COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION AT RICHMOND,JANUARY 14, 2016 TITLEMAX OF VIRGINIA,INC. d/b/a TITLEMAX ) ) PetitioJ~er, ) v. ) COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION, CASE NO. BFI-2015-00061 ) ) Respondent. TITLEMAX OF VIRGINIA,INC.'S RESPONSE TO JANUARY 6, 2016 ORDER SCHEDULING ADDITIONAL PROCEEDINGS Pursuant to the Commonwealth of Virginia State Corporation Commission's (the "Commission") January 6, 2016 Order Scheduling Additional Proceedings, Petitioner TitleMax of Virginia, Inc. ("TitleMax") respectfully submits its redacted 2014 Annual Report (the "Redacted Report"), attached hereto as Exhibit A, and an accompanying reference chart identifying "the nature of each specific type of information that has been redacted and the legal bases asserted therefor (`Reference Chart')," attached hereto as Exhibit B. (Jan. 6, 2016 Order at 2.) In submitting its Redacted Report and Reference Chart, TitleMax hereby adopts and incorporates by reference the arguments set forth in its November 30, 2015 Petition. Further, TitleMax hereby adopts and incorporates by reference the arguments set forth in the November 30, 2015 Petitions and January 14, 2016 submissions filed by co-Petitioners Fast Auto Loans, Inc. and Anderson Financial Services, LLC d/b/a Loan Max, Case Nos. BFI-2015-00059, BFI2015-00060.' TitleMax reserves all rights, privileges, and remedies to which it may be entitled under applicable law. This includes, but is not limited to, the right to submit proposed redactions for any other information or documentation not specifically attached hereto as Exhibit A submitted by TitleMax; TitleBucks of Virginia, Inc.; TMX Finance of Virginia, Inc. or TMX Finance LLC to the Commission in conjunction with the 2014 Annual Report, or any other annual reports, applications, statements or other submissions to the Commission. For the same reasons set forth in the Petitions in this consolidated matter, and in the Reference Chart submitted herewith, TitleMax's confidential, proprietary, or trade secret information in any other such submission should likewise be redacted prior to any public disclosure. Dated: January 14, 2016 Respectfully submitted, e'~✓ Allyson B~ Baker Molly T. Cusson VENABLE LLP 575 7th Street NW Washington, DC 20004 (202)344-4000 telephone (202)344-300 facsimile abbaker@venable.com mtcussonLvenable.com Attorr7eysfor PetitioneY TitleMax ~f Virginia, hoc. ~ Because the Petitions "relate to the same record request' and "Petitioners are seeking the same or similar relief from the Commission," the Commission has consolidated Case Nos. BFI-2015-00059, BFI-2015-00060, and the instant case. Dec. 10, 2p 15 Scheduling Order at 1 n,l. CERTIFICATE OF SERVICE I hereby certify that on this 14th day of January, 2016, I caused the foregoing to be filed electronically with the State Corporation Commission. Additionally, a copy was provided to all parties by e-mail and U.S. Mail. Molly T. Cusson VENABLE LLP 575 7th Street NW Washington, DC 20004 (202)344-4000 Attorneyfor Petitioner TitleMax of Virginia, Inc. EXHIBIT A CCB-5529 (Rev. ll/l4) COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION BUREAU OF FINANCIAL INSTITUTIONS ANNUAL REPORT OF MOTOR VEHICLE TITLE LENDERS FOR THE YEAR ENDING DECEMBER 2014 Bureau of Financial Institutions 1300 East Main Street, Suite 800 FILE IN DUPLICATE. Post Of?ce Box 640 Richmond, Virginia 23218-0640 SECTION I GENERAL INFORMATION I. Name and mailing address H6 O?c' 015645104 1716-. 2. Virginia License Number: MICE-L 1513a? wit? Julie: 90" Hammad. and .3140: '40 Pg 3. vehicle title ioan offices in Virginia: 4. E-Mail Address: A ynda. ml 5. List any trade name or ?ctitious name used by the licensee to conduct the motor vehicle title lending business in Virginia: mam? 6. Name, title and business address of the chiet?exeeutive of?cer oflicensee: Your?!- 1150: 5' 6a same-r- at Jan Snuannpb, ear?- 3: areal?do Eu Provide the name. title, address, telephone number, fax number and e?mail address for the individual to be contacted with respect to: (A) Questions which may arise from this report: A nda. LM MP me. addrr .4 a: about. Ly?m.l?y5@ 0?3 #54 1?53 (B) SChedUIing Examinations: (C) heather (3on1 7 aims.uonai IQ EMJ?EVfd-emmcu? 3. indicate below any other businesses conducted in the Iocation(s) where the licensee makes motor vehicle title loans in Virginia: (A) Check Cashing Conducted by: (B) Payday Lending Conducted (C) Money Transmission/Money Order Sales As an agent for: . (D) Tax Preparation/Electronic Tax Filing Conducted by: 7 (E) Tax Refund Anticipation Loans Conducted by: n_ W. (F) Other (specify each type of other business conducted and the name(s) of any legal entity or entities that operate the other opajnalhla" . (I?m-355109512. Fihmm Agnew isn't"? iridium?: TITLEMAX000001 SECTION I (Continued) LIST OF OFFICES 9. List the physical location and mailing address of each of?ce where motor vehicle title lending is currently conducted pursuant-to Chapter 22, Title 6.2 of the Code of Virginia or where Virginia motor vehicle loan records are stored. (Attach an additional 8 1/2" 11" paper if necessaiy.) REGULATORY ACTIONS Of?as the licensee or any of its senior officers, directors, trustees, managers, principal owners or af?liates been the subject of any regulatory investigation, or action taken or pending, by any state or federal agency within the last three years? TITLEMAX000002 SECTION I (Continued) DIRECTORS, MANAGEMENT AND OWNERSHIP If the licensee is a limited liability company or corporation, list all members, managers, directors and senior officers (those within three reporting levels of the CEO), their titles, and their ownership interest, if any, direct or indirect, in the licensee. If the licensee is a partnership, list the partners, along with their ownership interest, direct or indirect, in the licensee. If the licensee is a business trust, list the trustees along with their ownership interest, direct or indirect, of the licensee. Check applicable title(sl Name Title Senio Shares Itemize any individuals and/or companies not listed above with a ten percent or greater ownership interest, direct or indirect, in the licensee, including bene?cial owners. Number of Shares Percentage Name and Address Owned Ownershi TITLEMAX000003 REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED TITLEMAX000004 AFFIDAVIT State of? ,1 County or City oif_ 1: CY being the 9' ago (Nam'e of'Of?cef'tS?f Licensee) {Titleswear or af?rm that, to the best of my (Motor Vehicle "mile information and belief, the facts in this report, including any accompanying schedules Wtatements. are true! Signature of Of?cer of Licensee Subscribed and sworn to before methiwf?a?g?liw?It's. "nasal-D Kenyan 9&23? tar-90% - - JAN. W, a gift. 03 . me i I lying if; 2m 6 Registration Number of Notary: 134?. @314, Vx? My commission expires: I 135 an? PLEASE MAKE SURE THIS REPORT AND THE FINANCIAL STATEMENT OF THE LICENSEE, ARE FILED IN DUPLICATE BEFORE THE MARCH 25TH DEADLINE. IF AUDITED FINANCIAL STATEMENTS ARE BEING PREPARED BUT ARE NOT READY, PLEASE INDICATE BELOW THE APPROXIMATE DATE THAT THEY WILL BE FILED WITH THIS BUREAU AND ATTACH CURRENT INTERNAL STATEMENTS. (If an audit of the licensee is not conducted, current internal statements alone are acceptable and should be attached.) Anticipated ?ling date of audited ?nancial statement of licensee: 6 5d TitIeMax of Virginia, Inc. TMX Finance of Virginia, Inc. Consumer ?nance Unenses TITLEMAX OF BRISTOL VA #1 VTL-11 CF-ZTBE 3150 LEE HWY BRISTOL VA 24202 I 11TLEMAX OF VIRGINIA BEACH, VA #1 4288 HOLLAND ROAD VIRGINIA. BEAC VA 23452 TITLEMAX OF HAMPTON VA #1 CF-2802 3022 W. MERCURY BLVD. HAMPTON VA 23666 TITLEMAX OF RICHMOND, VA #1 VTL-11 CF-2808 4711 WEST BROAD STREET RICHMOND VA 23230 OF RICHMOND, VA #2 VTL-11 20 EAST BELT BLVD RICHMOND VA 23224 0F NEWPORT NEWS, VA #1 CF-2803 1 1109 IETFERSON AVENUE NEWPORT NEWS VA 23601 TITLEMAX 0F CHEAPEAKE, VA #1 VTL-11 CF-2811 1356 S. MILITARY HIGHWAY, SUITE CHESAPEAKE VA 23320 OF SUFFOLK, VA #1 CF-2814 901 N. MAIN STREET SUFFOLK VA 23434 OF FAIRFAX. VA #1 10801 FAIRFAX BLVD. FAIRFAX VA 22030 OF PETERSBURG, VA #1 CF-ZSDS 2716 S. CRATER ROAD PETERSBURG VA 23805 TITLEMAX OF WOODBRIDGE, VA #1 1911 BOULEVARD WOODBRIDGE VA 22191 TITLEMAX OF FREDERICKSBURG, VA #1 VTL-11 (IF-2804 5203 JEFFERSON DAVIS HWY FREDERICKSBURG VA 22408 TITLEMAX OF VIRGINIA BEACH, VA #5 CF-2813 604 NEWTOWN ROAD VIRGINIA BEACH VA 23462 OF CHESAPEAKE, VA #2 CF-2821 202 BATTLEFIELD BLVD CHESAPEAKE VA 23322 OF VIRGINIA BEACH, VA #3 VTL-11 CF-2806 3545 VIRGINIA BEACH BLVD VIRGINIA BEACH VA 23452 TITLEMAX 0F COLONIAL HEIGHTS, VA #1 1702 BOULEVARD COLONIAL EIGHTS VA 23834 TITLEMAX OF MANASSAS, VA #1 7913 SUDLEY ROAD, SUITE 105 MANASSAS VA 20109 TITLEMAX OF NEWPORT NEWS, VA #2 VTL-11 13747 WARWICK BLVD NEWPORT NEWS VA 23602 OF CHESAPEAKE, VA #3 4415 PORTSMOUTH BLVD, SUITE A CHESAPEAKE VA 23321 OF CHESAPEAKE, VA #4 2505 MOSES GRANDY TRAIL, STE 101?!) CHESAPEAKE VA 23323 OF CHESAPEAKE, VA #5 VTl-ll 15 1421 KEMPSVILLE ROAD, SU TTES 8; CHESAPEAKE VA 233 20 OF CHESAPEAKE, VA #8 VTL-11 3133 WESTERN BRANCH BLVD CHESAPEAKE VA 23321 OF CHESAPEAKE, VA #6 VTL-11 13?1523 2947 MILITARY HWY, SUITE 105 106 CHESAPEAKE VA 8323 0F CH ESAPEAKE, VA #7 CF-2824 1128 N. BATTLEFIELD BLVD, SUITE 101 8: 102 CHESAPEAKE VA 23320 0F STERUNG, VA #1 VTL-11 CF-2836 21430 CEDAR DRIVE, SUITE 110 STERLING VA 20164 TITLEMAX OF VIRGIN IA BEACH, VTL-11 CF-2826 1092 PKWY VIRGINIA BEACH VA 23452 TITLEMAX 0F PORTSMOUTH, VA #3 VTL-11 2554 AIRLINE BLVD PORTSMOUTH VA 23701 OF PORTSMOUTH, VA #2 VTL-11 CF-2330 1943 VICTORY BLVD PORTSMOUTH 1 VA 23702 OF WOODBRIDGE, VA #3 3330 PRINCE WILIJAM PARKWAY WOODBRIDGE VA 22192 TTILEMAX OF NEWPORT NEWS, VA #3 (IF-2831 6601 CLYDE MORRIS BLVD NEWPORT NEWS VA 23601 OF CHEAPEAKE, VA #10 (CF-2834 2007 S. MIUTARY HIGHWAY CHESAPEAKE VA 23320 OF FREDERICKSBURG, VA #2 VTL-11 3405 PLANK ROAD FR EDERICKSBURG VA 22407 TITLEMAX OF YORKTOWN, VA #1 VTL-11 CF-2845 2721 GEORGE WASHINGTON MEMORIAL HWY YORKTOWN VA 23693 TITLEMAX 0F RICHMON D, VA #10 8151 BROOK ROAD, SUITES 5 8c 7 RICHMOND VA 23227 TTIIEMAX OF VA #1 CF-2850 2559 GREENSBORO ROAD MARTINSVILLE VA 24112 OF LEESBURG, VA #1 345 MARKET STREET LEESBURG VA 20176 OF RICHMOND, VAIM VTL-11 CF2833 7807 WEST BROAD STREET RICHMOND VA 23294 OF VA #1 VTL-11 CF-ZBSS 3813 WARDS ROAD, UNIT 5 VA 24502 0F ROAN OKE, VA #1 CF-2853 4824 WILLIAMSON ROAD ROANOKE VA 24012 TITLEMAX OF BLACKSTONE, VA #1 F-2859 1435 MAIN STREET BLACKSTONE VA 23824 0F VIRGINIA BEACH. VA #2 (IF-2861 4702 VIRGINIA BEACH BLVD VIRGINIA BEACH VA 23462 .- mm- . 4- 12:33:25:ng . . OF CORNER, Open CF-2839 8200 LEESBURG PIKE VIENNA OF MECHANICSVILLE, VA #1 Open 7124 MECHANICSVILLE TURN PI KE MECHANIGVILLE TITLEMAX OF ASHLAND, VA #1 Open CF-2344 135 HILL CARTER PKWY ASHLAND OF SALEM, VA #1 Open VTL-11 CF-2854 1617 MAIN STREET SALEM TITLEMAX OF DANVILLE. VA #1 Open VTL-LL CF-ZSTS 2852 RIVERSIDE DRIVE DANVILLE 0F FALLS CHURCH, VA #1 Open VTL-11 CF-2827 5870 LEESBURG PIKE FALLS CHURCH OF RICHMOND, VA #13 Open VTL-11 CF-2856 4722 S. LAEURNUM AVE RICHMOND TITLEMAX OF WOODBRIDGE, VA #2 Open CF-ZSZS 1333 OLD BRIDGE ROAD WOODBRIDGE OF FALIS CHURCH, VA #2 Open VTL-11 CF-ZSSU 6198-C ARUNGTON BLVD FALLS CH URCH 0F RICHMOND, VA #11 Open 5103 NINE MILE ROAD RICHMOND OF GALAX, VA #1 Open 1128 E. STUART DRIVE, SUITE A GALAX 0F RICHMOND, VA #16 Open (IF-2855 3275 MECHANIBVILLE TURN PIKE RICH MONO OF RICHMOND, VA #7 Open (IF-2842 5221 HULL STREET ROAD RICHMOND OF FRAN KUN, VA #1 Open CF-2872 I391 ARMORY DRIVE FRANKLIN VA TITLEMAX OF RICHMOND, VA #12 Open WI: 11 CF-2851 FOREST HILL AVE RICHMOND VA TITLEMAX OF VIRGINIA BEACH, VA #7 Open 1 CF2874 5649 PRINCESS ANNE RD VIRGINIA BEACH VA OF LYN CH BURG, VA #2 Open CF-2878 2505 MEMORIAL AVE VA OF MOUNT VERNON, VA #1 Open 2 8723A COOPER ROAD ALEXANDRIA VA OF ROANOKE, VA #2 Open VTL-11 CF-2857 4418 MELROSE AVE NW ROANOKE VA OF SOUTH BOSTON, VA #1 Open 3217 HALIFAX ROAD SOUTH BOSTON VA TITLEMAX OF BURKE. VA #1 Open VTL-11 CF-2870 6030 BURKE COMMONS ROAD, SUITE BURKE VA OF MARION. VA #1 Open VTL-11 CF-2880 1039 MAIN ST MARION VA TITLEMAX OF HARRISONBURG. VA #1 Open VTL-11 (SF-2881 1550 E.MARKET STREET HARRISONBURG VA OF MANASSAS, VA #2 Open 1 CF-2896 8409 CENTREVI LLE ROAD MANASSAS VA TITLEMAX OF RICHMOND. VA #17 Open VTL-11 CF-2883 6907 STAPLES MILL RD RICHMOND VA OF ALEXAN DRIA. VA #3 Open CF-2871 7516 RICHMOND HWY ALEXANDRIA VA TTIIEMAX OF WOODBRIDGE. VA #4 Open VTL- 11 IBSSOJEFFERSON DAVIS HWY VA OF CHARLOTTESVI LLE, VA #1 Open VTL-11 CF-2863 1645 SEMINOLE TRAIL CHARLOTTESVILLE VA TITIEMAX OF RICHMOND, VA #14 Open VTL-11 (IF-2358 5200 BROOK ROAD RICHMOND VA TITLEMAX 0F RICHMOND. VA #5 Open VTL-11 11225 MIDLOTHIAN TURNPIKE CHESTERFIELD VA OF CHESTER. VA #1 CF-2303 12540 JEFFERSON DAVIS HWY. SUITE 400 CHESTER VA TITLEMAX OF RICHMOND, VA #15 Open CF2864 6812 TURNPIKE RICHMOND VA OF WOODSTOCK, VA #1 Open VTL- ll 30G W. RESERVOIR ROAD WOODSTOCK VA TITLEMAX OF DALE CITY. VA II 1 Open CF-ZSS 1 4375 DALE BLVD DALE CITY VA 22133 OF STERLING pen VTL-11 (IF-25 41 47024 HARRY BYRD HWY STERLING VA 20154 OF EMPORIA Open VTL-11 CF-ZS 05 401 FLORIDA AVE EMPORIA VA 23847 OF WINCHESTER. VA #1 Open REF-2332 1555 AVE WINCHESTER VA 22501 TITLEMAX OF Open CF-2895 1506 S. MAIN STREET FARMVILLE VA 23901 TITLEMAX OF FRONT ROYAL Open F2942 712 ROYAL AVE FRONT ROYAL VA 22630 OF HAMPTON #3 Open CF-2937 1044 MERCURY BLVD HAMPTON VA 23666 TITLEMAX OF SPRINGFIELD Open VTL-11 CF-ZBBS STREET SPRINGFIELD VA 22150 TTFLEWIAX OF FAIRFAJL #3 Open VTL-11 8213 LEE HWY FAIRFAX VA 22031 . . . un?t-it?: A . (ohm nu c- gdLa?. . . - . TITLEMAX OF #2 CF-ZSZS 1 6027 RICHMOND HWY ALEXANDRIA VA TITIEMAX OF FALIS CHURCH #3 VII-11 (IF-2940 6526 ARLINGTON BLVD FAUS CHURCH VA TITLEMAX 0F BLACKSTONE #1 VTL 11 (IF-2859 1417s MAIN STREET IVA OF FAIRFAX, VA #2 (IF-2843 9551 FAIRFAX BLVD FAIRFAX TITLEMAX OF WOODBRIDGE #5 14120 JEFFERSON DAVIS HWY WOODBRIDGE VA OF none CF-2950 3314 JEFFERSON DAVIS HWY ALEXANDRIA VA TITLEMAX 0F CHANTILLY #3 none 01-2946 13619 LEEJACIGON MEMORIAL HWY CHANTILLY VA TITLEMAX 0F FAIRLAWN ?51 none 05-2952 748 LEE HWY RLAWN VA TITLEMAX OF STAFFORD #1 none (IF-29 52 305 GARRISONVILLE ROAD ST AFFO RD VA 11TLEMAX 0F WINCHESTER 2. 1041 BERRWILLE AVE. WINCHESTER VA TITLEMAX OF CENTREVILLE 1 none 13900 CENTREVILLE VA TITLEMAX OF ARUNGTON 2 non: CF -2949 5265 LEE HWY ARLINGTON 0F ARLINGTON #1 none 3045 COLUMBLA PIKE ARLINGTON VA ?Ending ?ora-Nat Opened MM RE: TitleMax of Virginia, Inc. Questions on Directors and Management: As of March 4, 2015, the principal owners?l shareholders are as follows: TMX Finance, LLC owns 100% of TitleMax of Virginia, Inc. TITLEMAX000009 EXHIBIT CASE NO. BFI-2015-00061 EXHIBIT B TITLEMAX OF VIRGINIA, INC.’S REFERENCE CHART Page/Section Redacted TITLEMAX000002, TITLEMAX000015-16/Section I, Question 10 and Attachment TITLEMAX000004, TITLEMAX000011-14/Section II, Questions 12-14 and Attachments 1 Nature of Specific Information Redacted Confidential information concerning regulatory investigations or actions Legal Bases Supporting Redactions The State Corporation Commission’s (“Commission”) Confidentiality Rules expressly exempt regulatory acts or investigations from public disclosure. Va. Code § 6.2-101(A) (“[T]he following shall not be disclosed by the Commission or any of its employees: (i) a report of examination of any person subject to this title, including any contents thereof . . . .”). Accordingly, this information is protected from disclosure by the Commission’s own Rules. The Virginia and federal Freedom of Information Acts likewise exempt this type of information from disclosure. Va. Code § 2.2-3705.3 (identifying exclusions to the Virginia Freedom of Information Act for “records relating to administrative investigations”); 5 U.S.C. § 552b(c)(7) (exempting from disclosure “investigatory records compiled for law enforcement purposes”). Thus, even if not directly applicable to the State Corporation Commission,1 the same logic underlying the Virginia and federal statutes applies here – as demonstrated by the Commission’s own Confidentiality Rules precluding such disclosure. See Va. Code § 6.2-101(A). “[P]ersonal financial information” is exempt from public disclosure under Va. Code § 6.2-101(A). “Person” means, inter alia, a corporation. Va. Code § 6.2-100. TitleMax is a Delaware corporation doing business in Virginia. Therefore, TitleMax is “person” under Va. Code § 6.2-100, and its “personal financial information” is exempt from disclosure under Va. Code § 6.2-101(A). Confidential, non-public, detailed personal financial information; and confidential, non-public, and trade secret information concerning TitleMax’s business model, products, and financial transactions See Christian v. State Corp. Comm’n, 718 S.E.2d 767 (Va. 2011). 1 CASE NO. BFI-2015-00061 EXHIBIT B TITLEMAX OF VIRGINIA, INC.’S REFERENCE CHART Page/Section Redacted Nature of Specific Information Redacted Legal Bases Supporting Redactions TitleMax’s “personal financial information” also falls within the “Confidentiality Policy” described on the Bureau’s website. Bureau of Financial Institutes, Confidentiality Policy, https://www.scc.virginia.gov/SCC-INTERNET/bfi/confid.aspx (last visited Jan. 12, 2016). The Bureau’s Confidentiality Policy states: “Except as permitted by § 6.2-101 of the Code of Virginia or required by applicable law, the following shall be placed in the Bureau’s confidential file and not disclosed to the public: Personal Financial Report and Disclosure Statements; . . . [and] business financial statements of sole proprietors . . . .” Id. TitleMax’s financial information is akin to the “Personal Financial Report and Disclosure Statements” and “business financial statements of sole proprietors” expressly protected by the Confidentiality Policy, and should be protected from disclosure for this additional reason. Information about TitleMax’s business model and products, including detailed financial information and metrics concerning specific transactions during a particular reporting period, the average term and principal loan amount of such transactions, the total principal amount of such transactions, the total number of defaults, and the total number of vehicles repossessed and vehicles sold, is proprietary, confidential, and non-public. TitleMax takes steps to ensure that such information remains confidential and does not share such information with competitors. For the reasons set forth in TitleMax’s Petition, disclosure of such information could cause irreparable damage to TitleMax or place TitleMax at a competitive disadvantage because, upon disclosure, competitors would have access to non-public information sufficient to provide a cross section of TitleMax’s business model and financial 2 CASE NO. BFI-2015-00061 EXHIBIT B TITLEMAX OF VIRGINIA, INC.’S REFERENCE CHART Page/Section Redacted Nature of Specific Information Redacted Legal Bases Supporting Redactions strategies. This would permit competitors to identify the strengths and weaknesses of TitleMax’s products and their financial risks, which would cause substantial competitive harm to TitleMax. Accordingly, such information is exempt from disclosure pursuant to the Bureau’s Confidentiality Policy. Bureau of Financial Institutes, Confidentiality Policy, https://www.scc.virginia.gov/SCC-INTERNET/bfi/confid.aspx (last visited Jan. 12, 2016) (the Bureau “will consider for confidential treatment documents or portions of an application which contain information of a personal or proprietary nature; . . . or information that could cause irreparable damage to the applicant or place the applicant at a competitive disadvantage if it is made publicly available”). Further, information about TitleMax’s business model and products, including detailed financial information and metrics concerning specific transactions during a particular reporting period, the average term and principal loan amount of such transactions, the total principal amount of such transactions, the total number of defaults, and the total number of vehicles repossessed and vehicles sold, constitutes trade secret information under Virginia’s Uniform Trade Secret Act. Va. Code § 59.1-336 to 343. A “trade secret” is “information . . . that: 1. Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and 2. Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.” Id. § 59.1-336. For the reasons set forth in TitleMax’s Petition, TitleMax gains independent economic value from this information not being “generally known to,” and not “readily ascertainable” by, competitors and third parties; moreover, TitleMax does 3 CASE NO. BFI-2015-00061 EXHIBIT B TITLEMAX OF VIRGINIA, INC.’S REFERENCE CHART Page/Section Redacted Nature of Specific Information Redacted Legal Bases Supporting Redactions not share this information with competitors or third parties, and takes steps to ensure such information remains confidential. Accordingly, such information should not be publicly disclosed. Moreover, proprietary and trade secret information is exempt from disclosure under the Virginia and the federal Freedom of Information Acts. Va. Code § 2.2-3705.6 (identifying exclusions to the Virginia Freedom of Information Act for “proprietary records and trade secrets,” including, e.g., proprietary, commercial, or financial information, including “balance sheets, trade secrets, and revenue and cost projections” provided to various public bodies); 5 U.S.C. § 552b(c)(4) (excluding from the federal Freedom of Information Act “trade secrets and commercial or financial information obtained from a person and privileged or confidential”); see Adams v. Object Innovation, Inc., No. 3:11cv272, 2011 WL 7042224, at *4 (E.D. Va. Dec. 5, 2011) (granting motion to seal, stating, “there is no legitimate public interest in disclosing the proprietary and confidential information of [defendant], a closely held corporation, and disclosure to the public could result in significant damage to the company”); Westinghouse Elec. Corp. v Schlesinger, 392 F. Supp. 1246, 1249-50 (E.D. Va. 1974) (granting motion to enjoin public disclosure of trade secrets and confidential commercial or financial information under federal Freedom of Information Act, concluding that, among other things, public disclosure of disputed information could enable competitors to “deduce labor costs . . . [or] extrapolate[] a company’s profit margin”). 4 CASE NO. BFI-2015-00061 EXHIBIT B TITLEMAX OF VIRGINIA, INC.’S REFERENCE CHART Page/Section Redacted TITLEMAX00000608/Attachment to Section I, Question 9 Nature of Specific Information Redacted Legal Bases Supporting Redactions For the same reasons proprietary and trade secret information is exempted from disclosure under those statutes, it should be exempt from disclosure by the Commission. Information about TitleMax’s internal identification of its locations, and information identifying geographic areas in which TitleMax intends to open locations, is proprietary, confidential, and non-public. Disclosure of such information could cause irreparable damage to TitleMax or place TitleMax at a competitive disadvantage because, upon disclosure, competitors would have access to TitleMax’s internal, non-public system to identify its locations, as well as information concerning locations where TitleMax intends to open locations in the future. This would give competitors an unfair advantage in the marketplace because they would have specific information about TitleMax’s business development plans. Accordingly, such information is exempt from disclosure pursuant to the Bureau’s Confidentiality Policy. https://www.scc.virginia.gov/SCCINTERNET/bfi/confid.aspx (last visited Jan. 12, 2016) (the Bureau “will consider for confidential treatment documents or portions of an application which contain information of a personal or proprietary nature; . . . or information that could cause irreparable damage to the applicant or place the applicant at a competitive disadvantage if it is made publicly available”). Confidential, non-public, and trade secret information concerning TitleMax’s internal identification of its current and planned locations For the same reasons, TitleMax’s business development plans constitute trade secrets. As set forth above, trade secret information is exempt from disclosure under the Virginia and the federal Freedom of Information Acts. Va. Code § 2.2-3705.6; 5 U.S.C. § 552b(c)(4). Likewise, it should be exempt from disclosure by the Commission. 5 CASE NO. BFI-2015-00061 EXHIBIT B TITLEMAX OF VIRGINIA, INC.’S REFERENCE CHART Page/Section Redacted TITLEMAX000003, TITLEMAX000009/ Section 1, Question 11, and Attachment dated March 4, 2015 Nature of Specific Information Redacted Confidential, non-public, personal financial information Legal Bases Supporting Redactions TitleMax is a closely held corporation. Therefore, information provided in response to Question 11 constitutes “personal financial information” expressly exempt from disclosure under Section 6.2-101(A)(iii). Va. Code § 6.2-101(A); see also Adams, 2011 WL 7042224, at *4 (granting motion to seal, stating, “there is no legitimate public interest in disclosing the proprietary and confidential information of [defendant], a closely held corporation, and disclosure to the public could result in significant damage to the company”). For the same reasons, this information is protected from disclosure pursuant to the Bureau’s Confidentiality Policy. Bureau of Financial Institutes, Confidentiality Policy, https://www.scc.virginia.gov/SCCINTERNET/bfi/confid.aspx. 6