Virginia Notice of Changes to Credit Card Agreement

State:
Multi-State
Control #:
US-02546BG
Format:
Word; 
Rich Text
Instant download

Description

A creditor is required to provide advance written notice to the card holder of interest rate and fee increases or any other substantial changes in the credit card agreement not later than 45 days prior to the changes taking effect. Creditor must include a notice to credit card holder of the right to cancel the account.
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FAQ

It is the intent of the General Assembly that this chapter shall be applied as remedial legislation to promote fair and ethical standards of dealings between suppliers and the consuming public.

§ 18.2-193. Conviction of credit card forgery shall be punishable as a Class 5 felony. Code 1950, § 18.1-125.4; 1968, c. 480; 1975, cc.

The Virginia Consumer Data Protection Act (VCDPA) operates based on the consumer right to opt out of having personal data collected, processed, and sold. Personal data can be collected and processed without consumers' consent, but they have to be provided the option to opt out of that at any point.

Consumer protection laws safeguard purchasers of goods and services against defective products and deceptive, fraudulent business practices.

The Act proscribes a variety of misrepresentations by suppliers to consumers. A violation of the Act subjects the supplier to liability for actual damages for his misrepresentation or a fine of $500, whichever is greater. A willful violation of the Act may subject the supplier to treble damages and attorney's fees.

§ 59.1-198. A layaway agreement, whereby part or all of the price of goods is payable in one or more payments subsequent to the making of the layaway agreement and the supplier retains possession of the goods and bears the risk of their loss or damage until the goods are paid in full ing to the layaway agreement.

This Act applies to every contract for goods or services entered into between a consumer and a merchant in the course of his business.

State Laws & Regulations Virginia Consumer Protection Act - promoting fair and ethical standards of transactions between suppliers and the consuming public. Virginia Freedom of Information Act - a statute giving a person the right to access information from government agencies.

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Virginia Notice of Changes to Credit Card Agreement