                                 CODE OF VIRGINIA

STATEMENT OF BALANCE DUE; REPAYMENT AND REFUNDS (§ 6.2-1818.2)

A. The licensee shall, upon the request of the borrower or his agent, provide a
statement of balance due on a short-term loan.

B. A borrower shall be permitted to make partial payments, in increments of not
less than $5, on the loan at any time prior to maturity, without charge. The
licensee shall give the borrower dated receipts for each payment made, which
shall state the updated balance due on the loan.

C. When providing a statement of balance due on the loan, the licensee shall
state the amount required to discharge the borrower&#8217;s obligation in full
as of the date the notice is provided and for each of the next three business
days following that date. If the licensee cannot reasonably supply a firm
statement of balance due when requested or required, the licensee may provide a
good faith estimate of the balance due immediately and provide to the borrower
or his agent a firm statement of balance due within two business days.

D. The licensee shall provide any statement of balance due verbally and in
writing, and shall not fail to provide the information by phone upon the request
of the borrower or his agent.

E. A licensee shall not fail to accept cash or other good funds instrument from
the borrower, or a third party when submitted on behalf of the borrower, for
repayment of a short-term loan in full or in part. Payments shall be credited by
the licensee on the date received.

F. Notwithstanding any other provision of law, if a short-term loan is prepaid
in full or refinanced prior to the loan&#8217;s maturity date, the licensee
shall refund to the borrower a prorated portion of fees and charges based on a
ratio of the number of days the loan was outstanding and the number of days for
which the loan was originally contracted. For purposes of this section, all
charges made in connection with the loan shall be included when calculating the
loan charges except for deposit item return fees and late charges authorized
under &#xA7; 6.2-1817.

G. If a licensee presents a check held as security for a loan, the licensee
shall refund any amount received that is in excess of the payment due on the
loan as of the day the licensee presents the check. For purposes of this
subsection, the payment due on the loan shall be no more than the amount of
unpaid payments and fees that have already come due according to the loan
contract or, if applicable, the amount due according to a valid contractual
acceleration clause or demand feature as described in subdivision 23 of &#xA7;
6.2-1816.

H. The licensee shall provide any refund due to a borrower in the form of cash
or business check as soon as reasonably possible and not later than two business
days after receiving payment from the borrower.

I. Upon repayment of the loan in full, the licensee shall mark the original loan
agreement with the word &#8220;paid&#8221; or &#8220;canceled,&#8221; return it
to the borrower, and retain a copy in its records.

HISTORY: 2020, cc. 1215, 1258.