Bill Text: VA SB38 | 2020 | Regular Session | Prefiled
Bill Title: Open-end credit plans; governing law.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-27 - Incorporated by Commerce and Labor [SB38 Detail]
Download: Virginia-2020-SB38-Prefiled.html
20101106D
SENATE BILL NO. 38
Offered January 8, 2020
Prefiled November 18, 2019
A BILL to amend and reenact §6.2-435 of the Code of Virginia,
relating to open-end credit plans.
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Patron-- Surovell
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Referred to Committee on Commerce and Labor
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Be it enacted by the General Assembly of Virginia:
1. That §6.2-435 of the Code of Virginia is amended and reenacted as follows:
§6.2-435. Law governing open-end credit contract or plan by seller or lender.
An open-end credit plan, as
defined and described in § §§
6.2-300 and 6.2-312, between a seller or lender, whether
or not the seller or lender has a physical location in the Commonwealth,
and an obligor a Virginia
resident shall be governed
solely by federal law, and by
the laws of the Commonwealth, unless otherwise expressly
agreed in writing by the parties.
