Virginia Statutes
§ 6.2-404 — When use of Rule of 78 prohibited or permitted
Virginia § 6.2-404
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 § 6.2-404 (When use of Rule of 78 prohibited or permitted) 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. § 6.2-404 (2026).
Text
A.The Rule of 78 shall not be used to determine the amount of unearned interest to be rebated if payment of the debt is anticipated on any (i) loan of money made after January 1, 1991, with an initial maturity of more than 61 months; or (ii) sales contract made after January 1, 1991, that necessitates a loan as described in clause (i).
B.On any loan of money made with an initial maturity and corresponding amortization period of 61 months or less and that is payable in equal periodic installments, the Rule of 78 may be used to determine the amount of unearned interest to be rebated if payment of the debt is anticipated on the loan or contract.
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Legislative History
1990, c. 338, § 6.1-330.86:1; 1991, c. 171; 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 § 6.2-404, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/6.2/6.2-404.