A. The Commission shall approve and contract with more than one 3rd events to build up, implement, and keep a real-time, Internet-accessible database that contains such pay day loan information while the Commission might need every so often by administrative guideline or policy declaration. The database will be functional by January 1, 2009.
B. The provisions that are following connect with 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 in order to make a quick payday loan only when making the mortgage is permissible beneath the conditions with this chapter. During any duration that the database is unavailable as a result 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 confirm that making the mortgage used for is permissible underneath the conditions of the 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 what is a payday loans database, just simply take all actions it deems required to protect the privacy and safety regarding the given information within the database, result in the privacy and protection of these information, and obtain the info included in the database. The Commission shall get access to and utilize database as an enforcement device to make certain licensees’ compliance aided by 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. In the event that database recommends the licensee that the applicant is ineligible for an online payday loan, then the applicant shall direct any inquiry concerning the certain cause for such ineligibility towards the database provider in place of towards the licensee. The information contained in the payday loan database is exempt and confidential through the Freedom of Information Act (В§ 2.2-3700 et seq.).
4. If your licensee and debtor consummate an online payday loan, then your licensee shall spend a charge to defray the expense of publishing the database inquiry. The amount of the database inquiry cost will probably be determined according to a schedule set by the Commission. The schedule shall keep a fair relationship to actual price of the procedure associated with 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 charges straight to the database provider on a basis that is weekly.
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 В§ 6.2-1816 or an extended term loan as provided in subdivision 27 of В§ 6.2-1816.
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