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    Document Summary
    - Report Published -

    Report Document No. 55
    PUBLICATION YEAR 2010

    Document Title
    Report on Virginia Payday Lending Activity For the Year Ending December 31, 2009

    Author
    State Corporation Commission

    Enabling Authority
    Chapter 849 Enactment Clause 2. (Regular Session, 2008)

    Executive Summary
    This Report was prepared pursuant to Chapters 849 and 876 of the 2008 Acts of Assembly, which directed the Bureau of Financial Institutions of the State Corporation Commission to report to the Chairmen of the House and Senate Commerce and Labor Committees regarding the utilization of payday loans, including patterns of repeat and consecutive borrowing, use of extended payment plans, compliance with restrictions on lending by licensees, and the effectiveness of the prohibitions on military lending, as soon as possible after the Bureau has received 12 months of data from the database provider.