Virginia Code 6.2-435: Law governing open-end credit contract or plan by seller or lender.
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An open-end credit plan as defined in § 6.2-300, between a seller or lender and an obligor shall be governed solely by federal law and by the laws of the Commonwealth.
Terms Used In Virginia Code 6.2-435
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
1987, cc. 622, 639, 714, § 6.1-330.78; 1992, Sp. Sess., c. 4; 1997, c. 112; 2009, cc. 784, 860; 2010, c. 794; 2020, cc. 1215, 1258.