6.2-301 - (Effective October 1, 2010) Legal rate of interest; when legal rate implied. - Virginia Statutes

§ 6.2-301. (Effective October 1, 2010) Legal rate of interest; when legalrate implied.

A. The legal rate of interest shall be an annual rate of six percent.

B. Except as provided in subsection (b) of § 8.3A-112 and § 6.2-302, thelegal rate of interest shall be implied when there is an obligation to payinterest and no express contract to pay interest at a specified rate.

C. The seller or provider of goods sold or services provided on an openaccount shall be entitled to, and may collect, interest at the legal rateupon the unpaid balance if (i) there exists no written agreement forclosed-end credit under § 6.2-311 or open-end credit plan under § 6.2-312 and(ii) the purchaser or recipient of the goods or services fails to makepayment in full within 60 days after mailing or presentation of a billingstatement or invoice. Such interest shall begin to accrue on the dayfollowing such 60-day period.

(1987, c. 622, § 6.1-330.53; 1991, c. 375, § 6.1-330.77:1; 2004, c. 646;2010, c. 794.)