Virginia Statutes
§ 6.2-402 — Notice of use of Rule of 78 rebate method
Virginia § 6.2-402
JurisdictionVirginia
Title 6.2FINANCIAL INSTITUTIONS AND SERVICES
Subtitle IGENERAL PROVISIONS
Ch. 4CERTAIN LENDING PRACTICES
Art. 1LATE CHARGES AND REBATES OF UNEARNED INTEREST
This text of Virginia § 6.2-402 (Notice of use of Rule of 78 rebate method) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 6.2-402 (2026).
Text
Where any loan or sale on credit contains a provision that a rebate of unearned interest shall be calculated in accordance with the Rule of 78 rebate method as defined in § 6.2-403, the note or other instrument evidencing the loan or sale on credit shall contain a notice advising the borrower of the effect of the interest calculation. The notice shall be in all capital letters and in 10-point type, and shall be substantially as follows:
NOTICE: IF YOU PAY THIS LOAN OR SALE ON CREDIT PARTIALLY OR IN FULL BEFORE ITS DUE DATE, THE AMOUNT OF INTEREST YOU PAY WILL BE GREATER THAN THE AMOUNT OF INTEREST YOU WOULD PAY FOR A SIMPLE INTEREST LOAN OF THE SAME PRINCIPAL AMOUNT.
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Legislative History
1990, c. 941, § 6.1-330.85:1; 2010, c. 794.
Nearby Sections
15
§ 6.2-100
Definitions§ 6.2-1000
Definitions§ 6.2-1002
Powers of trust institutions§ 6.2-1005
Deposit or other use of trust funds§ 6.2-1007
Investment of trust funds§ 6.2-1008
Dealings with self or affiliates§ 6.2-101
Confidentiality of informationCite This Page — Counsel Stack
Bluebook (online)
Virginia § 6.2-402, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/6.2/6.2-402.