{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-301.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-301.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-301.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-301.html"}],"law_id":62070,"edition_id":1,"section_id":62070,"structure_id":15947,"section_number":"6.2-301","catch_line":"Legal rate of interest; when legal rate implied","history":"1987, c. 622, \u00a7 6.1-330.53; 1991, c. 375, \u00a7 6.1-330.77:1; 2004, c. 646; 2010, c. 794.","full_text":"A\n\nThe legal rate of interest shall be an annual rate of six percent.B\n\nExcept as provided in subsection (b) of § 8.3A-112 and § 6.2-302, the legal rate of interest shall be implied when there is an obligation to pay interest and no express contract to pay interest at a specified rate.C\n\nThe seller or provider of goods sold or services provided on an open account shall be entitled to, and may collect, interest at the legal rate upon the unpaid balance if (i) there exists no written agreement for closed-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 make payment in full within 60 days after mailing or presentation of a billing statement or invoice. Such interest shall begin to accrue on the day following such 60-day period.","order_by":null,"text":{"0":{"id":226514,"text":"The legal rate of interest shall be an annual rate of six percent.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":226515,"text":"Except as provided in subsection (b) of § 8.3A-112 and § 6.2-302, the legal rate of interest shall be implied when there is an obligation to pay interest and no express contract to pay interest at a specified rate.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":226516,"text":"The seller or provider of goods sold or services provided on an open account shall be entitled to, and may collect, interest at the legal rate upon the unpaid balance if (i) there exists no written agreement for closed-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 make payment in full within 60 days after mailing or presentation of a billing statement or invoice. Such interest shall begin to accrue on the day following such 60-day period.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":15947,"edition_id":1,"name":"Legal, Judgment, and Contract Rates of Interest","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13814,"metadata":{},"date_created":"2026-06-26 04:02:32","date_modified":"2026-06-26 04:02:32","permalink":{"id":263341,"object_type":"structure","relational_id":15947,"identifier":"2","token":"6.2\/I\/3\/2","url":"\/6.2\/I\/3\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13814,"edition_id":1,"name":"Interest and Usury","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":12853,"metadata":{},"date_created":"2026-06-26 03:45:57","date_modified":"2026-06-26 03:45:57","permalink":{"id":263333,"object_type":"structure","relational_id":13814,"identifier":"3","token":"6.2\/I\/3","url":"\/6.2\/I\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12853,"edition_id":1,"name":"General Provisions","identifier":"I","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":263251,"object_type":"structure","relational_id":12853,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","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":62070,"structure_id":15947,"section_number":"6.2-301","catch_line":"Legal rate of interest; when legal rate implied","url":"\/6.2-301\/","token":"6.2\/I\/3\/2\/6.2-301","metadata":false},{"id":70402,"structure_id":15947,"section_number":"6.2-302","catch_line":"Judgment rate of interest","url":"\/6.2-302\/","token":"6.2\/I\/3\/2\/6.2-302","metadata":false},{"id":63345,"structure_id":15947,"section_number":"6.2-303","catch_line":"Contracts for more than legal rate of interest","url":"\/6.2-303\/","token":"6.2\/I\/3\/2\/6.2-303","metadata":false}],"next_section":{"id":70402,"structure_id":15947,"section_number":"6.2-302","catch_line":"Judgment rate of interest","url":"\/6.2-302\/","token":"6.2\/I\/3\/2\/6.2-302","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-301\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 622 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. Unfortunately, the 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. 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. Those modifications are as follows: in 1991, chapter 375; in 2004, chapter 646<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":63465,"section_number":"15.2-2108.22","catch_line":"Regulation of fees, rates and services; penalties","order_by":null,"url":"\/15.2-2108.22\/"},{"id":79608,"section_number":"36-49.1:1","catch_line":"Spot blight abatement authorized; procedure","order_by":null,"url":"\/36-49.1_1\/"},{"id":57195,"section_number":"38.2-3445.01","catch_line":"Balance billing for certain services; prohibited","order_by":null,"url":"\/38.2-3445.01\/"},{"id":55490,"section_number":"63.2-1951","catch_line":"Interest on support payments collected","order_by":null,"url":"\/63.2-1951\/"},{"id":75855,"section_number":"64.2-304","catch_line":"Rights upon claiming an elective share","order_by":null,"url":"\/64.2-304\/"}],"refers_to":[{"id":70402,"section_number":"6.2-302","catch_line":"Judgment rate of interest","order_by":null,"url":"\/6.2-302\/"},{"id":68100,"section_number":"6.2-311","catch_line":"Closed-end installment loans by sellers of goods or services","order_by":null,"url":"\/6.2-311\/"},{"id":71317,"section_number":"6.2-312","catch_line":"Open-end credit plans","order_by":null,"url":"\/6.2-312\/"},{"id":81552,"section_number":"8.3A-112","catch_line":"Interest","order_by":null,"url":"\/8.3A-112\/"}],"permalink":{"id":263343,"object_type":"law","relational_id":62070,"identifier":"6.2-301","token":"6.2\/I\/3\/2\/6.2-301","url":"\/6.2-301\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-301\/","token":"6.2\/I\/3\/2\/6.2-301","dublin_core":{"Title":"Legal rate of interest; when legal rate implied","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-301","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The legal rate of interest shall be an annual rate of six percent. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except as provided in subsection (b) of § 8.3A-112<\/a> and § 6.2-302<\/a>, the legal rate of interest shall be implied when there is an obligation to pay interest and no express contract<\/span> to pay interest at a specified rate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The seller or provider of goods sold or services provided on an open account shall be entitled to, and may collect, interest at the legal rate upon the unpaid balance if (i) there exists no written agreement for closed-end credit under § 6.2-311<\/a> or open-end credit plan<\/span> under § 6.2-312<\/a> and (ii) the purchaser or recipient of the goods or services fails to make payment in full within 60 days after mailing or presentation of a billing statement or invoice. Such interest shall begin to accrue on the day following such 60-day period. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLEGAL RATE OF INTEREST; WHEN LEGAL RATE IMPLIED (\u00a7 6.2-301)\n\nA. The legal rate of interest shall be an annual rate of six percent.\n\nB. Except as provided in subsection (b) of § 8.3A-112 and § 6.2-302,\nthe legal rate of interest shall be implied when there is an obligation to pay\ninterest and no express contract to pay interest at a specified rate.\n\nC. The seller or provider of goods sold or services provided on an open account\nshall be entitled to, and may collect, interest at the legal rate upon the\nunpaid balance if (i) there exists no written agreement for closed-end credit\nunder § 6.2-311 or open-end credit plan under § 6.2-312 and (ii) the\npurchaser or recipient of the goods or services fails to make payment in full\nwithin 60 days after mailing or presentation of a billing statement or invoice.\nSuch interest shall begin to accrue on the day following such 60-day period.\n\nHISTORY: 1987, c. 622, \u00a7 6.1-330.53; 1991, c. 375, \u00a7 6.1-330.77:1; 2004, c.\n646; 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}}