Va. Code Ann. § 6.2-402
This is the official text of Va. Code Ann. § 6.2-402, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
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Notice of use of Rule of 78 rebate method
Official statutory text
Where any loan or sale on credit contains a provision that a rebate of unearned interest shall be calculated in accordance with the Rule of 78 rebate method as defined in § 6.2-403 , the note or other instrument evidencing the loan or sale on credit shall contain a notice advising the borrower of the effect of the interest calculation. The notice shall be in all capital letters and in 10-point type, and shall be substantially as follows:
NOTICE: IF YOU PAY THIS LOAN OR SALE ON CREDIT PARTIALLY OR IN FULL BEFORE ITS DUE DATE, THE AMOUNT OF INTEREST YOU PAY WILL BE GREATER THAN THE AMOUNT OF INTEREST YOU WOULD PAY FOR A SIMPLE INTEREST LOAN OF THE SAME PRINCIPAL AMOUNT.
1990, c. 941, § 6.1-330.85:1; 2010, c. 794 .
NOTICE: IF YOU PAY THIS LOAN OR SALE ON CREDIT PARTIALLY OR IN FULL BEFORE ITS DUE DATE, THE AMOUNT OF INTEREST YOU PAY WILL BE GREATER THAN THE AMOUNT OF INTEREST YOU WOULD PAY FOR A SIMPLE INTEREST LOAN OF THE SAME PRINCIPAL AMOUNT.
1990, c. 941, § 6.1-330.85:1; 2010, c. 794 .
Status: in_force · Read it on the official government site
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