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.
1990, c. 338, § 6.1-330.86:1; 1991, c. 171; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 4 - Certain Lending Practices
§ 6.2-400. Amount of late charge; when charge can be made
§ 6.2-401. Acceleration clause in note evidencing installment loan; effect of acceleration
§ 6.2-402. Notice of use of Rule of 78 rebate method
§ 6.2-404. When use of Rule of 78 prohibited or permitted
§ 6.2-405. References to sections regulating rebates of unearned interest and prepayment penalties
§ 6.2-406. Disclosure of terms of mortgage application
§ 6.2-407. Lenders to furnish borrower with copy of appraisal
§ 6.2-408. Priority of interest on debts secured by mortgage or deed of trust
§ 6.2-409. Addition of unpaid interest to principal balance
§ 6.2-410. Borrowers not to be required to employ particular professionals
§ 6.2-411. Requirements relating to insurance
§ 6.2-412. Insurance coverage under certain loans not to exceed replacement value of improvements
§ 6.2-413. Obligation of lender to reimburse unused mortgage guaranty insurance premiums
§ 6.2-414. Obligation of person maintaining escrow account to pay taxes and insurance; penalties
§ 6.2-415. Lender not to cancel insurance policy at time of refinancing under certain circumstances
§ 6.2-416. Certain mortgages not to prohibit further encumbrance of real property
§ 6.2-418. Property owner entitled to written statement of payoff amount
§ 6.2-419. Disclosure of terms of assumption
§ 6.2-420. Prepayment penalty not to be collected in certain circumstances
§ 6.2-421. Certain contracts to permit prepayment; amount of prepayment penalty
§ 6.2-422. Prepayment penalty for loan secured by home occupied by borrower
§ 6.2-425. Cardholder not liable in absence of request for, consent to issuance of, or use of card
§ 6.2-426. When request, consent, or use not condition precedent to liability
§ 6.2-427. Costs and attorney fee in suit on card; evidence of request or consent
§ 6.2-428. Production of credit card number as condition of check cashing or acceptance prohibited
§ 6.2-429. Improper use of payment device numbers
§ 6.2-430. Place where transaction occurred; federal Fair Credit Billing Act
§ 6.2-431. Certain cards excepted
§ 6.2-432. Credit card account disclosures
§ 6.2-433. Amendment to open-end credit contract or plan by bank or savings institution
§ 6.2-434. Law governing open-end credit contract or plan by bank or savings institution
§ 6.2-435. Law governing open-end credit contract or plan by seller or lender