Virginia Administrative Code
Title 10 - FINANCE AND FINANCIAL INSTITUTIONS
Agency 5 - STATE CORPORATION COMMISSION
Chapter 200 - SHORT-TERM LENDING
Section 10VAC5-200-60 - Posting of charges
Universal Citation: 0 VA Admin Code 5-200-60
Current through Register Vol. 41, No. 3, September 23, 2024
A. A licensee shall conspicuously post the following in each licensed location and on its website:
1. A schedule of payments,
fees and interest charges, with examples using (i) a $300 loan that is repaid
in three months; (ii) a $500 loan that is repaid in five months; and (iii) a
$1,000 loan that is repaid in 10 months. A licensee may post additional
examples when posting the information required by this subsection.
2. A notice with this statement: "If you wish
to file a complaint against us, you may contact the Virginia Bureau of
Financial Institutions at (800) 552-7945 or at scc.virginia.gov."
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).
Statutory Authority: §§ 6.2-1815 and 12.1-13 of the Code of Virginia.
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