{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2503.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2503.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2503.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2503.html"}],"law_id":58144,"edition_id":1,"section_id":58144,"structure_id":15206,"section_number":"6.2-2503","catch_line":"Right of rescission","history":"2006, c. 399, \u00a7 6.1-477; 2010, c. 794.","full_text":"A borrower who obtains a refund anticipation loan may rescind the loan, on or before the close of business on the next day of business, by either returning the original check issued for the loan or providing the amount of the loan in cash to the lender or the facilitator. The facilitator may not charge the borrower a fee for rescinding the loan or a refund anticipation loan fee if the loan is rescinded but may charge the customer a fee for establishing and administering a bank account to electronically receive and distribute the refund.","order_by":null,"text":{"0":{"id":213054,"text":"A borrower who obtains a refund anticipation loan may rescind the loan, on or before the close of business on the next day of business, by either returning the original check issued for the loan or providing the amount of the loan in cash to the lender or the facilitator. The facilitator may not charge the borrower a fee for rescinding the loan or a refund anticipation loan fee if the loan is rescinded but may charge the customer a fee for establishing and administering a bank account to electronically receive and distribute the refund.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15206,"edition_id":1,"name":"Refund Anticipation Loans","identifier":"25","label":"chapter","depth":3,"order_by":1,"parent_id":12856,"metadata":{},"date_created":"2026-06-26 03:52:57","date_modified":"2026-06-26 03:52:57","permalink":{"id":267153,"object_type":"structure","relational_id":15206,"identifier":"25","token":"6.2\/IV\/25","url":"\/6.2\/IV\/25\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12856,"edition_id":1,"name":"Other Financial Activities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":267075,"object_type":"structure","relational_id":12856,"identifier":"IV","token":"6.2\/IV","url":"\/6.2\/IV\/","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":68734,"structure_id":15206,"section_number":"6.2-2500","catch_line":"Definitions","url":"\/6.2-2500\/","token":"6.2\/IV\/25\/6.2-2500","metadata":false},{"id":75914,"structure_id":15206,"section_number":"6.2-2501","catch_line":"Advertising; posting refund anticipation loan fee schedules; and disclosures","url":"\/6.2-2501\/","token":"6.2\/IV\/25\/6.2-2501","metadata":false},{"id":83771,"structure_id":15206,"section_number":"6.2-2502","catch_line":"Prohibited activities","url":"\/6.2-2502\/","token":"6.2\/IV\/25\/6.2-2502","metadata":false},{"id":58144,"structure_id":15206,"section_number":"6.2-2503","catch_line":"Right of rescission","url":"\/6.2-2503\/","token":"6.2\/IV\/25\/6.2-2503","metadata":false},{"id":68494,"structure_id":15206,"section_number":"6.2-2504","catch_line":"Preemption of local laws","url":"\/6.2-2504\/","token":"6.2\/IV\/25\/6.2-2504","metadata":false},{"id":57887,"structure_id":15206,"section_number":"6.2-2505","catch_line":"Violations; enforcement","url":"\/6.2-2505\/","token":"6.2\/IV\/25\/6.2-2505","metadata":false}],"previous_section":{"id":83771,"structure_id":15206,"section_number":"6.2-2502","catch_line":"Prohibited activities","url":"\/6.2-2502\/","token":"6.2\/IV\/25\/6.2-2502","metadata":false},"next_section":{"id":68494,"structure_id":15206,"section_number":"6.2-2504","catch_line":"Preemption of local laws","url":"\/6.2-2504\/","token":"6.2\/IV\/25\/6.2-2504","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2503\/","history_text":"

This law was first created in 2006. The record of its establishment is cataloged in chapter 399<\/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. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":267167,"object_type":"law","relational_id":58144,"identifier":"6.2-2503","token":"6.2\/IV\/25\/6.2-2503","url":"\/6.2-2503\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2503\/","token":"6.2\/IV\/25\/6.2-2503","dublin_core":{"Title":"Right of rescission","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2503","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A borrower<\/span> who obtains a refund anticipation loan<\/span> may rescind the loan, on or before the close of business on the next day of business, by either returning the original check issued for the loan or providing the amount of the loan in cash to the lender or the facilitator<\/span>. The facilitator<\/span> may not charge the borrower<\/span> a fee for rescinding the loan or a refund anticipation loan<\/span> fee<\/span> if the loan is rescinded but may charge the customer<\/span> a fee for establishing and administering a bank account to electronically receive and distribute the refund.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRIGHT OF RESCISSION (\u00a7 6.2-2503)\n\nA borrower who obtains a refund anticipation loan may rescind the loan, on or\nbefore the close of business on the next day of business, by either returning\nthe original check issued for the loan or providing the amount of the loan in\ncash to the lender or the facilitator. The facilitator may not charge the\nborrower a fee for rescinding the loan or a refund anticipation loan fee if the\nloan is rescinded but may charge the customer a fee for establishing and\nadministering a bank account to electronically receive and distribute the\nrefund.\n\nHISTORY: 2006, c. 399, \u00a7 6.1-477; 2010, c. 794.","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}}