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10VAC5-200-80. Payday lending pamphlet text.
The desired text of this payday financing pamphlet described in 10VAC5-200-30 is the following:
PAYDAY FINANCING IN THE COMMONWEALTH OF VIRGINIA
BORROWER RIGHTS AND RESPONSIBILITIES
As a whole: you might be in charge of assessing whether a cash advance is right for you. Options can include among other items more affordable financing that is short-term another standard bank, family members, or buddies, a cash loan on a charge card, a free account with overdraft security, or that loan repayable over almost a year.
Ads: a loan provider is forbidden from giving you an envelope or any other written material that offers the false impression unless it is required by the United States Postal Service that it is an official communication from a governmental entity.
Notice from Lender: the lending company is needed to give you an obvious and conspicuous printed notice advising you that a cash advance is not meant to fulfill long-lasting economic requirements and therefore you should utilize a quick payday loan just to meet up occasional or uncommon short-term money requirements.
Information from Lender: Virginia legislation forbids the financial institution from offering you any false, misleading, or misleading information.
Payday Lending Database: before you make a pay day loan to you, a loan provider is necessary by Virginia legislation to gain access to a database which has detailed information regarding pay day loans designed to Virginia residents by all lenders certified to complete business in Virginia.