§ 6.2-318. (Effective October 1, 2010) Loans by credit unions.
A. 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.
B. Notwithstanding any other statute or provision relating to interest orusury, any credit union may charge interest as agreed by the borrowerprovided such interest is not charged in advance.
C. Any open-end credit plan offered by a credit union shall provide:
1. For 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 undersubdivision a or b;
2. That no finance charge shall be imposed unless the bill is mailed notlater than eight days, excluding Saturdays, Sundays and holidays, after thebilling date, except that such time limitation shall not apply in any casewhere the credit 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; and
3. That in the event of the extension of open-end credit by a credit union tobe effected 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 25 days later than the prior billing date.
D. Notwithstanding any provision of this chapter other than § 6.2-327, acredit union engaged in extending credit under an open-end credit plan mayimpose, on credit extended under the plan, finance charges and other chargesand fees at such rates and in such amounts and manner as may be agreed uponby the credit union and the obligor, if under the plan a finance charge isimposed upon the obligor if payment in full of the unpaid balance is notreceived at the place designated by the creditor prior to the next billingdate, which shall be at least 25 days later than the prior billing date.
(1987, c. 622, § 6.1-330.64; 2006, c. 753; 2010, c. 794.)
§ 6.2-318. (Effective October 1, 2010) Loans by credit unions.
A. 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.
B. Notwithstanding any other statute or provision relating to interest orusury, any credit union may charge interest as agreed by the borrowerprovided such interest is not charged in advance.
C. Any open-end credit plan offered by a credit union shall provide:
1. For 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 undersubdivision a or b;
2. That no finance charge shall be imposed unless the bill is mailed notlater than eight days, excluding Saturdays, Sundays and holidays, after thebilling date, except that such time limitation shall not apply in any casewhere the credit 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; and
3. That in the event of the extension of open-end credit by a credit union tobe effected 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 25 days later than the prior billing date.
D. Notwithstanding any provision of this chapter other than § 6.2-327, acredit union engaged in extending credit under an open-end credit plan mayimpose, on credit extended under the plan, finance charges and other chargesand fees at such rates and in such amounts and manner as may be agreed uponby the credit union and the obligor, if under the plan a finance charge isimposed upon the obligor if payment in full of the unpaid balance is notreceived at the place designated by the creditor prior to the next billingdate, which shall be at least 25 days later than the prior billing date.
(1987, c. 622, § 6.1-330.64; 2006, c. 753; 2010, c. 794.)
§ 6.2-318. (Effective October 1, 2010) Loans by credit unions.
A. 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.
B. Notwithstanding any other statute or provision relating to interest orusury, any credit union may charge interest as agreed by the borrowerprovided such interest is not charged in advance.
C. Any open-end credit plan offered by a credit union shall provide:
1. For 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 undersubdivision a or b;
2. That no finance charge shall be imposed unless the bill is mailed notlater than eight days, excluding Saturdays, Sundays and holidays, after thebilling date, except that such time limitation shall not apply in any casewhere the credit 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; and
3. That in the event of the extension of open-end credit by a credit union tobe effected 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 25 days later than the prior billing date.
D. Notwithstanding any provision of this chapter other than § 6.2-327, acredit union engaged in extending credit under an open-end credit plan mayimpose, on credit extended under the plan, finance charges and other chargesand fees at such rates and in such amounts and manner as may be agreed uponby the credit union and the obligor, if under the plan a finance charge isimposed upon the obligor if payment in full of the unpaid balance is notreceived at the place designated by the creditor prior to the next billingdate, which shall be at least 25 days later than the prior billing date.
(1987, c. 622, § 6.1-330.64; 2006, c. 753; 2010, c. 794.)
