On August 10th, 2015 Alabama joined thirteen other states in partnering with Veritec Solutions to protect consumers and ensure compliance with state law by implementing a real-time database for regulation of the payday lending industry.
Veritec Solutions provides a proven, cloud-based technology solution combined with high quality customer service. We deliver unparalleled levels of regulatory compliance for the payday and small dollar lending industry while enforcing consumer protections provided under Alabama law. The Alabama State Banking Department released an RFP in October of 2014 seeking a 24x7x365, fully managed real-time regulatory database for their deferred presentment industry, and Veritec Solutions responded with the winning bid.
Veritec Solutions previously managed a regulatory compliance system in Alabama used by more than 240 active, licensed locations. On August 10th, the new system was launched bringing all of the state’s licensees under a single statewide database. The statewide database provides licensees with access to real-time information that enables them to ensure compliance and protect consumers.
“We are delighted to work with the State of Alabama and look forward to successfully supporting their regulatory program for the payday lending industry,” said Tommy Reinheimer, CEO of Veritec Solutions. “Veritec is increasingly becoming the system of choice for jurisdictions around the world who are seeking to upgrade to a more secure regulatory system with superior customer service. This partnership further demonstrates Veritec’s dedication to enforcing consumer protections in the non-depository small dollar lending industry, and our staff’s passion and expertise in delivering industry-leading systems and support.”