                                 CODE OF VIRGINIA

LEGAL RATE OF INTEREST; WHEN LEGAL RATE IMPLIED (§ 6.2-301)

A. The legal rate of interest shall be an annual rate of six percent.

B. Except as provided in subsection (b) of &#xA7; 8.3A-112 and &#xA7; 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. 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 &#xA7; 6.2-311 or open-end credit plan under &#xA7; 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.

HISTORY: 1987, c. 622, § 6.1-330.53; 1991, c. 375, § 6.1-330.77:1; 2004, c.
646; 2010, c. 794.