CHAPTER 205

An Act to amend the Code of Virginia by adding a section numbered
6.1-861, to permit certain creditors mm consumer credit sales to charge
and collect certain service charges.

[H 220]

Approved March 13, 1968

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
6.1-361, as follows:

§ 6.1-361. Any lender engaged in the extension of consumer credit
under an open-end credit or similar plan under which no service charge
is imposed upon the cardholder or consumer if the initial billing is paid
within a period of 25 days from billing day may charge and collect a
service charge at a rate not to exceed one and one-half per centum per
month, computed on maximum fiscal monthly balances.