhaps not later on compared to the close of company regarding the date of these occasion.
(2008, cc. 849, 876, 6.1-453.1; 2010, c. 794.)
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