10VAC5-200-60: Posting of charges

A. A licensee shall conspicuously post the following in each licensed location and on its website:

1. A schedule of payments, fees and interest charges, with examples using (i) a $300 loan that is repaid in three months; (ii) a $500 loan that is repaid in five months; and (iii) a $1,000 loan that is repaid in 10 months. A licensee may post additional examples when posting the information required by this subsection.

2. A notice with this statement: "If you wish to file a complaint against us, you may contact the Virginia Bureau of Financial Institutions at (800) 552-7945 or at scc.virginia.gov."

B. A licensee shall display its fees and interest charges not only as a dollar amount, but also as an Annual Percentage Rate, which shall be stated using this term, calculated in accordance with Regulation Z (12 CFR Part 1026).