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Virginia Senate Committee Votes To Allow Payday Lending To Continue In State With Restrictions
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A payday lender would be prohibited from making a payday loan to a person who has terminated a payday loan on the loan application date, or if the loan would cause the borrower to have more than three payday loans outstanding at the same time.

Members of the Virginia Senate Commerce and Labor Committee voted 11-4 to add certain restrictions to the state's payday Loan operators (Senate Bill SB1014). This was somewhat good news for payday loan operators and consumers in Virginia. There was an effort to repeal the 2002 Payday Loan Act altogether. See vote results here.

advertise here

The amendment to the Payday Loan Act requires the State Corporation Commission, by July 1, 2008, to certify and contract with one or more third parties to develop, implement, and maintain an Internet-accessible database, and requires payday lenders to query the database prior to making any loan to determine whether an applicant is eligible for the loan. Fifty cents may be charged to defray the costs of using the database.

Other restrictions include:

- A payday lender would be prohibited from making a payday loan to a person who has terminated a payday loan on the loan application date, or if the loan would cause the borrower to have more than three payday loans outstanding at the same time.

- Payday lenders are prohibited from knowingly making loans to a member of the military service or to the spouse of such person.

- If a borrower obtains three or more consecutive payday loans, the borrower may enter into an extended payment plan, which allows the borrower to repay the loan in at least two equal installments over 60 days.

- The installments may be secured by three checks written by the borrower.

- Other provisions (i) prohibit a lender from engaging in any unfair, misleading, deceptive, or fraudulent acts or practices in the making or collecting of a payday loan; (ii) require a lender, when collecting or attempting to collect a payday loan when the check given as security for such loan is dishonored, to comply with certain restrictions and prohibitions contained in the Fair Debt Collection Practices Act ; (iii) provide that any provision of a written loan agreement that violates the Payday Loan Act is unenforceable against the borrower; (iv) state that the provisions of the Payday Loan Act apply to Internet lenders; and (vi) allow licensees to secure payday loans with the borrower's electronic debit authorization.


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