                                 CODE OF VIRGINIA

VERIFICATION OF BORROWER&#8217;S INCOME (§ 6.2-1818.4)

Before initiating a short-term loan transaction with a borrower, a licensee
shall make a reasonable attempt to verify the borrower&#8217;s income. At a
minimum, the licensee shall obtain from the borrower one or more recent pay
stubs or other written evidence of recurring income, such as a bank statement.
The written evidence shall include at least one document that, when presented to
the licensee, is dated not earlier than 45 days prior to the borrower&#8217;s
initiation of the short-term loan transaction.

HISTORY: 2020, cc. 1215, 1258.