Short-Term Consumer Loan Database and Database-Related Services

The Vendor is required to provide of short-term consumer loans (sometimes called payday loans) that any one borrower may obtain in a twelve-month period and changed the definition of short-term consumer loan to include loans up to $1,000 rather than $500.
- Implement, customize (as required) and maintain a Database that shall be accessible by all Licensees and the Commissioner on a real-time basis via the Internet.
- Provide an option for the Database to interface directly with each Licensee’s point of-sale system.
- Capture historical loan data from the Licensees.
- Accept an initial file and periodic updates generated by the Commissioner’s computer system to populate the Database with Licensees’ identifying information (name, address, control number, etc.) in a format acceptable to both parties.
- Allowing a Licensee to correct promptly any incorrect data entered into the
Database that was previously submitted;
- Establishing and maintaining a process for responding to transaction verification requests from a Licensee in the event the Database is inaccessible due to technical difficulties;
- Taking reasonable measures to prevent identity theft;
- Providing accurate and secure receipt, transmission and storage of borrower data;
- Deleting identifying borrower information from the Database on a regular and routine basis at any designated period after a Short-Term Consumer Loan is paid off;
- Retaining, archiving, and deleting information entered or stored in the Database under standards set by the Commissioner; and
- Providing the Commissioner or the Commissioner’s designee complete access to the Database.
- Routing number and checking account number for any check securing the loan.