{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-400.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-400.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-400.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-400.html"}],"law_id":85650,"edition_id":1,"section_id":85650,"structure_id":14626,"section_number":"6.2-400","catch_line":"Amount of late charge; when charge can be made","history":"1987, c. 622, \u00a7 6.1-330.80; 2010, c. 794.","full_text":"A\n\nAs used in this section:\n\t\t\t“Late charges” does not include charges imposed upon acceleration of the entire debt or costs of collection and attorney fees as otherwise permitted by law by reason of a default by the debtor.\n\t\t\t“Timely payment” means a payment made by the date fixed for payment or within a period of seven calendar days after such due date.B\n\nAny lender or seller may impose a late charge for failure to make timely payment of any installment due on a debt, whether installment or single maturity, provided that such late charge does not exceed five percent of the amount of such installment payment and that the charge is specified in the contract between the lender or seller and the debtor.C\n\nIf any federal governmental agency or organization shall adopt any rules or regulations dealing with the application of late penalties as to loans insured or guaranteed by such federal agency or organization, then such rules and regulations shall control as to such loans insured or guaranteed by them.D\n\nAny provision for late charges in excess of the amount permitted by this section shall be void as to such excess but shall not otherwise affect the validity of the obligation.","order_by":null,"text":{"0":{"id":306770,"text":"As used in this section:\n\t\t\t“Late charges” does not include charges imposed upon acceleration of the entire debt or costs of collection and attorney fees as otherwise permitted by law by reason of a default by the debtor.\n\t\t\t“Timely payment” means a payment made by the date fixed for payment or within a period of seven calendar days after such due date.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":306771,"text":"Any lender or seller may impose a late charge for failure to make timely payment of any installment due on a debt, whether installment or single maturity, provided that such late charge does not exceed five percent of the amount of such installment payment and that the charge is specified in the contract between the lender or seller and the debtor.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":306772,"text":"If any federal governmental agency or organization shall adopt any rules or regulations dealing with the application of late penalties as to loans insured or guaranteed by such federal agency or organization, then such rules and regulations shall control as to such loans insured or guaranteed by them.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":306773,"text":"Any provision for late charges in excess of the amount permitted by this section shall be void as to such excess but shall not otherwise affect the validity of the obligation.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14626,"edition_id":1,"name":"Late Charges and Rebates of Unearned Interest","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":12854,"metadata":{},"date_created":"2026-06-26 03:48:58","date_modified":"2026-06-26 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acceleration","url":"\/6.2-401\/","token":"6.2\/I\/4\/1\/6.2-401","metadata":false},{"id":80258,"structure_id":14626,"section_number":"6.2-402","catch_line":"Notice of use of Rule of 78 rebate method","url":"\/6.2-402\/","token":"6.2\/I\/4\/1\/6.2-402","metadata":false},{"id":78834,"structure_id":14626,"section_number":"6.2-403","catch_line":"The Rule of 78","url":"\/6.2-403\/","token":"6.2\/I\/4\/1\/6.2-403","metadata":false},{"id":56171,"structure_id":14626,"section_number":"6.2-404","catch_line":"When use of Rule of 78 prohibited or permitted","url":"\/6.2-404\/","token":"6.2\/I\/4\/1\/6.2-404","metadata":false},{"id":63347,"structure_id":14626,"section_number":"6.2-405","catch_line":"References to sections regulating rebates of unearned interest and prepayment penalties","url":"\/6.2-405\/","token":"6.2\/I\/4\/1\/6.2-405","metadata":false}],"next_section":{"id":85289,"structure_id":14626,"section_number":"6.2-401","catch_line":"Acceleration clause in note evidencing installment loan; effect of acceleration","url":"\/6.2-401\/","token":"6.2\/I\/4\/1\/6.2-401","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-400\/","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 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":[{"id":65407,"section_number":"11-4.3","catch_line":"When acceleration of payment or repossession of consumer goods not allowed","order_by":null,"url":"\/11-4.3\/"},{"id":83877,"section_number":"6.2-1626","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","order_by":null,"url":"\/6.2-1626\/"},{"id":73847,"section_number":"6.2-1627","catch_line":"Private actions","order_by":null,"url":"\/6.2-1627\/"},{"id":83282,"section_number":"6.2-1817","catch_line":"Authorized fees and charges","order_by":null,"url":"\/6.2-1817\/"},{"id":86825,"section_number":"6.2-2216","catch_line":"Authorized fees and charges","order_by":null,"url":"\/6.2-2216\/"},{"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":55296,"section_number":"6.2-328","catch_line":"Charges allowed on loan secured by subordinate mortgage","order_by":null,"url":"\/6.2-328\/"}],"refers_to":false,"permalink":{"id":263467,"object_type":"law","relational_id":85650,"identifier":"6.2-400","token":"6.2\/I\/4\/1\/6.2-400","url":"\/6.2-400\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-400\/","token":"6.2\/I\/4\/1\/6.2-400","dublin_core":{"Title":"Amount of late charge; when charge can be made","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-400","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section:\n\t\t\t“Late charges” does not include charges imposed upon acceleration of the entire debt or costs of collection and attorney fees as otherwise permitted by law<\/span> by reason of a default<\/span> by the debtor.\n\t\t\t“Timely payment<\/span>” means a payment made by the date fixed for payment or within a period of seven calendar days after such due date. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any lender or seller may impose a late charge for failure to make timely payment<\/span> of any installment due on a debt, whether installment or single maturity, provided that such late charge does not exceed five percent of the amount of such installment payment and that the charge is specified in the contract<\/span> between the lender or seller and the debtor. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If any federal governmental agency or organization shall adopt any rules or regulations dealing with the application of late penalties as to loans insured or guaranteed by such federal agency or organization, then such rules and regulations shall control as to such loans insured or guaranteed by them. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any provision for late charges in excess of the amount permitted by this section shall be void as to such excess but shall not otherwise affect the validity of the obligation. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAMOUNT OF LATE CHARGE; WHEN CHARGE CAN BE MADE (\u00a7 6.2-400)\n\nA. As used in this section:\n\t\t\t“Late charges” does not include charges imposed upon acceleration\nof the entire debt or costs of collection and attorney fees as otherwise\npermitted by law by reason of a default by the debtor.\n\t\t\t“Timely payment” means a payment made by the date fixed for\npayment or within a period of seven calendar days after such due date.\n\nB. Any lender or seller may impose a late charge for failure to make timely\npayment of any installment due on a debt, whether installment or single\nmaturity, provided that such late charge does not exceed five percent of the\namount of such installment payment and that the charge is specified in the\ncontract between the lender or seller and the debtor.\n\nC. If any federal governmental agency or organization shall adopt any rules or\nregulations dealing with the application of late penalties as to loans insured\nor guaranteed by such federal agency or organization, then such rules and\nregulations shall control as to such loans insured or guaranteed by them.\n\nD. Any provision for late charges in excess of the amount permitted by this\nsection shall be void as to such excess but shall not otherwise affect the\nvalidity of the obligation.\n\nHISTORY: 1987, c. 622, \u00a7 6.1-330.80; 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}}