RICHMOND, Va. – Legislation allowing payday lenders licensed by the State Corporation Commission to transact business in Virginia has been enacted and becomes effective July 1, 2002. To be licensed, a payday lending business has to pay a $500 application fee, a surety bond in the sum of $10,000 per location to be licensed up to a maximum bond of $50,000, and evidence that an applicant has at least $25,000 in unencumbered liquid assets per location to be licensed. Applications are now being accepted. According to the Bureau of Financial Institutions, before issuing a license the Commission has to find that the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors and principal owners warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with the law.
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