Administrative Code

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

10VAC5-200-90. Schedule of annual fees for the examination, supervision, and regulation of short-term lenders.

Pursuant to § 6.2-1814 of the Code of Virginia, the commission sets the following schedule of annual fees to be paid by licensees under the Act. 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 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 loans made under the Act 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.

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.

Statutory Authority

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

Historical Notes

Derived from Virginia Register Volume 20, Issue 2, eff. September 11, 2003; amended, Virginia Register Volume 28, Issue 1, eff. September 1, 2011; Volume 37, Issue 25, eff. August 1, 2021.

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