Within 30 days, or such longer reasonable time as specified in regulations of the Commission for any class of credit transaction, after receipt of a completed application for credit, a creditor shall notify the applicant of its action on the application.

Terms Used In Virginia Code 6.2-502

  • Applicant: means any person who applies to a creditor directly for an extension, renewal, or continuation of credit, or applies to a creditor indirectly by use of an existing credit plan for an amount exceeding the previously established credit limit. See Virginia Code 6.2-500
  • Commission: means the State Corporation Commission. See Virginia Code 6.2-100
  • Credit: means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment or to purchase property or services and defer payment therefor. See Virginia Code 6.2-500
  • Creditor: means any person who regularly extends, renews, or continues credit; any person who regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who participates in the decision to extend, renew, or continue credit. See Virginia Code 6.2-500

1977, c. 589, § 59.1-21.21:1; 2002, c. 747; 2010, c. 794.