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Payday loan help for Virginia people

Legal Status: Legal

Citation: Va. Code Ann. § 6.1-444 et seq.

Loan Terms: Maximum Loan Amount: $500 Loan Term: Min: 7 days Maximum Finance Rate and Fees: 15% Finance Charge for 14-day $100 loan: $15 APR for 14-day $100 loan: 390%

Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: None (cannot refinance, renew, or extend) Cooling-off Period: Repayment Plan:

Collection Limits: Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250) Criminal Action: Prohibited

Where to Complain, Get Information: Regulator: Virginia Bureau of Financial Institutions Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond, VA 23218 Phone: (804) 371-9657 Fax: (804) 371-9416 Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance

Regulator Website: http://www.scc.virginia.gov/division/banking/

Licensee Database: http://www.scc.virginia.gov/division/banking/news/pay.pdf

Complaint Instructions: http://www.scc.virginia.gov/division/banking/complaint.htm

Complain Form link: http://www.scc.virginia.gov/division/banking/forms/complaint_form.pdf