                                 CODE OF VIRGINIA

LOANS BY CREDIT UNIONS (§ 6.2-318)

A. As used in this section, &#8220;average daily balance&#8221; means, for any
billing period, that amount which is the sum of the actual amounts outstanding
each day during the billing period divided by the number of days in the billing
period.

B. Notwithstanding any other statute or provision relating to interest or usury,
any credit union may charge interest as agreed by the borrower provided such
interest is not charged in advance.

C. Any open-end credit plan offered by a credit union shall provide:

   1. For computation of any finance charges by application of a rate, at the
   option of the credit union, to:
   				a. The average daily balance for the period ending on the billing date;
   				b. The balance existing on the billing date of the month; or
   				c. Any other balance which does not result in the credit union charging or
   receiving any sum in excess of what would be charged or received under
   subdivision a or b;

   2. That no finance charge shall be imposed unless the bill is mailed not later
   than eight days, excluding Saturdays, Sundays and holidays, after the billing
   date, except that such time limitation shall not apply in any case where the
   credit union has been prevented, delayed, or hindered in mailing or delivering
   the bill within such time period because of an act of God, war, civil
   disorder, natural disaster, strike, or other excusable or justifiable cause;
   and

   3. That in the event of the extension of open-end credit by a credit union to
   be effected by the use of a credit card for the purchase of merchandise or
   services, no finance charge shall be imposed upon the member or cardholder on
   such extension of credit if payment in full of the unpaid balance owing for
   extensions of credit for merchandise or services is received at the place
   designated by the credit union prior to the payment due date, which shall be
   at least 25 days later than the billing date.

D. Notwithstanding any provision of this chapter other than &#xA7; 6.2-327 and
subsection C, a credit union 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 credit union and the obligor, if under the plan a finance
charge is imposed upon the obligor.

HISTORY: 1987, c. 622, § 6.1-330.64; 2006, c. 753; 2010, c. 794; 2015, cc. 453,
454.