SB917: Financial institutions; contract provision requiring amendment or waiver to be in writing, etc.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107 as follows:
§ 6.2-107. Effect of contract provision requiring amendment or waiver to be in writing.
If any written contract to which a financial institution is
a party contains a provision to the effect that no amendment or waiver of any
terms or provisions thereof shall be valid unless such amendment or waiver is
in writing, then any amendment or waiver [ purporting to
affect or modify the future rights and obligations of the parties under the
written contract is invalid- of
any terms or provisions of that contract by conduct, course of practice or
dealing, or otherwise shall not apply to future rights and obligations under
that contract ] unless it is in writing.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107 as follows:
§ 6.2-107. Effect of contract provision requiring amendment or waiver to be in writing.
If any written contract to which a financial institution is a party contains a provision to the effect that no amendment or waiver of any terms or provisions thereof shall be valid unless such amendment or waiver is in writing, then any amendment or waiver purporting to affect or modify the future rights and obligations of the parties under the written contract is invalid unless it is in writing.
SENATE BILL NO. 917
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107 as follows:
6.2-107. Effect of contract provision requiring amendment or waiver to be in writing.
If any written contract to which a financial institution is a party contains a provision to the effect that no amendment or waiver of any terms or provisions thereof shall be valid unless such amendment or waiver is in writing, no court or other tribunal shall give effect to any such amendment or waiver unless it is in writing.