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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 200. Short-Term Lending
11/21/2024

10VAC5-200-60. Posting of charges.

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.

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; Volume 37, Issue 25, eff. August 1, 2021.

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