Virginia Code 18.2-195.1: Credit card factoring
A. Any authorized person who presents to the issuer or acquirer for payment a credit card or credit card number transaction record of a sale which was not made by such person or his agent or employee, without the express authorization of the acquirer and with intent to defraud the issuer, acquirer or cardholder, is guilty of a Class 5 felony. If such act is done without authorization of the acquirer but without intent to defraud, he shall be guilty of a Class 1 misdemeanor.
Attorney's Note
Under the Virginia Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 5 felony | up to 10 years | up to $2,500 |
| Class 1 misdemeanor | up to 12 months | up to $2,500 |
Terms Used In Virginia Code 18.2-195.1
- Acquirer: means a business organization, financial institution or an agent of a business organization or financial institution that authorizes a merchant to accept payment by credit card or credit card number for money, goods, services or anything else of value. See Virginia Code 18.2-191
- Cardholder: means the person or organization named on the face of a credit card to whom or for whose benefit the credit card is issued by an issuer. See Virginia Code 18.2-191
- Credit card: means any instrument or device, whether known as a credit card, credit plate, payment device number, or by any other name, issued with or without fee by an issuer for the use of the cardholder in obtaining money, goods, services or anything else of value on credit. See Virginia Code 18.2-191
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Issuer: means the business organization or financial institution or its duly authorized agent which issues a credit card. See Virginia Code 18.2-191
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
B. Any person who, without the express authorization of the acquirer and with intent to defraud the issuer, acquirer or cardholder, employs or otherwise causes an authorized person to remit to an acquirer or issuer a credit card transaction record of sale that was not made by the authorized person is guilty of a Class 5 felony. If such act is done without the authorization of the acquirer but without intent to defraud, he shall be guilty of a Class 1 misdemeanor.
C. As used in this section, “authorized person” means a person authorized by the acquirer to furnish money, goods, services or anything else of value upon presentation of a credit card or credit card number by a cardholder and includes an agent or employee of a person having such authority.
1991, c. 546.