reglab/statecodes huggingface dataset:
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-425. Cardholder not liable in absence of request for, consent to issuance of, or use of card

A. A cardholder who receives a credit card from an issuer, which card the cardholder has not requested nor consented to the issuance of in writing, nor used, shall not be liable for any amount owing because of a use of the credit card.
B. The failure to destroy or return an unsolicited credit card shall neither:
1. Be evidence of a cardholder's request for or consent to the issuance of the credit card, nor
2. Constitute negligence on the part of the cardholder.
C. Use by an authorized agent of the cardholder shall be the equivalent of use by the cardholder. The burden of proving the authority of an agent shall be upon the issuer.
1970, c. 324, § 11-31; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-426. When request, consent, or use not condition precedent to liability

The request, consent, or use required in § 6.2-425 as a condition precedent to liability shall not be necessary in any instance:
1. Of a credit card that is a renewal of a credit card previously held and used by the cardholder or his authorized agent within 12 months of the renewal date; or
2. Where the card is issued to a customer who has previously established credit with the issuer and has used such credit within 12 months prior to the issuance of the card.
1970, c. 324, § 11-32; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-427. Costs and attorney fee in suit on card; evidence of request or consent

A. In any suit arising out of the use of a credit card, where the request, consent, or use as required by § 6.2-425 is denied and is not proved, and judgment shall be for the defendant, the court shall assess against the issuer all court costs and shall award the defendant a reasonable attorney fee.
B. For purposes of subsection A, a certified copy of the request or consent shall be admissible as evidence that such request or consent was obtained.
1970, c. 324, § 11-33; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-428. Production of credit card number as condition of check cashing or acceptance prohibited

A. Except as otherwise provided in subsection D, no person shall, as a means of identification or for any other purpose:
1. Require that a person produce a credit card number for recordation; or
2. Record a credit card number in connection with (i) a sale of goods or services in which a purchaser pays by check or (ii) the acceptance of a check.
B. A person aggrieved by a violation of this section shall be entitled to institute an action to recover his actual damages or $100, whichever is greater, and to injunctive relief against any person who has engaged, is engaged, or is about to engage in any act in violation of this section. Such action shall be brought in the general district or circuit court, whichever is appropriate, of any county or city wherein the defendant resides or has a place of business. In the event the aggrieved party prevails, he may be awarded reasonable attorney fees and court costs in addition to any damages awarded.
C. This section shall not be construed to (i) impose liability on any employee or agent of a person, where that employee or agent has acted in accordance with the directions of his employer, (ii) prohibit a person from requesting a purchaser to display a credit card as an indication of creditworthiness or financial responsibility or as identification, and in these instances the type, the issuer, and the expiration date of the credit card may be recorded, or (iii) require acceptance of a check, whether or not a credit card is presented.
D. A person may require production of and may record a credit card number as a condition for cashing a check only where (i) the person requesting the card number has agreed with the issuer to cash checks as a service to the issuer's cardholders, (ii) the issuer has agreed to guarantee cardholder checks cashed by that person, and (iii) the cardholder has given actual, apparent, or implied authority for use of his card number in this manner and for this purpose.
1990, c. 587, § 11-33.1; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-429. Improper use of payment device numbers

A. No person that accepts payment devices for any purpose shall print on any receipt provided to the holder of the payment device (i) more than the last four digits of the payment device number or (ii) the expiration date.
B. For transactions in which the sole means of recording the person's payment device number is by handwriting or by an imprint or copy of the payment device, no receipt, other than the one original, shall display the information prohibited in subsection A. Returning all copies, including carbons, that do not comply with this section, to the payment device holder or authorized user or destroying such copies and carbons in front of the payment device holder or authorized user shall constitute compliance with this section.
C. The provisions of this section shall apply to all cash registers or other machines or devices that electronically print receipts for payment device transactions that are placed in service on or after July 1, 2003.
D. For all cash registers or other machines or devices that electronically print receipts for payment device transactions in service prior to July 1, 2003, the provisions of this subsection shall not apply until July 1, 2005.
E. Any person violating this section (i) shall be liable to the payment device holder and the issuer for any damages or expenses, or both, including attorney fees, that the payment device holder incurs due to the use of the payment device without the permission of the payment device holder and (ii) may be compelled, in a proceeding instituted in any appropriate court by the attorney for the Commonwealth, to comply with this section by injunction, mandamus, or other appropriate remedy. Without limiting the remedies authorized by this section in a proceeding instituted by the attorney for the Commonwealth, any person failing, neglecting, or refusing to obey any injunction, mandamus, or other remedy obtained pursuant to this section, shall be subject, in the discretion of the court, to a civil penalty not to exceed $1,000 for each violation.
2002, c. 744, § 11-33.2; 2004, c. 793; 2009, c. 373; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-430. Place where transaction occurred; federal Fair Credit Billing Act

Solely for the purpose of a buyer asserting claims and defenses pursuant to 15 U.S.C. § 1666i, a transaction shall be presumed to have occurred at the mailing address most recently provided by the cardholder to the card issuer, without regard to the location where the last act necessary for the formation of the contract between the cardholder and the party honoring the card took place.
2004, c. 373, § 11-33.3; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-431. Certain cards excepted

Except as set forth in § 6.2-428, the provisions of §§ 6.2-424 through 6.2-430 shall not apply to any credit card issued by any telephone company that is subject to supervision or regulation by the Commission.
1970, c. 324, § 11-34; 1990, c. 587; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-432. Credit card account disclosures

Any application form or preapproved written solicitation for an open-end credit card account to be used for personal, family, or household purposes that is mailed to a consumer residing in the Commonwealth by or on behalf of a creditor, whether or not the creditor is located in the Commonwealth, other than an application form or solicitation included in a magazine, newspaper, or other publication distributed by someone other than the creditor, shall contain or be accompanied by a disclosure that satisfies the initial disclosure requirements of Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026).
1987, cc. 622, 639, 714, §§ 6.1-330.63, 6.1-330.78; 1992, Sp. Sess., c. 4; 1997, c. 112; 2005, c. 670; 2009, cc. 784, 860; 2010, c. 794; 2016, c. 501.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-434. Law governing open-end credit contract or plan by bank or savings institution

An open-end credit plan, as defined in § 6.2-300, between a bank or savings institution and an obligor, or any plan which permits an obligor to avail himself of the credit so established, shall be governed solely by federal law, and by the laws of the Commonwealth, unless otherwise expressly agreed in writing by the parties.
1987, cc. 622, 639, 714, § 6.1-330.63; 1992, Sp. Sess., c. 4; 1997, c. 112; 2005, c. 670; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-435. Law governing open-end credit contract or plan by seller or lender

An open-end credit plan as defined in § 6.2-300, between a seller or lender and an obligor shall be governed solely by federal law and by the laws of the Commonwealth.
1987, cc. 622, 639, 714, § 6.1-330.78; 1992, Sp. Sess., c. 4; 1997, c. 112; 2009, cc. 784, 860; 2010, c. 794; 2020, cc. 1215, 1258.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-436. Compliance with federal law

Every person subject to the provisions of 15 U.S.C. § 1601 et seq. and Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026) shall comply with such statutes and regulations when offering or extending consumer credit as defined therein. A lender who fails to comply with this section shall not be subject to any liability or penalty beyond those imposed by such federal statutes and regulations.
1987, c. 622, § 6.1-330.79; 2010, c. 794; 2016, c. 501.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 4 - Certain Lending Practices › § 6.2-437. Right of buyer of consumer goods to refinance certain payments; agreements as to fluctuation in schedule of payments

A. In any sales transaction, except one pursuant to an open-end account, involving exclusively consumer goods as defined in subdivision (a) (23) of § 8.9A-102 in which credit is extended and a security interest in consumer goods is taken, any installment payment, other than a down payment made prior to or contemporaneously with the execution of an agreement evidencing the transaction, that is more than 10 percent greater than the regular or recurring installment payments, shall be subject to the buyer's right to refinance such a payment on the basis of an extended period of time. Such additional payments shall be in amounts that shall allow the unpaid balance to be paid in as few periodic payments, not more than 10 percent greater than the regularly scheduled installment payments, as are required to pay such balance. Such additional payments shall be considered and treated as part of the original transaction.
B. The parties may agree in a separate writing that one or more payments or the intervals between one or more payments shall be reduced or expanded in accordance with the desires or needs of the buyer, if such fluctuations in the schedule of payments are expressly arranged to coincide with the anticipated fluctuations in the buyer's capability to make such payments.
C. No seller who has refused to refinance in compliance with the provisions of this section shall be entitled (i) to the return or repossession of the goods involved in the transaction or (ii) to a judgment for the unpaid balance involved in the transaction at the time of his failure to do so.
1987, c. 622, § 6.1-330.90; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-500. Definitions

As used in this chapter, unless the context requires a different meaning:
"Adverse action" means a denial or revocation of credit, a change in the terms of an existing credit arrangement, or a refusal to grant credit in substantially the amount or on substantially the terms requested. The term does not include a refusal to extend additional credit under an existing credit arrangement where the applicant is delinquent or otherwise in default, or where such additional credit would exceed a previously established credit limit.
"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.
"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.
"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.
1975, c. 627, § 59.1-21.20; 1977, c. 589; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-501. Prohibited discrimination

A. As used in this section, "age" means being an individual who is at least 18 years of age.
B. It shall be unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction:
1. On the basis of race, color, religion, national origin, sex, marital status, sexual orientation, gender identity, pregnancy, childbirth or related medical conditions, age, disability, or status as a veteran provided that the applicant has the capacity to contract; or
2. Because all or part of the applicant's income derives from any public assistance or social services program.
C. It shall not constitute discrimination for purposes of this chapter for a creditor:
1. To make an inquiry of marital status if such inquiry is for the purpose of ascertaining the creditor's rights and remedies applicable to the particular extension of credit and not to discriminate in a determination of creditworthiness;
2. To make an inquiry of the applicant's age or of whether the applicant's income derives from any public assistance or social services program if such inquiry is for the purpose of determining the amount and probable continuance of income levels, credit history, or other pertinent element of creditworthiness as provided in regulations of the Commission;
3. To use any empirically derived credit system which considers age if such system is demonstrably and statistically sound in accordance with regulations of the Commission, except that in the operation of such system the age of an elderly applicant may not be assigned a negative factor or value; or
4. To make an inquiry or to consider the age of an elderly applicant when the age of such applicant is to be used by the creditor in the extension of credit in favor of such applicant.
D. It is not a violation of this section for a creditor to refuse to extend credit offered pursuant to:
1. Any credit assistance program expressly authorized by law for an economically disadvantaged class of persons;
2. Any credit assistance program administered by a nonprofit organization for its members or an economically disadvantaged class of persons; or
3. Any special purpose credit program offered by a profit-making organization to meet special social needs which meets standards prescribed in regulations by the Commission, if such refusal is required by or made pursuant to such program.
1977, c. 589, § 59.1-21.21:1; 2002, c. 747; 2010, c. 794; 2020, cc. 1137, 1140.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-502. Notification of action on credit application

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.
1977, c. 589, § 59.1-21.21:1; 2002, c. 747; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-503. Statement of reasons for adverse action

A. Each applicant against whom adverse action is taken shall be entitled to a statement of reasons for the action on the application from the creditor. A creditor shall satisfy this obligation by:
1. Providing statement of reasons in writing as a matter of course to applicants against whom adverse action is taken; or
2. Giving written notification of adverse action that discloses (i) the applicant's right to a statement of reasons within 30 days after receipt by the creditor of a request made within 60 days after such notification and (ii) the identity of the person or office from which such statement may be obtained. The statement may be given orally if the written notification advises the applicant of his right to have the statement of reasons confirmed in writing on written request.
B. A statement of reasons meets the requirements of this section only if it contains the specific reasons for the adverse action taken.
C. Where a creditor has been requested by a third party to make a specific extension of credit directly or indirectly to an applicant, the notification and statement of reasons required by this section may be made directly by such creditor, or indirectly through the third party, provided in either case that the identity of the creditor is disclosed.
D. The requirements of subsections A, B, and C may be satisfied by oral statements or notifications in the case of any creditor who did not act on more than 150 applications during the calendar year preceding the calendar year in which the adverse action is taken, as determined under regulations of the Commission.
1977, c. 589, § 59.1-21.21:1; 2002, c. 747; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-504. Requirement of signatures of both parties to a marriage not discriminatory in a secured transaction

For the purposes of a secured transaction, a request for the signature of both parties to a marriage for the purpose of creating a valid lien, passing clear title, waiving inchoate rights to property, or assigning earnings, shall not constitute discrimination under this chapter. This provision shall not be construed to permit a creditor to take sex or marital status into account in connection with the evaluation of creditworthiness of any applicant.
1975, c. 627, § 59.1-21.22; 1977, c. 589; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-505. Remedies for violation

A. Any creditor who fails to comply with any requirement imposed under this chapter shall be liable to the aggrieved applicant in an amount equal to the sum of any actual damages sustained by such applicant.
B. Any creditor, other than the federal or state government or any political subdivision or agency of such government, who fails to comply with any requirement imposed under this chapter shall be liable to the aggrieved applicant for punitive damages in an amount not greater than $10,000, as determined by the court, in addition to any actual damages provided in subsection A.
C. Upon application by an aggrieved applicant, an appropriate court may grant such equitable and declaratory relief as is necessary to enforce the requirements imposed under this chapter.
D. In the case of any successful action to enforce the foregoing liability, the costs of the action, together with the reasonable attorney fee as determined by the court, shall be added to any damages awarded by the court under the provisions of subsections A, B, and C.
E. Any action under this chapter may be brought in an appropriate court within two years from the date of the occurrence of the violation.
1975, c. 627, § 59.1-21.23; 1977, c. 589; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-506. Commission regulations

The Commission shall adopt regulations to effectuate the purposes of this chapter provided that such regulations conform to and are no broader in scope than regulations, and amendments thereto, adopted by the Consumer Financial Protection Bureau under the federal Equal Credit Opportunity Act (15 U.S.C. § 1691 et seq.). Such conforming regulations shall exempt from the coverage of this chapter any class of transactions which may be exempted from time to time from the federal Equal Credit Opportunity Act (15 U.S.C. § 1691 et seq.), by regulations of the Consumer Financial Protection Bureau.
1975, c. 627, § 59.1-21.24; 1977, c. 589; 2010, c. 794; 2016, c. 501.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-507. Limitation on liability

No provision of this chapter imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the Commission or by the Consumer Financial Protection Bureau or officer or employee duly authorized by the Bureau to issue such interpretation or approvals under the comparable provisions of the federal Equal Credit Opportunity Act, (15 U.S.C. § 1691 et seq.), and regulations thereunder, notwithstanding that after such act or omission has occurred, such rule, regulation, or interpretation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.
1975, c. 627, § 59.1-21.24; 1977, c. 589; 2010, c. 794; 2016, c. 501.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-508. Compliance with Equal Credit Opportunity Act constitutes compliance with chapter

Compliance with the federal Equal Credit Opportunity Act, (15 U.S.C. § 1691 et seq.), as amended, and regulations issued by the Consumer Financial Protection Bureau thereunder, constitutes compliance with this chapter.
1975, c. 627, § 59.1-21.24; 1977, c. 589; 2010, c. 794; 2016, c. 501.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-509. Public to be informed of rights under chapter

The Commission shall use any methods available to it to inform the public of the rights created by this chapter. Notice given pursuant to the federal Equal Credit Opportunity Act, (15 U.S.C. § 1691 et seq.), and regulations promulgated thereto, shall satisfy the requirements of this section.
1977, c. 589, § 59.1-21.25; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-510. Commission to investigate complaints; records to be open to public

The Commission shall receive, investigate, and mediate complaints of violations of this chapter and shall keep all records pertaining to such complaints, investigations, and mediations open to the public. Nothing in this section shall toll the operation of subsection E of § 6.2-505.
1977, c. 589, § 59.1-21.26; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-511. Credit standards discoverable

Nothing in this chapter shall be construed to prohibit the discovery of a creditor's standards for granting credit, which discovery shall be under appropriate discovery procedures in the court in which an action is brought.
1977, c. 589, § 59.1-21.27; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-512. Election of remedies

Where the same act or omission constitutes a violation of this chapter and of applicable federal law, a person aggrieved by such conduct may bring a legal action to recover monetary damages either under this chapter or under federal law, but not both. This election of remedies shall not apply to court actions in which the relief sought does not include monetary damages or to administrative actions.
1977, c. 589, § 59.1-21.28; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 5 - Equal Credit Opportunities › § 6.2-513. Authority of Attorney General

Notwithstanding any other provisions of the law to the contrary, the Attorney General may investigate and bring an action in the name of the Commonwealth to enjoin any violation of this chapter.
1970, c. 780, § 59.1-68.2; 1973, c. 537; 1975, c. 43; 1984, c. 582; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-601. Federal insurance of deposits required for all banks or savings institutions

Notwithstanding any other provisions contained in this title, no bank or savings institution doing business in the Commonwealth shall accept deposits unless its deposit accounts are insured by the Federal Deposit Insurance Corporation or other federal insurance agency, up to the limits of the insurance provided thereby. No bank or savings institution shall solicit deposits in the Commonwealth, nor shall any other person solicit or accept deposits in the Commonwealth on behalf of a bank or savings institution, unless the deposit accounts of such bank or savings institution are insured by the Federal Deposit Insurance Corporation or other federal insurance agency, up to the limits of the insurance provided thereby.
1986, c. 500, § 6.1-2.9:4; 1990, c. 3; 1996, c. 16; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-602. Adverse claims to accounts

A. Notice to any financial institution doing business in the Commonwealth of an adverse claim to funds in an account with such institution shall not require the institution to recognize the adverse claim unless the adverse claimant shall either:
1. Procure a restraining order, injunction, or other appropriate order against the financial institution from an appropriate court; or
2. Execute to such financial institution, in form and with sureties acceptable to it, a bond indemnifying the institution from any and all liability, loss, damage, costs, and expenses, for and on account of the payment or recognition of such adverse claim, or the dishonor of, or failure to pay, any check, or failure to comply with any other order, of the person to whose credit the account is held.
B. This section shall not affect the provisions of Article 2 (§ 6.2-604 et seq.) of this chapter governing multiple-party accounts, and any claim by a party to such account shall be determined in accordance with the provisions therein.
C. This section shall not affect any notice of lien pursuant to § 8.01-502, any order of an appropriate court, or the issuance of a notice or other action issued by a state or federal governmental agency.
1996, c. 963, § 6.1-2.9:7; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-603. Medical savings accounts and health savings accounts

To the extent allowed by federal law, a bank, insured savings institution, or credit union may act as a trustee or custodian of health savings accounts established with financial institutions under § 223 of the United States Internal Revenue Code of 1986, as amended from time to time, and medical savings accounts established with financial institutions under § 220 of the United States Internal Revenue Code of 1986, as amended from time to time. Contributions may be accepted and interest thereon retained by such institution pursuant to forms provided by it and may be invested in accounts of the institution in accordance with the terms upon which such contributions were accepted. The financial institution shall administer such accounts in accordance with the requirements of federal law.
1999, c. 331, § 6.1-2.9:8; 2005, cc. 503, 572; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-603.1. Savings promotions

A. As used in this section, unless the context requires a different meaning:
"Depository institution" means a bank, savings institution, or credit union that is subject to any provision of this title and that offers savings accounts, share accounts, certificates of deposit, or other savings products or programs.
"Nonqualifying account" means a savings account, share account, certificate of deposit, or other savings product or program offered by a depository institution that is not a qualifying account.
"Qualifying account" means a savings account, share account, share certificate, or other savings product or program offered by a depository institution through which depositors may obtain chances to win prizes in a savings promotion.
"Savings promotion" means a contest or promotion sponsored by a depository institution in which a chance of winning designated prizes is obtained by its depositors for the purposes of encouraging depositors to build and maintain savings deposits.
B. Any depository institution may sponsor a savings promotion in accordance with the provisions of this section, to the extent (i) the savings promotion is not prohibited by federal law or regulation and (ii) the savings promotion complies with the following requirements:
1. Participants in the savings promotion shall not be required to provide any consideration in order to obtain entries to win. For purposes of this subdivision, participants shall not be deemed to have provided consideration due to the requirement that they deposit a specified amount of money for a specified time period in a qualifying account in order to obtain entries to win, provided that:
a. The interest rate associated with any such qualifying account is not reduced when compared with other comparable nonqualifying accounts offered by any depository institution, to account for the possibility of depositors winning specified prizes; and
b. The depository institution does not charge a fee for participating in the savings promotion;
2. All fees charged in connection with a qualifying account shall be comparable with all fees charged in connection with other comparable nonqualifying accounts, if any, offered by the depository institution;
3. The savings promotion shall be conducted such that each entry in the savings promotion has an equal chance of being drawn;
4. Participants in the savings promotion shall not be required to be present at a prize drawing in order to win; and
5. The savings promotion is conducted in a manner that complies with the applicable requirements of Chapter 31 (§ 59.1-415 et seq.) of Title 59.1.
C. For purposes of Article 1 (§ 18.2-325 et seq.) of Chapter 8 of Title 18.2, a savings promotion offered in accordance with this section shall not constitute illegal gambling or otherwise be deemed to entail the promotion of gambling or a lottery.
2015, cc. 12, 154.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-605. Applicability

A. The provisions of §§ 6.2-606, 6.2-607, and 6.2-608 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to controversies between these persons and their creditors and other successors, and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts.
B. The provisions of §§ 6.2-612 through 6.2-617 govern the liability of financial institutions that make payments pursuant thereto, and their set-off rights, but shall have no effect on the beneficial ownership of or the power of withdrawal from the accounts between the parties or P.O.D. payees or beneficiaries of multiple-party accounts and shall have no effect on the fiduciary duties or obligations of fiduciaries under the governing instrument of multiple-fiduciary accounts.
1979, c. 407, § 6.1-125.2; 2010, c. 794; 2020, c. 259.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-607. Effect of divorce

Upon the entry of a decree of divorce, either a mensa et thoro or a vinculo matrimonii, all rights of either consort in any multiple-party account then existing between them, including the right of survivorship, shall be extinguished; and any joint account then existing between the consorts shall thereupon be converted into a tenancy in common, in the proportions provided in subsection A of § 6.2-606, unless otherwise ordered by the court.
1979, c. 407, § 6.1-125.4; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-608. Right of survivorship

A. Sums remaining on deposit at the death of a party to a joint account belong to the surviving party as against the estate of the decedent unless there is clear and convincing evidence of a different intention at the time the account is created. If there are two or more surviving parties, their respective ownerships during their lifetime shall be in proportion to their previous ownership interests under § 6.2-606 augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before his death; and the right of survivorship continues between the surviving parties.
B. If the account is a P.O.D. account:
1. On the death of one of two or more original payees, the rights to any sums remaining on deposit are governed by subsection A;
2. On the death of the sole original payee or of the survivor of two or more original payees, any sums remaining on deposit belong to the P.O.D. payee or payees if surviving, or to the survivor of them if one or more die before the original payee. If two or more P.O.D. payees survive, there is no right of survivorship in the event of death of a P.O.D. payee thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.
C. If the account is a trust account:
1. On the death of one of two or more trustees, the rights to any sums remaining on deposit are governed by subsection A;
2. On the death of the sole trustee or the survivor of two or more trustees, any sums remaining on deposit belong to the persons named as beneficiaries, if surviving, or to the survivor of them if one or more die before the trustee, unless there is clear evidence of a contrary intent. If two or more beneficiaries survive the death of the sole trustee or the last survivor of two or more trustees, there is no right of survivorship in the event of death of any beneficiary thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.
D. In other cases, the death of any party to a multiple-party account has no effect on beneficial ownership of the account other than to transfer the rights of the decedent as part of his estate. If the terms of the account clearly indicate that there is no right of survivorship, the estate of a decedent party shall succeed to the rights of decedent in such account.
E. A right of survivorship arising from the express terms of the account or under this section, a beneficiary designation in a trust account, or a P.O.D. payee designation, cannot be changed by will.
1979, c. 407, § 6.1-125.5; 1981, c. 53; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-609. Change of form of account upon written order to financial institution

The provisions of § 6.2-608 as to rights of survivorship are determined by the form of the account at the death of a party. This form may be altered by written order given by a party to the financial institution to change the form of the account or to stop or vary payment under the terms of the account. The order or request shall be signed by a party, received by the financial institution during the party's lifetime, and not countermanded by other written order of the same party during his lifetime.
1979, c. 407, § 6.1-125.6; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-610. Transfers arising from right of survivorship nontestamentary

Any transfers resulting from the application of § 6.2-608 are effective by reason of the account contracts involved and this article and are not to be considered as testamentary or subject to Chapter 4 (§ 64.2-400 et seq.) of Title 64.2.
1979, c. 407, § 6.1-125.7; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-611. Liability of surviving party for debts and other liabilities of decedent's estate

A. If the assets of a deceased party's estate, other than the assets in a multiple-party account, are not sufficient to pay the debts, taxes, and expenses of estate administration, including statutory allowances to the surviving spouse, minor children, and dependent children, no transfer of account funds, to which the deceased party was beneficially entitled immediately before his death, shall be effective, by virtue of a party's survivorship of the decedent, against the estate of such deceased party to the extent such funds are needed to pay such liabilities of the estate.
B. A surviving party, P.O.D. payee, or beneficiary who receives payment from a multiple-party account after the death of a deceased party shall be liable to account to his personal representative for amounts the decedent owned beneficially immediately before his death to the extent necessary to discharge the claims and charges described in subsection A that remain unpaid after application of the decedent's estate. No proceeding to assert this liability shall be commenced (i) unless the personal representative has received a written demand by a surviving spouse, a creditor, or one acting for a minor or dependent child of the decedent and (ii) later than two years following the death of the decedent. Sums recovered by the personal representative shall be administered as part of the decedent's estate.
C. This section shall not affect the right of a financial institution to make payment on multiple-party accounts according to the terms thereof, or make it liable to the estate of a deceased party unless, before payment, the institution has been served with process in a proceeding by the personal representative.
1979, c. 407, § 6.1-125.8; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-612. Financial institution duties; multiple-party accounts; multiple-fiduciary accounts

A. Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. A financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.
B. Financial institutions may enter into multiple-fiduciary accounts with more than one fiduciary to the same extent that they may enter into fiduciary accounts with one fiduciary. Any multiple-fiduciary account may be paid, on request, to any one or more of the fiduciaries.
1979, c. 407, § 6.1-125.9; 2010, c. 794; 2020, c. 259.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-613. Payment of sums in joint account

Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded. Payment may not be made to the personal representative or heirs of a deceased party under the Virginia Small Estate Act (§ 64.2-600 et seq.) unless (i) proof of death is presented to the financial institution showing that the decedent was the last surviving party or (ii) there is no right of survivorship under § 6.2-608.
1979, c. 407, § 6.1-125.10; 2010, cc. 269, 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-614. Payment of P.O.D. account

Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee under the Virginia Small Estate Act (§ 64.2-600 et seq.) upon presentation to the financial institution of proof of death showing that the P.O.D. payee survived all persons named as original payees. Payment may be made to the personal representative or heirs of a deceased original payee under the Virginia Small Estate Act (§ 64.2-600 et seq.) if proof of death is presented to the financial institution showing that his decedent was the survivor of all other persons named on the account either as an original payee or as P.O.D. payee.
1979, c. 407, § 6.1-125.11; 2010, cc. 269, 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-615. Payment of trust account

Any trust account may be paid, on request, to any trustee. Unless the financial institution has received written notice that the beneficiary has a vested interest not dependent upon his surviving the trustee, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the financial institution showing that his decedent was the survivor of all other persons named on the account either as trustee or beneficiary. Payment may be made, on request, to the beneficiary upon presentation to the financial institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.
1979, c. 407, § 6.1-125.12; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-615.1. Payment of multiple-fiduciary account

Any multiple-fiduciary account may be paid, on request, (i) to any one or more fiduciaries, including any successor fiduciary upon proof showing that the successor fiduciary is duly authorized to act, or (ii) at the direction of any one or more of the fiduciaries. In determining the trustees duly authorized to act, the financial institution may rely on a certification of trust provided pursuant to § 64.2-804.
2020, c. 259.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-616. Discharge of financial institution upon payment

A. Payment made pursuant to §§ 6.2-612 through 6.2-615 discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees, beneficiaries, or fiduciaries, or their successors.
B. The discharge provided by subsection A does not extend to payments made after a financial institution has received written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, or the successor of any deceased party has concurred in any demand for withdrawal, a discharge provided by subsection A shall not apply to withdrawals permitted by the financial institution.
C. No other notice or any other information shown to have been available to a financial institution shall affect its right to the discharge provided by subsection A. The discharge provided by subsection A shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts or multiple-fiduciary accounts.
D. If any party, or the personal representative of any party, notifies the financial institution in writing not to permit withdrawals by any party, the financial institution may refuse, without liability, to allow any withdrawal pending the determination of the rights of the parties.
1979, c. 407, § 6.1-125.13; 2010, c. 794; 2020, c. 259.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-617. Setoff by financial institution against account

Without qualifying any other statutory right to setoff or lien, and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately before his death a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is, or was immediately before his death, beneficially entitled, and in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal.
1979, c. 407, § 6.1-125.14; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 6 - Deposits and Accounts › § 6.2-618. Identification of joint accounts

A. Every financial institution in the Commonwealth offering joint accounts to its depositors shall either:
1. Use two separate forms for the creation of joint accounts, one of which shall be clearly labeled "JOINT ACCOUNT WITH SURVIVORSHIP" and the other of which shall be clearly labeled "JOINT ACCOUNT -- NO SURVIVORSHIP," provided that a financial institution electing to use separate forms is not required to maintain both forms or make both forms available to persons opening joint accounts and may, in its discretion, elect to make one or both forms available to persons opening joint accounts; or
2. Use one form for the creation of such accounts that shall contain the two labels "JOINT ACCOUNT WITH SURVIVORSHIP" and "JOINT ACCOUNT -- NO SURVIVORSHIP," with appropriate blank space or lines beside such labels for the parties to sign in order to indicate the type of account desired, which signature requirement shall be in addition to any signature verification form.
B. The forms provided for in subdivision A 1 may be identical in all respects except for the labels therein specified. This section shall not be construed to prevent any financial institution from changing from one method of identification to the other method of identification at any time, nor to require a financial institution making such a change to make any changes to the forms of its existing accounts.
C. The forms described in subsection A shall include disclosures to inform persons opening joint accounts of the disposition of such accounts upon a party's death. Disclosures in a form substantially similar to the following shall satisfy the requirements of this section:
Joint Account With Survivorship -- On the death of a party to the account, the deceased party's ownership in the account passes to the surviving party or parties to the account.
Joint Account -- No Survivorship -- On the death of a party to the account, the deceased party's ownership in the account passes as a part of the party's estate under the party's will, trust, or by intestacy.
D. This section is not applicable to joint accounts created before July 1, 1980.
1979, c. 407, § 6.1-125.15; 1999, c. 125; 2010, c. 794; 2013, c. 70.