{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1818.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1818.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1818.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1818.2.html"}],"law_id":68312,"edition_id":1,"section_id":68312,"structure_id":13907,"section_number":"6.2-1818.2","catch_line":"Statement of balance due; repayment and refunds","history":"2020, cc. 1215, 1258.","full_text":"A\n\nThe licensee shall, upon the request of the borrower or his agent, provide a statement of balance due on a short-term loan.B\n\nA borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. The licensee shall give the borrower dated receipts for each payment made, which shall state the updated balance due on the loan.C\n\nWhen providing a statement of balance due on the loan, the licensee shall state the amount required to discharge the borrower’s obligation in full as of the date the notice is provided and for each of the next three business days following that date. If the licensee cannot reasonably supply a firm statement of balance due when requested or required, the licensee may provide a good faith estimate of the balance due immediately and provide to the borrower or his agent a firm statement of balance due within two business days.D\n\nThe licensee shall provide any statement of balance due verbally and in writing, and shall not fail to provide the information by phone upon the request of the borrower or his agent.E\n\nA licensee shall not fail to accept cash or other good funds instrument from the borrower, or a third party when submitted on behalf of the borrower, for repayment of a short-term loan in full or in part. Payments shall be credited by the licensee on the date received.F\n\nNotwithstanding any other provision of law, if a short-term loan is prepaid in full or refinanced prior to the loan’s maturity date, the licensee shall refund to the borrower a prorated portion of fees and charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, all charges made in connection with the loan shall be included when calculating the loan charges except for deposit item return fees and late charges authorized under § 6.2-1817.G\n\nIf a licensee presents a check held as security for a loan, the licensee shall refund any amount received that is in excess of the payment due on the loan as of the day the licensee presents the check. For purposes of this subsection, the payment due on the loan shall be no more than the amount of unpaid payments and fees that have already come due according to the loan contract or, if applicable, the amount due according to a valid contractual acceleration clause or demand feature as described in subdivision 23 of § 6.2-1816.H\n\nThe licensee shall provide any refund due to a borrower in the form of cash or business check as soon as reasonably possible and not later than two business days after receiving payment from the borrower.I\n\nUpon repayment of the loan in full, the licensee shall mark the original loan agreement with the word “paid” or “canceled,” return it to the borrower, and retain a copy in its records.","order_by":null,"text":{"0":{"id":247124,"text":"The licensee shall, upon the request of the borrower or his agent, provide a statement of balance due on a short-term loan.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":247125,"text":"A borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. The licensee shall give the borrower dated receipts for each payment made, which shall state the updated balance due on the loan.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":247126,"text":"When providing a statement of balance due on the loan, the licensee shall state the amount required to discharge the borrower’s obligation in full as of the date the notice is provided and for each of the next three business days following that date. If the licensee cannot reasonably supply a firm statement of balance due when requested or required, the licensee may provide a good faith estimate of the balance due immediately and provide to the borrower or his agent a firm statement of balance due within two business days.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":247127,"text":"The licensee shall provide any statement of balance due verbally and in writing, and shall not fail to provide the information by phone upon the request of the borrower or his agent.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":247128,"text":"A licensee shall not fail to accept cash or other good funds instrument from the borrower, or a third party when submitted on behalf of the borrower, for repayment of a short-term loan in full or in part. Payments shall be credited by the licensee on the date received.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":247129,"text":"Notwithstanding any other provision of law, if a short-term loan is prepaid in full or refinanced prior to the loan’s maturity date, the licensee shall refund to the borrower a prorated portion of fees and charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, all charges made in connection with the loan shall be included when calculating the loan charges except for deposit item return fees and late charges authorized under § 6.2-1817.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":247130,"text":"If a licensee presents a check held as security for a loan, the licensee shall refund any amount received that is in excess of the payment due on the loan as of the day the licensee presents the check. For purposes of this subsection, the payment due on the loan shall be no more than the amount of unpaid payments and fees that have already come due according to the loan contract or, if applicable, the amount due according to a valid contractual acceleration clause or demand feature as described in subdivision 23 of § 6.2-1816.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":247131,"text":"The licensee shall provide any refund due to a borrower in the form of cash or business check as soon as reasonably possible and not later than two business days after receiving payment from the borrower.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"8":{"id":247132,"text":"Upon repayment of the loan in full, the licensee shall mark the original loan agreement with the word “paid” or “canceled,” return it to the borrower, and retain a copy in its records.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H"}},"ancestry":[{"id":13907,"edition_id":1,"name":"Short-term Loans","identifier":"18","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:46:16","date_modified":"2026-06-26 03:46:16","permalink":{"id":266235,"object_type":"structure","relational_id":13907,"identifier":"18","token":"6.2\/III\/18","url":"\/6.2\/III\/18\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13060,"edition_id":1,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":265721,"object_type":"structure","relational_id":13060,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66519,"structure_id":13907,"section_number":"6.2-1800","catch_line":"Definitions","url":"\/6.2-1800\/","token":"6.2\/III\/18\/6.2-1800","metadata":false},{"id":85131,"structure_id":13907,"section_number":"6.2-1801","catch_line":"License requirement","url":"\/6.2-1801\/","token":"6.2\/III\/18\/6.2-1801","metadata":false},{"id":60344,"structure_id":13907,"section_number":"6.2-1802","catch_line":"Applicability","url":"\/6.2-1802\/","token":"6.2\/III\/18\/6.2-1802","metadata":false},{"id":64905,"structure_id":13907,"section_number":"6.2-1803","catch_line":"Application for license; form; content; fee","url":"\/6.2-1803\/","token":"6.2\/III\/18\/6.2-1803","metadata":false},{"id":61878,"structure_id":13907,"section_number":"6.2-1804","catch_line":"Bond required","url":"\/6.2-1804\/","token":"6.2\/III\/18\/6.2-1804","metadata":false},{"id":59426,"structure_id":13907,"section_number":"6.2-1805","catch_line":"Investigation of applications","url":"\/6.2-1805\/","token":"6.2\/III\/18\/6.2-1805","metadata":false},{"id":85026,"structure_id":13907,"section_number":"6.2-1806","catch_line":"Qualifications","url":"\/6.2-1806\/","token":"6.2\/III\/18\/6.2-1806","metadata":false},{"id":75512,"structure_id":13907,"section_number":"6.2-1807","catch_line":"Licenses; places of offices; changes","url":"\/6.2-1807\/","token":"6.2\/III\/18\/6.2-1807","metadata":false},{"id":66531,"structure_id":13907,"section_number":"6.2-1808","catch_line":"Acquisition of control; application","url":"\/6.2-1808\/","token":"6.2\/III\/18\/6.2-1808","metadata":false},{"id":73239,"structure_id":13907,"section_number":"6.2-1809","catch_line":"Retention of books, accounts, and records","url":"\/6.2-1809\/","token":"6.2\/III\/18\/6.2-1809","metadata":false},{"id":70899,"structure_id":13907,"section_number":"6.2-1810","catch_line":"Loan database","url":"\/6.2-1810\/","token":"6.2\/III\/18\/6.2-1810","metadata":false},{"id":57801,"structure_id":13907,"section_number":"6.2-1811","catch_line":"Annual report","url":"\/6.2-1811\/","token":"6.2\/III\/18\/6.2-1811","metadata":false},{"id":61938,"structure_id":13907,"section_number":"6.2-1812","catch_line":"Other reporting requirements","url":"\/6.2-1812\/","token":"6.2\/III\/18\/6.2-1812","metadata":false},{"id":65458,"structure_id":13907,"section_number":"6.2-1813","catch_line":"Investigations; 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repayment and refunds","url":"\/6.2-1818.2\/","token":"6.2\/III\/18\/6.2-1818.2","metadata":false},{"id":66523,"structure_id":13907,"section_number":"6.2-1818.3","catch_line":"Restriction on certain fees and charges","url":"\/6.2-1818.3\/","token":"6.2\/III\/18\/6.2-1818.3","metadata":false},{"id":86173,"structure_id":13907,"section_number":"6.2-1818.4","catch_line":"Verification of borrower's income","url":"\/6.2-1818.4\/","token":"6.2\/III\/18\/6.2-1818.4","metadata":false},{"id":73791,"structure_id":13907,"section_number":"6.2-1819","catch_line":"Advertising","url":"\/6.2-1819\/","token":"6.2\/III\/18\/6.2-1819","metadata":false},{"id":63310,"structure_id":13907,"section_number":"6.2-1820","catch_line":"Other business","url":"\/6.2-1820\/","token":"6.2\/III\/18\/6.2-1820","metadata":false},{"id":64472,"structure_id":13907,"section_number":"6.2-1821","catch_line":"Suspension or revocation of license","url":"\/6.2-1821\/","token":"6.2\/III\/18\/6.2-1821","metadata":false},{"id":54953,"structure_id":13907,"section_number":"6.2-1822","catch_line":"Cease and desist orders","url":"\/6.2-1822\/","token":"6.2\/III\/18\/6.2-1822","metadata":false},{"id":70277,"structure_id":13907,"section_number":"6.2-1823","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1823\/","token":"6.2\/III\/18\/6.2-1823","metadata":false},{"id":78100,"structure_id":13907,"section_number":"6.2-1824","catch_line":"Civil penalties","url":"\/6.2-1824\/","token":"6.2\/III\/18\/6.2-1824","metadata":false},{"id":75542,"structure_id":13907,"section_number":"6.2-1825","catch_line":"Criminal penalties","url":"\/6.2-1825\/","token":"6.2\/III\/18\/6.2-1825","metadata":false},{"id":62632,"structure_id":13907,"section_number":"6.2-1826","catch_line":"Validity of noncompliant loan agreement; private right of action","url":"\/6.2-1826\/","token":"6.2\/III\/18\/6.2-1826","metadata":false},{"id":70623,"structure_id":13907,"section_number":"6.2-1827","catch_line":"Application of chapter to Internet loans","url":"\/6.2-1827\/","token":"6.2\/III\/18\/6.2-1827","metadata":false},{"id":68584,"structure_id":13907,"section_number":"6.2-1828","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-1828\/","token":"6.2\/III\/18\/6.2-1828","metadata":false},{"id":60701,"structure_id":13907,"section_number":"6.2-1829","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-1829\/","token":"6.2\/III\/18\/6.2-1829","metadata":false}],"previous_section":{"id":56654,"structure_id":13907,"section_number":"6.2-1818.1","catch_line":"Refinancing of short-term loans","url":"\/6.2-1818.1\/","token":"6.2\/III\/18\/6.2-1818.1","metadata":false},"next_section":{"id":66523,"structure_id":13907,"section_number":"6.2-1818.3","catch_line":"Restriction on certain fees and charges","url":"\/6.2-1818.3\/","token":"6.2\/III\/18\/6.2-1818.3","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1818.2\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapters 1215<\/a> and 1258<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":56654,"section_number":"6.2-1818.1","catch_line":"Refinancing of short-term loans","order_by":null,"url":"\/6.2-1818.1\/"}],"refers_to":false,"permalink":{"id":266325,"object_type":"law","relational_id":68312,"identifier":"6.2-1818.2","token":"6.2\/III\/18\/6.2-1818.2","url":"\/6.2-1818.2\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1818.2\/","token":"6.2\/III\/18\/6.2-1818.2","dublin_core":{"Title":"Statement of balance due; repayment and refunds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1818.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The licensee<\/span> shall, upon the request of the borrower or his agent, provide a statement of balance due on a short-term loan<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A borrower shall be permitted to make partial payments, in increments of not less than $5, on the loan at any time prior to maturity, without charge. The licensee<\/span> shall give the borrower dated receipts for each payment made, which shall state the updated balance due on the loan. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> When providing a statement of balance due on the loan, the licensee<\/span> shall state the amount required to discharge the borrower’s obligation in full as of the date the notice is provided and for each of the next three business days following that date. If the licensee<\/span> cannot reasonably supply a firm statement of balance due when requested or required, the licensee<\/span> may provide a good faith estimate of the balance due immediately and provide to the borrower or his agent a firm statement of balance due within two business days. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The licensee<\/span> shall provide any statement of balance due verbally and in writing, and shall not fail to provide the information by phone upon the request of the borrower or his agent. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A licensee<\/span> shall not fail to accept cash or other good funds instrument from the borrower, or a third party<\/span> when submitted on behalf of the borrower, for repayment of a short-term loan<\/span> in full or in part. Payments shall be credited by the licensee<\/span> on the date received. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Notwithstanding any other provision of law<\/span>, if a short-term loan<\/span> is prepaid in full or refinanced prior to the loan’s maturity date, the licensee<\/span> shall refund to the borrower a prorated portion of fees and charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, all charges made in connection with the loan shall be included when calculating the loan charges except for deposit item return fees and late charges authorized under § 6.2-1817<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> If a licensee<\/span> presents a check<\/span> held as security for a loan, the licensee<\/span> shall refund any amount received that is in excess of the payment due on the loan as of the day the licensee<\/span> presents the check<\/span>. For purposes of this subsection, the payment due on the loan shall be no more than the amount of unpaid payments and fees that have already come due according to the loan contract<\/span> or, if applicable, the amount due according to a valid contractual acceleration clause or demand feature as described in subdivision 23 of § 6.2-1816<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> The licensee<\/span> shall provide any refund due to a borrower in the form of cash or business check<\/span> as soon as reasonably possible and not later than two business days after receiving payment from the borrower. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> Upon repayment of the loan in full, the licensee<\/span> shall mark the original loan agreement with the word “paid” or “canceled,” return it to the borrower, and retain a copy in its records. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSTATEMENT OF BALANCE DUE; REPAYMENT AND REFUNDS (\u00a7 6.2-1818.2)\n\nA. The licensee shall, upon the request of the borrower or his agent, provide a\nstatement of balance due on a short-term loan.\n\nB. A borrower shall be permitted to make partial payments, in increments of not\nless than $5, on the loan at any time prior to maturity, without charge. The\nlicensee shall give the borrower dated receipts for each payment made, which\nshall state the updated balance due on the loan.\n\nC. When providing a statement of balance due on the loan, the licensee shall\nstate the amount required to discharge the borrower’s obligation in full\nas of the date the notice is provided and for each of the next three business\ndays following that date. If the licensee cannot reasonably supply a firm\nstatement of balance due when requested or required, the licensee may provide a\ngood faith estimate of the balance due immediately and provide to the borrower\nor his agent a firm statement of balance due within two business days.\n\nD. The licensee shall provide any statement of balance due verbally and in\nwriting, and shall not fail to provide the information by phone upon the request\nof the borrower or his agent.\n\nE. A licensee shall not fail to accept cash or other good funds instrument from\nthe borrower, or a third party when submitted on behalf of the borrower, for\nrepayment of a short-term loan in full or in part. Payments shall be credited by\nthe licensee on the date received.\n\nF. Notwithstanding any other provision of law, if a short-term loan is prepaid\nin full or refinanced prior to the loan’s maturity date, the licensee\nshall refund to the borrower a prorated portion of fees and charges based on a\nratio of the number of days the loan was outstanding and the number of days for\nwhich the loan was originally contracted. For purposes of this section, all\ncharges made in connection with the loan shall be included when calculating the\nloan charges except for deposit item return fees and late charges authorized\nunder § 6.2-1817.\n\nG. If a licensee presents a check held as security for a loan, the licensee\nshall refund any amount received that is in excess of the payment due on the\nloan as of the day the licensee presents the check. For purposes of this\nsubsection, the payment due on the loan shall be no more than the amount of\nunpaid payments and fees that have already come due according to the loan\ncontract or, if applicable, the amount due according to a valid contractual\nacceleration clause or demand feature as described in subdivision 23 of §\n6.2-1816.\n\nH. The licensee shall provide any refund due to a borrower in the form of cash\nor business check as soon as reasonably possible and not later than two business\ndays after receiving payment from the borrower.\n\nI. Upon repayment of the loan in full, the licensee shall mark the original loan\nagreement with the word “paid” or “canceled,” return it\nto the borrower, and retain a copy in its records.\n\nHISTORY: 2020, cc. 1215, 1258.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}