Virginia Administrative Code
Title 10 - FINANCE AND FINANCIAL INSTITUTIONS
Agency 5 - STATE CORPORATION COMMISSION
Chapter 210 - MOTOR VEHICLE TITLE LENDING
Section 10VAC5-210-60 - Annual reporting requirements

Universal Citation: 0 VA Admin Code 5-210-60

Current through Register Vol. 41, No. 3, September 23, 2024

When making the annual report required by § 6.2-2210 of the Code of Virginia, in addition to other information required by the commissioner, a licensee shall provide the following data regarding motor vehicle title loans made under the Act:

1. The total number and dollar amount of loans made.

2. The total number of individual borrowers to whom loans were made.

3. The minimum and maximum loan amounts.

4. The minimum, maximum, and average contracted Annual Percentage Rates.

5. The minimum, maximum, and average loan terms (in days), and the average number of days that a loan was outstanding.

6. The total contracted loan charges.

7. The total loan charges paid by borrowers.

8. The total number and dollar amount of deposit item return fees paid by borrowers.

9. The total number of loans that went into default.

10. The total number of individual borrowers that failed to make a monthly payment on a loan for at least 60 days.

11. The total number of motor vehicles that were repossessed by or on behalf of the licensee.

12. The total number of motor vehicles that were surrendered to the licensee.

13. The total number of motor vehicles that were redeemed by borrowers after being repossessed or surrendered.

14. The total number of repossessed or surrendered motor vehicles that were sold by or on behalf of the licensee.

15. The total fair market value, as stated in the loan agreements, of repossessed or surrendered motor vehicles that were sold by or on behalf of the licensee.

16. The total amount of proceeds the licensee received from the sale of repossessed or surrendered motor vehicles.

17. The total amount of sale proceeds paid to borrowers pursuant to subsection C of § 6.2-2217 of the Code of Virginia.

18. The total amount of charges paid by borrowers for the repossession and sale of motor vehicles, including charges the licensee collected or recovered through the proceeds it received from the sale of repossessed or surrendered motor vehicles.

19. The total number of charged-off loans and the total dollar amount charged off.

20. The total number and dollar amount of personal money judgments against borrowers that were obtained by or on behalf of the licensee along with a breakdown of these totals that identifies the number and dollar amount of judgments the licensee pursued based on each of the following borrower actions:

(i) intentionally damaging or destroying a motor vehicle that secures a title loan;

(ii) intentionally concealing a motor vehicle that secures a title loan;

(iii) giving the licensee a lien on a motor vehicle that is already encumbered by an undisclosed prior lien; and

(iv) subsequently giving a security interest in, or selling, a motor vehicle that secures a title loan to a third party, without the licensee's written consent.

Statutory Authority: §§ 6.2-2214 and 12.1-13 of the Code of Virginia.

Disclaimer: These regulations may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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