Section 75. Annual reporting requirements

When making the annual report required by § 6.2-1811 of the Code of Virginia, in addition to other information required by the commissioner, licensees shall provide the following data:

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.

Historical Notes

Derived from Volume 19, Issue 09, eff. January 1, 2003; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.

Statutory Authority

§§ 6.2-1815 and 12.1-13 of the Code of Virginia.