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1997 SESSION

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SB 1032 Charges by banks or savings institutions; revolving credit, etc.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

Banking and finance; charges by banks or savings institutions; revolving credit; open-end sales and loan plans. Amends provisions of Virginia law relating to the terms and conditions associated with the use of credit cards and other revolving or open-end credit plans. This bill will eliminate provisions that specifically state the method of applying the rate of interest to the charge balance, leaving these terms to be negotiated as a matter of contract. Several requirements regarding the relationship between the cardholder and lender are deleted from existing state law; however, these aspects are still governed by applicable federal law. Among the provisions eliminated are: the requirement that the bill be mailed within eight business days of the billing date, the state provision requiring payments to be credited within two banking days of receipt, and a disclosure requirement on new accounts and billing statements. Additionally, the special notice relating to rate increases as to balances existing on or before April 1, 1983, is deleted. This bill also makes federal law and Virginia law applicable to any such credit contract unless otherwise expressly agreed in writing by the parties.


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