Virginia Code 6.2-2216.5: Verification of borrower’s income
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Before initiating a motor vehicle title loan transaction with a borrower, a licensee shall make a reasonable attempt to verify the borrower’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’s initiation of the title loan transaction.
Terms Used In Virginia Code 6.2-2216.5
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-2200
- Motor vehicle: means an automobile, motorcycle, mobile home, truck, van, or other vehicle operated on public highways and streets. See Virginia Code 6.2-2200
- title loan: means a loan secured by a non-purchase money security interest in a motor vehicle. See Virginia Code 6.2-2200