                                 CODE OF VIRGINIA

AMENDMENT TO OPEN-END CREDIT CONTRACT OR PLAN BY BANK OR SAVINGS INSTITUTION (§
6.2-433)

A. Any open-end credit plan, as defined in &#xA7; 6.2-300, by a bank or savings
institution may be amended in any respect by the bank or savings institution at
any time and from time to time to modify or delete terms, or to add new terms,
which new or modified terms and amendment need not be of a kind previously
included in or contemplated by such contract or plan, or of a kind integral to
the relationship of the parties, by following the procedures, if any, set forth
in the contract or plan for effecting changes in the terms thereof, subject to
the bank&#8217;s or savings institution&#8217;s complying with any applicable
notice requirements under the Truth in Lending Act (15 U.S.C. &#xA7; 1601 et
seq.) and regulations promulgated thereunder, as in effect from time to time.

B. Unless the contract or plan referred to in subsection A otherwise expressly
provides, a bank or savings institution may amend such contract or plan in any
respect at any time and from time to time, whether or not the amendment or the
subject of the amendment was originally contemplated or addressed by the parties
or is integral to the relationship between the parties. Without limiting the
foregoing, such amendment may change terms by the addition of new terms or by
the deletion or modification of existing terms, whether relating to plan
benefits or features, the periodic rate or rates used to calculate finance
charges, the manner of calculating periodic rate finance charges or outstanding
unpaid indebtedness, variable schedules or formulas, finance charges other than
periodic rate finance charges, other charges or fees, collateral requirements,
methods for obtaining or repaying extensions of credit, attorney fees, plan
termination, the manner for amending the terms of the contract or plan,
arbitration or other alternative dispute resolution mechanisms, or other matters
of any kind whatsoever. Unless the contract or plan otherwise expressly
provides, any amendment may, on and after the date upon which it becomes
effective as to a particular borrower, apply to all then outstanding unpaid
indebtedness in the borrower&#8217;s account under the contract or plan,
including any such indebtedness that arose prior to the effective date of the
amendment. A contract or plan may be amended pursuant to this subsection
regardless of whether the contract or plan is active or inactive or whether
additional borrowings are available thereunder. Any such amendment may become
effective as determined by the bank or savings institution, subject to
compliance by the bank or savings institution with any applicable provisions
under the Truth in Lending Act (15 U.S.C. &#xA7; 1601 et seq.) and the
regulations promulgated thereunder, as in effect from time to time. Any notice
of an amendment sent by the bank or savings institution may be included in the
same envelope with a periodic statement or as part of the periodic statement or
in other materials sent to the borrower.

HISTORY: 1987, cc. 622, 639, 714, § 6.1-330.63; 1992, Sp. Sess., c. 4; 1997, c.
112; 2005, c. 670; 2010, c. 794.