6.2-313 - (Effective October 1, 2010) Open-end credit extended by banks or savings institutions. - Virginia Statutes

§ 6.2-313. (Effective October 1, 2010) Open-end credit extended by banks orsavings institutions.

A. Notwithstanding any statutory or case law, any bank or savings institutionmay impose finance charges and other charges and fees at such rates and insuch amounts and manner as may be agreed by the borrower under an open-endcredit plan.

B. In the event of the extension of credit by a bank or savings institutionhereunder to be effected by the use of a credit card for the purchase ofmerchandise or services, no finance charge shall be imposed upon thecardholder or borrower on such extension of credit if payment in full of theunpaid balance owing for all extensions of credit under the open-end creditplan is received at the place designated by the creditor prior to the nextbilling date, which shall be at least 25 days later than the prior billingdate.

(1987, cc. 622, 639, 714, § 6.1-330.63; 1992, Sp. Sess., c. 4; 1997, c. 112;2005, c. 670; 2010, c. 794.)