Va. Code Ann. § 6.2-404
This is the official text of Va. Code Ann. § 6.2-404, 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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When use of Rule of 78 prohibited or permitted
Official statutory text
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 .
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 .
Status: in_force · Read it on the official government site
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