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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 10. Finance and Financial Institutions |
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Agency 5. State Corporation Commission |
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Chapter 200. Payday Lending |
Section 60. Posting of charges
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A. A licensee shall conspicuously post in its licensed location a schedule of payments, fees and interest charges, with examples using (i) a $300 loan payable in 14 days; (ii) a $300 loan payable in 30 days; (iii) a $300 loan payable in 31 days; (iv) a $300 loan payable in 62 days; and (v) a $300 extended term loan. A licensee may post additional examples when posting the information required by this subsection.
B. A licensee shall display its fees and interest charges not only as a dollar amount, but also as an Annual Percentage Rate, which shall be stated using this term, calculated in accordance with Regulation Z (12 CFR Part 1026).
Historical Notes
Derived from 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.