Virginia § 6.2-2503 Right of rescission

Virginia Statutes

§ 6.2-2503 — Right of rescission

Virginia § 6.2-2503

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IVOTHER FINANCIAL ACTIVITIES

Ch. 25REFUND ANTICIPATION LOANS

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Bluebook

Va. Code Ann. § 6.2-2503 (2026).

Text

A borrower who obtains a refund anticipation loan may rescind the loan, on or before the close of business on the next day of business, by either returning the original check issued for the loan or providing the amount of the loan in cash to the lender or the facilitator. The facilitator may not charge the borrower a fee for rescinding the loan or a refund anticipation loan fee if the loan is rescinded but may charge the customer a fee for establishing and administering a bank account to electronically receive and distribute the refund.

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A borrower who obtains a refund anticipation loan may rescind the loan, on or before the close of business on the next day of business, by either returning the original check issued for the loan or providing the amount of the loan in cash to the lender or the facilitator. The facilitator may not charge the borrower a fee for rescinding the loan or a refund anticipation loan fee if the loan is rescinded but may charge the customer a fee for establishing and administering a bank account to electronically receive and distribute the refund.