Virginia Code 6.2-502: Notification of action on credit application
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Within 30 days, or such longer reasonable time as specified in regulations of the Commission for any class of credit transaction, after receipt of a completed application for credit, a creditor shall notify the applicant of its action on the application.
Terms Used In Virginia Code 6.2-502
- Applicant: means any person who applies to a creditor directly for an extension, renewal, or continuation of credit, or applies to a creditor indirectly by use of an existing credit plan for an amount exceeding the previously established credit limit. See Virginia Code 6.2-500
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Credit: means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment or to purchase property or services and defer payment therefor. See Virginia Code 6.2-500
- Creditor: means any person who regularly extends, renews, or continues credit; any person who regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who participates in the decision to extend, renew, or continue credit. See Virginia Code 6.2-500