{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-312.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-312.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-312.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-312.html"}],"law_id":71317,"edition_id":1,"section_id":71317,"structure_id":13915,"section_number":"6.2-312","catch_line":"Open-end credit plans","history":"1987, cc. 622, 639, 714, \u00a7 6.1-330.78; 1992, Sp. Sess., c. 4; 1997, c. 112; 2009, cc. 784, 860; 2010, cc. 477, 794; 2020, cc. 1215, 1258.","full_text":"A\n\nThe provisions of this section shall apply to any person that makes, arranges, or negotiates a loan or otherwise extends credit under an open-end credit plan, whether or not the person maintains a physical presence in the Commonwealth. However, the provisions of this section shall not apply to any bank, savings institution, or credit union as such terms are defined in § 6.2-300.B\n\nNotwithstanding any provision of this chapter other than § 6.2-327, and except as provided in subsections D, E, and F, a seller or lender engaged in extending credit under an open-end credit plan may impose, on credit extended under the plan, finance charges and other charges and fees at such rates and in such amounts and manner as may be agreed upon by the creditor and the obligor, if under the plan a finance charge is imposed upon the obligor if payment in full of the unpaid balance is not received at the place designated by the creditor prior to the next billing date, which shall be at least 25 days later than the prior billing date.C\n\nNotwithstanding the provisions of § 6.2-327 and subject to the provisions of § 8.9A-204.1, any loan made under this section may be secured in whole or in part by a subordinate mortgage or deed of trust on residential real estate improved by the construction thereon of housing consisting of one- to four-family dwelling units.D\n\nThe following persons are prohibited from engaging in the extension of credit under an open-end credit plan described in this section: (i) any person licensed under Chapter 18 (§ 6.2-1800 et seq.), any person affiliated through common ownership with such licensed person, and any person that is a subsidiary of such licensed person; (ii) any person licensed under Chapter 22 (§ 6.2-2200 et seq.), any person affiliated through common ownership with such licensed person, and any person that is a subsidiary of such licensed person; and (iii) any person conducting business at any office, suite, room, or place of business where a person described in clause (i) or (ii) is conducting business.E\n\nNo person shall make a loan or otherwise extend credit under an open-end credit plan or any other lending arrangement that is secured by a non-purchase money security interest in a motor vehicle, as such term is defined in § 6.2-2200, unless such loan or extension of credit is made in accordance with, or is exempt from, the provisions of Chapter 22 (§ 6.2-2200 et seq.).F\n\nA seller or lender engaged in extending credit under an open-end credit plan to a resident of the Commonwealth or to any individual in the Commonwealth shall not charge, collect, or receive, directly or indirectly, credit insurance premiums, charges for any ancillary product sold, charges for negotiating forms of loan proceeds or refunds other than cash, charges for brokering or obtaining an extension of credit, or any fees, interest, or charges in connection with credit extended under the plan, other than (i) interest at a simple annual rate not to exceed 36 percent and (ii) a participation fee not to exceed $50 per year. Any extension of credit made in violation of this subsection is void and no person shall have the right to collect, receive, or retain any principal, interest, fees, or other charges in connection with the extension of credit.G\n\nAny violation of the provisions of this section shall constitute a prohibited practice in accordance with § 59.1-200 and shall be subject to any and all of the enforcement provisions of the Virginia Consumer Protection Act (§ 59.1-196 et seq.).H\n\nA third party shall not engage in the extension of credit under an open-end credit plan described in this section.","order_by":null,"text":{"0":{"id":257089,"text":"The provisions of this section shall apply to any person that makes, arranges, or negotiates a loan or otherwise extends credit under an open-end credit plan, whether or not the person maintains a physical presence in the Commonwealth. However, the provisions of this section shall not apply to any bank, savings institution, or credit union as such terms are defined in § 6.2-300.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":257090,"text":"Notwithstanding any provision of this chapter other than § 6.2-327, and except as provided in subsections D, E, and F, a seller or lender engaged in extending credit under an open-end credit plan may impose, on credit extended under the plan, finance charges and other charges and fees at such rates and in such amounts and manner as may be agreed upon by the creditor and the obligor, if under the plan a finance charge is imposed upon the obligor if payment in full of the unpaid balance is not received at the place designated by the creditor prior to the next billing date, which shall be at least 25 days later than the prior billing date.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":257091,"text":"Notwithstanding the provisions of § 6.2-327 and subject to the provisions of § 8.9A-204.1, any loan made under this section may be secured in whole or in part by a subordinate mortgage or deed of trust on residential real estate improved by the construction thereon of housing consisting of one- to four-family dwelling units.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":257092,"text":"The following persons are prohibited from engaging in the extension of credit under an open-end credit plan described in this section: (i) any person licensed under Chapter 18 (§ 6.2-1800 et seq.), any person affiliated through common ownership with such licensed person, and any person that is a subsidiary of such licensed person; (ii) any person licensed under Chapter 22 (§ 6.2-2200 et seq.), any person affiliated through common ownership with such licensed person, and any person that is a subsidiary of such licensed person; and (iii) any person conducting business at any office, suite, room, or place of business where a person described in clause (i) or (ii) is conducting business.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":257093,"text":"No person shall make a loan or otherwise extend credit under an open-end credit plan or any other lending arrangement that is secured by a non-purchase money security interest in a motor vehicle, as such term is defined in § 6.2-2200, unless such loan or extension of credit is made in accordance with, or is exempt from, the provisions of Chapter 22 (§ 6.2-2200 et seq.).","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":257094,"text":"A seller or lender engaged in extending credit under an open-end credit plan to a resident of the Commonwealth or to any individual in the Commonwealth shall not charge, collect, or receive, directly or indirectly, credit insurance premiums, charges for any ancillary product sold, charges for negotiating forms of loan proceeds or refunds other than cash, charges for brokering or obtaining an extension of credit, or any fees, interest, or charges in connection with credit extended under the plan, other than (i) interest at a simple annual rate not to exceed 36 percent and (ii) a participation fee not to exceed $50 per year. Any extension of credit made in violation of this subsection is void and no person shall have the right to collect, receive, or retain any principal, interest, fees, or other charges in connection with the extension of credit.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":257095,"text":"Any violation of the provisions of this section shall constitute a prohibited practice in accordance with § 59.1-200 and shall be subject to any and all of the enforcement provisions of the Virginia Consumer Protection Act (§ 59.1-196 et seq.).","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":257096,"text":"A third party shall not engage in the extension of credit under an open-end credit plan described in this section.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G"}},"ancestry":[{"id":13915,"edition_id":1,"name":"Loans Exempt From Limit on Contract Rate of Interest","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13814,"metadata":{},"date_created":"2026-06-26 03:46:17","date_modified":"2026-06-26 03:46:17","permalink":{"id":263377,"object_type":"structure","relational_id":13915,"identifier":"4","token":"6.2\/I\/3\/4","url":"\/6.2\/I\/3\/4\/","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":64100,"structure_id":13915,"section_number":"6.2-309","catch_line":"Charges by banks and savings institutions on installment loans","url":"\/6.2-309\/","token":"6.2\/I\/3\/4\/6.2-309","metadata":false},{"id":77440,"structure_id":13915,"section_number":"6.2-310","catch_line":"Rate of interest chargeable by state banks and savings institutions","url":"\/6.2-310\/","token":"6.2\/I\/3\/4\/6.2-310","metadata":false},{"id":68100,"structure_id":13915,"section_number":"6.2-311","catch_line":"Closed-end installment loans by sellers of goods or services","url":"\/6.2-311\/","token":"6.2\/I\/3\/4\/6.2-311","metadata":false},{"id":71317,"structure_id":13915,"section_number":"6.2-312","catch_line":"Open-end credit plans","url":"\/6.2-312\/","token":"6.2\/I\/3\/4\/6.2-312","metadata":false},{"id":71741,"structure_id":13915,"section_number":"6.2-313","catch_line":"Open-end credit extended by banks or savings institutions","url":"\/6.2-313\/","token":"6.2\/I\/3\/4\/6.2-313","metadata":false},{"id":55614,"structure_id":13915,"section_number":"6.2-314","catch_line":"Motor vehicle purchase loans by subsidiaries and affiliates of banks and savings institutions","url":"\/6.2-314\/","token":"6.2\/I\/3\/4\/6.2-314","metadata":false},{"id":57088,"structure_id":13915,"section_number":"6.2-315","catch_line":"Loans by certain financial institutions or brokers payable on demand or having a term up to one year","url":"\/6.2-315\/","token":"6.2\/I\/3\/4\/6.2-315","metadata":false},{"id":80987,"structure_id":13915,"section_number":"6.2-316","catch_line":"Loans of $5,000 or more made by certain financial institutions","url":"\/6.2-316\/","token":"6.2\/I\/3\/4\/6.2-316","metadata":false},{"id":69996,"structure_id":13915,"section_number":"6.2-317","catch_line":"Loans of $5,000 or more for business or investment purposes","url":"\/6.2-317\/","token":"6.2\/I\/3\/4\/6.2-317","metadata":false},{"id":86413,"structure_id":13915,"section_number":"6.2-318","catch_line":"Loans by credit unions","url":"\/6.2-318\/","token":"6.2\/I\/3\/4\/6.2-318","metadata":false},{"id":73942,"structure_id":13915,"section_number":"6.2-319","catch_line":"Loans by pension plans to participants","url":"\/6.2-319\/","token":"6.2\/I\/3\/4\/6.2-319","metadata":false},{"id":80507,"structure_id":13915,"section_number":"6.2-320","catch_line":"Loans by industrial loan associations","url":"\/6.2-320\/","token":"6.2\/I\/3\/4\/6.2-320","metadata":false},{"id":63304,"structure_id":13915,"section_number":"6.2-321","catch_line":"Loans pursuant to stock option financing programs","url":"\/6.2-321\/","token":"6.2\/I\/3\/4\/6.2-321","metadata":false},{"id":59573,"structure_id":13915,"section_number":"6.2-322","catch_line":"Extensions of credit on pledged securities","url":"\/6.2-322\/","token":"6.2\/I\/3\/4\/6.2-322","metadata":false},{"id":54963,"structure_id":13915,"section_number":"6.2-323","catch_line":"Educational loans by banks or savings institutions","url":"\/6.2-323\/","token":"6.2\/I\/3\/4\/6.2-323","metadata":false},{"id":77770,"structure_id":13915,"section_number":"6.2-324","catch_line":"Educational loans by private institution of higher education","url":"\/6.2-324\/","token":"6.2\/I\/3\/4\/6.2-324","metadata":false},{"id":81140,"structure_id":13915,"section_number":"6.2-325","catch_line":"Certain loans secured by first deed of trust or mortgage","url":"\/6.2-325\/","token":"6.2\/I\/3\/4\/6.2-325","metadata":false},{"id":57847,"structure_id":13915,"section_number":"6.2-326","catch_line":"Fees and charges in connection with loans by real estate lenders","url":"\/6.2-326\/","token":"6.2\/I\/3\/4\/6.2-326","metadata":false},{"id":66025,"structure_id":13915,"section_number":"6.2-327","catch_line":"Certain loans secured by a subordinate deed of trust or mortgage","url":"\/6.2-327\/","token":"6.2\/I\/3\/4\/6.2-327","metadata":false},{"id":55296,"structure_id":13915,"section_number":"6.2-328","catch_line":"Charges allowed on loan secured by subordinate mortgage","url":"\/6.2-328\/","token":"6.2\/I\/3\/4\/6.2-328","metadata":false},{"id":71049,"structure_id":13915,"section_number":"6.2-329","catch_line":"Loans insured or guaranteed by certain governmental agencies","url":"\/6.2-329\/","token":"6.2\/I\/3\/4\/6.2-329","metadata":false}],"previous_section":{"id":68100,"structure_id":13915,"section_number":"6.2-311","catch_line":"Closed-end installment loans by sellers of goods or services","url":"\/6.2-311\/","token":"6.2\/I\/3\/4\/6.2-311","metadata":false},"next_section":{"id":71741,"structure_id":13915,"section_number":"6.2-313","catch_line":"Open-end credit extended by banks or savings institutions","url":"\/6.2-313\/","token":"6.2\/I\/3\/4\/6.2-313","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-312\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapters 622, 639, and 714 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 4 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 1997, chapter 112<\/a>; in 2009, chapters 784<\/a> and 860<\/a>; in 2010, chapters 477<\/a> and 794<\/a>; in 2020, chapters 1215<\/a> and 1258<\/a>.<\/p>","references":[{"id":82977,"section_number":"59.1-200","catch_line":"Prohibited practices","order_by":null,"url":"\/59.1-200\/"},{"id":78551,"section_number":"6.2-1501","catch_line":"Compliance with chapter; license required; attempts to evade application of chapter","order_by":null,"url":"\/6.2-1501\/"},{"id":62070,"section_number":"6.2-301","catch_line":"Legal rate of interest; when legal rate implied","order_by":null,"url":"\/6.2-301\/"}],"refers_to":[{"id":56198,"section_number":"59.1-196","catch_line":"Title","order_by":null,"url":"\/59.1-196\/"},{"id":82977,"section_number":"59.1-200","catch_line":"Prohibited practices","order_by":null,"url":"\/59.1-200\/"},{"id":66519,"section_number":"6.2-1800","catch_line":"Definitions","order_by":null,"url":"\/6.2-1800\/"},{"id":76041,"section_number":"6.2-2200","catch_line":"Definitions","order_by":null,"url":"\/6.2-2200\/"},{"id":66025,"section_number":"6.2-327","catch_line":"Certain loans secured by a subordinate deed of trust or mortgage","order_by":null,"url":"\/6.2-327\/"},{"id":78518,"section_number":"8.9A-204.1","catch_line":"Security interests in consumer goods","order_by":null,"url":"\/8.9A-204.1\/"}],"permalink":{"id":263391,"object_type":"law","relational_id":71317,"identifier":"6.2-312","token":"6.2\/I\/3\/4\/6.2-312","url":"\/6.2-312\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-312\/","token":"6.2\/I\/3\/4\/6.2-312","dublin_core":{"Title":"Open-end credit plans","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-312","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The provisions of this section shall apply to any person<\/span> that makes, arranges, or negotiates a loan<\/span> or otherwise extends credit under an open-end credit plan<\/span>, whether or not the person<\/span> maintains a physical presence in the Commonwealth. However, the provisions of this section shall not apply to any bank<\/span>, savings institution<\/span>, or credit union<\/span> as such terms are defined in § 6.2-300<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any provision of this chapter other than § 6.2-327<\/a>, and except as provided in subsections D, E, and F, a seller or lender engaged in extending credit under an open-end credit plan<\/span> may impose, on credit extended under the plan, finance charges and other charges and fees at such rates and in such amounts and manner as may be agreed upon by the creditor<\/span> and the obligor, if under the plan a finance charge is imposed upon the obligor if payment in full of the unpaid balance is not received at the place designated by the creditor<\/span> prior to the next billing date, which shall be at least 25 days later than the prior billing date. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding the provisions of § 6.2-327<\/a> and subject to the provisions of § 8.9A-204.1<\/a>, any loan<\/span> made under this section may be secured in whole or in part by a subordinate mortgage or deed of trust<\/span> on residential real estate improved by the construction thereon of housing consisting of one- to four-family dwelling units. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The following persons<\/span> are prohibited from engaging in the extension of credit under an open-end credit plan<\/span> described in this section: (i) any person<\/span> licensed under Chapter 18 (§ 6.2-1800<\/a> et seq.), any person<\/span> affiliated through common ownership with such licensed person<\/span>, and any person<\/span> that is a subsidiary of such licensed person<\/span>; (ii) any person<\/span> licensed under Chapter 22 (§ 6.2-2200<\/a> et seq.), any person<\/span> affiliated through common ownership with such licensed person<\/span>, and any person<\/span> that is a subsidiary of such licensed person<\/span>; and (iii) any person<\/span> conducting business at any office, suite, room, or place of business where a person<\/span> described in clause (i) or (ii) is conducting business. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> No person<\/span> shall make a loan<\/span> or otherwise extend credit under an open-end credit plan<\/span> or any other lending arrangement that is secured by a non-purchase money security interest in a motor vehicle, as such term is defined in § 6.2-2200<\/a>, unless such loan<\/span> or extension of credit is made in accordance with, or is exempt from, the provisions of Chapter 22 (§ 6.2-2200<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A seller or lender engaged in extending credit under an open-end credit plan<\/span> to a resident of the Commonwealth or to any individual in the Commonwealth shall not charge, collect, or receive, directly or indirectly, credit insurance premiums, charges for any ancillary product sold, charges for negotiating forms of loan<\/span> proceeds or refunds other than cash, charges for brokering or obtaining an extension of credit, or any fees, interest, or charges in connection with credit extended under the plan, other than (i) interest at a simple annual rate not to exceed 36 percent and (ii) a participation fee not to exceed $50 per year. Any extension of credit made in violation of this subsection is void and no person<\/span> shall have the right to collect, receive, or retain any principal, interest, fees, or other charges in connection with the extension of credit. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Any violation of the provisions of this section shall constitute a prohibited practice in accordance with § 59.1-200<\/a> and shall be subject to any and all of the enforcement provisions of the Virginia Consumer Protection Act (§ 59.1-196<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> A third party<\/span> shall not engage in the extension of credit under an open-end credit plan<\/span> described in this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nOPEN-END CREDIT PLANS (\u00a7 6.2-312)\n\nA. The provisions of this section shall apply to any person that makes,\narranges, or negotiates a loan or otherwise extends credit under an open-end\ncredit plan, whether or not the person maintains a physical presence in the\nCommonwealth. However, the provisions of this section shall not apply to any\nbank, savings institution, or credit union as such terms are defined in §\n6.2-300.\n\nB. Notwithstanding any provision of this chapter other than § 6.2-327, and\nexcept as provided in subsections D, E, and F, a seller or lender engaged in\nextending credit under an open-end credit plan may impose, on credit extended\nunder the plan, finance charges and other charges and fees at such rates and in\nsuch amounts and manner as may be agreed upon by the creditor and the obligor,\nif under the plan a finance charge is imposed upon the obligor if payment in\nfull of the unpaid balance is not received at the place designated by the\ncreditor prior to the next billing date, which shall be at least 25 days later\nthan the prior billing date.\n\nC. Notwithstanding the provisions of § 6.2-327 and subject to the\nprovisions of § 8.9A-204.1, any loan made under this section may be secured\nin whole or in part by a subordinate mortgage or deed of trust on residential\nreal estate improved by the construction thereon of housing consisting of one-\nto four-family dwelling units.\n\nD. The following persons are prohibited from engaging in the extension of credit\nunder an open-end credit plan described in this section: (i) any person licensed\nunder Chapter 18 (§ 6.2-1800 et seq.), any person affiliated through common\nownership with such licensed person, and any person that is a subsidiary of such\nlicensed person; (ii) any person licensed under Chapter 22 (§ 6.2-2200 et\nseq.), any person affiliated through common ownership with such licensed person,\nand any person that is a subsidiary of such licensed person; and (iii) any\nperson conducting business at any office, suite, room, or place of business\nwhere a person described in clause (i) or (ii) is conducting business.\n\nE. No person shall make a loan or otherwise extend credit under an open-end\ncredit plan or any other lending arrangement that is secured by a non-purchase\nmoney security interest in a motor vehicle, as such term is defined in §\n6.2-2200, unless such loan or extension of credit is made in accordance with, or\nis exempt from, the provisions of Chapter 22 (§ 6.2-2200 et seq.).\n\nF. A seller or lender engaged in extending credit under an open-end credit plan\nto a resident of the Commonwealth or to any individual in the Commonwealth shall\nnot charge, collect, or receive, directly or indirectly, credit insurance\npremiums, charges for any ancillary product sold, charges for negotiating forms\nof loan proceeds or refunds other than cash, charges for brokering or obtaining\nan extension of credit, or any fees, interest, or charges in connection with\ncredit extended under the plan, other than (i) interest at a simple annual rate\nnot to exceed 36 percent and (ii) a participation fee not to exceed $50 per\nyear. Any extension of credit made in violation of this subsection is void and\nno person shall have the right to collect, receive, or retain any principal,\ninterest, fees, or other charges in connection with the extension of credit.\n\nG. Any violation of the provisions of this section shall constitute a prohibited\npractice in accordance with § 59.1-200 and shall be subject to any and all\nof the enforcement provisions of the Virginia Consumer Protection Act (§\n59.1-196 et seq.).\n\nH. A third party shall not engage in the extension of credit under an open-end\ncredit plan described in this section.\n\nHISTORY: 1987, cc. 622, 639, 714, \u00a7 6.1-330.78; 1992, Sp. Sess., c. 4; 1997, c.\n112; 2009, cc. 784, 860; 2010, cc. 477, 794; 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}}