§ 6.1-330.64. (Repealed effective October 1, 2010) Credit union loans.
A. A credit union may make loans to its members and to other credit unions.Notwithstanding any other statute or provision relating to interest or usury,any credit union may charge interest as agreed by the borrower provided suchinterest is not charged in advance.
B. 1. Any credit union contract for revolving credit or any plan whichpermits an obligor to avail himself of the credit so established may providefor computation of any finance charges by application of a rate, at theoption of the credit union, to:
a. The average daily balance for the period ending on the billing date;
b. The balance existing on the billing date of the month; or
c. Any other balance which does not result in the credit union charging orreceiving any sum in excess of what would be charged or received under item aor b of this subdivision.
2. No finance charge shall be imposed unless the bill is mailed not laterthan eight days (excluding Saturdays, Sundays and holidays) after the billingdate, except that such time limitation shall not apply in any case where thecredit union has been prevented, delayed, or hindered in mailing ordelivering the bill within such time period because of an act of God, war,civil disorder, natural disaster, strike, or other excusable or justifiablecause.
3. In the event of the extension of credit by a credit union hereunder to beeffected by the use of a credit card for the purchase of merchandise orservices, no finance charge shall be imposed upon the member or cardholder onsuch extension of credit if payment in full of the unpaid balance owing forextensions of credit for merchandise or services is received at the placedesignated by the credit union prior to the next billing date, which shall beat least twenty-five days later than the prior billing date.
4. As used in this section, "average daily balance" means, for any billingperiod, that amount which is the sum of the actual amounts outstanding eachday during the billing period divided by the number of days in the billingperiod.
C. Notwithstanding any provision of this chapter other than § 6.1-330.71, acredit union engaged in the extension of credit under an open-end credit orsimilar plan under which a finance charge is imposed upon the obligor, ifpayment in full of the unpaid balance is not received at the place designatedby the creditor prior to the next billing date, which shall be at least 25days later than the prior billing date, may impose finance charges and othercharges and fees at such rates and in such amounts and manner as may beagreed upon by the credit union and the obligor.
§ 6.1-330.64. (Repealed effective October 1, 2010) Credit union loans.
A. A credit union may make loans to its members and to other credit unions.Notwithstanding any other statute or provision relating to interest or usury,any credit union may charge interest as agreed by the borrower provided suchinterest is not charged in advance.
B. 1. Any credit union contract for revolving credit or any plan whichpermits an obligor to avail himself of the credit so established may providefor computation of any finance charges by application of a rate, at theoption of the credit union, to:
a. The average daily balance for the period ending on the billing date;
b. The balance existing on the billing date of the month; or
c. Any other balance which does not result in the credit union charging orreceiving any sum in excess of what would be charged or received under item aor b of this subdivision.
2. No finance charge shall be imposed unless the bill is mailed not laterthan eight days (excluding Saturdays, Sundays and holidays) after the billingdate, except that such time limitation shall not apply in any case where thecredit union has been prevented, delayed, or hindered in mailing ordelivering the bill within such time period because of an act of God, war,civil disorder, natural disaster, strike, or other excusable or justifiablecause.
3. In the event of the extension of credit by a credit union hereunder to beeffected by the use of a credit card for the purchase of merchandise orservices, no finance charge shall be imposed upon the member or cardholder onsuch extension of credit if payment in full of the unpaid balance owing forextensions of credit for merchandise or services is received at the placedesignated by the credit union prior to the next billing date, which shall beat least twenty-five days later than the prior billing date.
4. As used in this section, "average daily balance" means, for any billingperiod, that amount which is the sum of the actual amounts outstanding eachday during the billing period divided by the number of days in the billingperiod.
C. Notwithstanding any provision of this chapter other than § 6.1-330.71, acredit union engaged in the extension of credit under an open-end credit orsimilar plan under which a finance charge is imposed upon the obligor, ifpayment in full of the unpaid balance is not received at the place designatedby the creditor prior to the next billing date, which shall be at least 25days later than the prior billing date, may impose finance charges and othercharges and fees at such rates and in such amounts and manner as may beagreed upon by the credit union and the obligor.
§ 6.1-330.64. (Repealed effective October 1, 2010) Credit union loans.
A. A credit union may make loans to its members and to other credit unions.Notwithstanding any other statute or provision relating to interest or usury,any credit union may charge interest as agreed by the borrower provided suchinterest is not charged in advance.
B. 1. Any credit union contract for revolving credit or any plan whichpermits an obligor to avail himself of the credit so established may providefor computation of any finance charges by application of a rate, at theoption of the credit union, to:
a. The average daily balance for the period ending on the billing date;
b. The balance existing on the billing date of the month; or
c. Any other balance which does not result in the credit union charging orreceiving any sum in excess of what would be charged or received under item aor b of this subdivision.
2. No finance charge shall be imposed unless the bill is mailed not laterthan eight days (excluding Saturdays, Sundays and holidays) after the billingdate, except that such time limitation shall not apply in any case where thecredit union has been prevented, delayed, or hindered in mailing ordelivering the bill within such time period because of an act of God, war,civil disorder, natural disaster, strike, or other excusable or justifiablecause.
3. In the event of the extension of credit by a credit union hereunder to beeffected by the use of a credit card for the purchase of merchandise orservices, no finance charge shall be imposed upon the member or cardholder onsuch extension of credit if payment in full of the unpaid balance owing forextensions of credit for merchandise or services is received at the placedesignated by the credit union prior to the next billing date, which shall beat least twenty-five days later than the prior billing date.
4. As used in this section, "average daily balance" means, for any billingperiod, that amount which is the sum of the actual amounts outstanding eachday during the billing period divided by the number of days in the billingperiod.
C. Notwithstanding any provision of this chapter other than § 6.1-330.71, acredit union engaged in the extension of credit under an open-end credit orsimilar plan under which a finance charge is imposed upon the obligor, ifpayment in full of the unpaid balance is not received at the place designatedby the creditor prior to the next billing date, which shall be at least 25days later than the prior billing date, may impose finance charges and othercharges and fees at such rates and in such amounts and manner as may beagreed upon by the credit union and the obligor.
