Section 90. Schedule of annual fees for the examination, supervision, and regulation of payday lenders

Pursuant to § 6.2-1814 of the Code of Virginia, the commission sets the following schedule of annual fees to be paid by payday lenders licensed under Chapter 18 (§ 6.2-1800 et seq.) of Title 6.2 of the Code of Virginia. Such fees are to defray the costs of the examination, supervision, and regulation of licensees by the bureau. The fees are related to the actual costs of the bureau, to the number of offices operated by licensees, to the volume of business of licensees, and to other factors relating to their supervision and regulation.

The annual fee shall be $500 per office plus $.47 per payday loan made by each licensee. The annual fee shall be computed on the basis of (i) the number of offices , authorized and opened, as of December 31 of the year preceding the year of the assessment, and (ii) the number of payday loans made under Chapter 18 (§ 6.2-1800 et seq.) of Title 6.2 of the Code of Virginia during the calendar year preceding the year of the assessment.

Fees shall be assessed on or before September 15 for the current calendar year. The assessment shall be paid by licensees on or before October 15.

The annual report, due March 25 each year, of each licensee provides the basis for its assessment (i.e., the number of offices and payday loans made). In cases where a license has been granted between January 1 and September 15 of the year of the assessment, the licensee shall pay $250 per office, authorized and opened, as of September 15 of that year.

Fees prescribed and assessed pursuant to this schedule are apart from, and do not include, the reimbursement for expenses authorized by subsection B of § 6.2-1814 of the Code of Virginia.

Historical Notes

Derived from Volume 20, Issue 02, eff. September 11, 2003; amended, Virginia Register Volume 28, Issue 01, eff. September 1, 2011.

Statutory Authority

§§ 6.2-1814, 6.2-1815, and 12.1-13 of the Code of Virginia.