Short-Term Lending Database

The State Corporation Commission of Virginia, through its Bureau of Financial Institutions, is soliciting proposals under solicitation number SCC-26-018-BFI to establish a contract for a real-time, Internet-accessible short-term lending database solution. This system will be utilized by the Commission and all Virginia short-term lending licensees to perform real-time borrower eligibility verification, manage loan-level data, and generate analytics on loan activity and database usage. The solution must comply with regulatory standards including 10VAC5-200-110 and statutory FOIA exemptions under section 6.2-1810(B), and the supplier may be required to provide SOC 2 or ISO 00 certifications. The selection process is based on the best proposal, evaluated across five key factors: technical response, implementation approach, supplier experience, subcontracting plans, and total cost analysis. Awardees must maintain specific insurance coverages, including at least $1,000,000 per occurrence for Commercial General Liability and $100,000 per employee for Employer's Liability. Proposals are due by November 20, 2026, and must include detailed financial documentation, such as audited statements for the last three fiscal years and a D&B Business Report. The contract includes a rigorous acceptance process with a thirty-business-day review period for deliverables and a minimum ten-business-day acceptance testing period following deployment.