SB1290: Open-end credit plans; governing law.


Offered January 9, 2019
Prefiled January 7, 2019
A BILL to amend and reenact § 6.2-435 of the Code of Virginia, relating to open-end credit plans.
Patron-- Saslaw

Referred to Committee on Commerce and Labor

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.