State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-7-3 > 6-1-330-85-1§ 6.1-330.85:1. (Repealed effective October 1, 2010) Notice on loan or saleon credit using Rule of 78 rebate method.
Where any loan or sale on credit contains a provision that a rebate ofunearned interest shall be calculated in accordance with the Rule of 78, thenote or other instrument evidencing the loan or sale on credit shall containa notice advising the borrower of the effect of the interest calculation.The notice shall be in all capital letters and in ten-point type, and shallbe substantially as follows:
NOTICE: IF YOU PAY THIS LOAN OR SALE ON CREDIT PARTIALLY OR IN FULL BEFOREITS DUE DATE, THE AMOUNT OF INTEREST YOU PAY WILL BE GREATER THAN THE AMOUNTOF INTEREST YOU WOULD PAY FOR A SIMPLE INTEREST LOAN OF THE SAME PRINCIPALAMOUNT.
(1990, c. 941.)
