CODE OF VIRGINIA

OPEN-END CREDIT EXTENDED BY BANKS OR SAVINGS INSTITUTIONS (§ 6.2-313)

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

B. In the event of the extension of credit by a bank or savings institution
hereunder to be effected by the use of a credit card for the purchase of
merchandise or services, no finance charge shall be imposed upon the cardholder
or borrower on such extension of credit if payment in full of the unpaid balance
owing for all extensions of credit under the open-end credit plan is received at
the place designated by the creditor prior to the payment due date, which shall
be at least 25 days later than the billing date.

HISTORY: 1987, cc. 622, 639, 714, § 6.1-330.63; 1992, Sp. Sess., c. 4; 1997, c.
112; 2005, c. 670; 2010, c. 794; 2015, cc. 453, 454.