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Can you summarize 6.2 VACV Chapter 4, Article 3?
Certain Lending Practices >
Short Summary
This legal document pertains to the mailing of application forms or preapproved written solicitations for open-end credit card accounts to consumers in the Commonwealth of Virginia. It requires that such forms or solicitations contain or be accompanied by a disclosure that satisfies the initial disclosure requirements of Consumer Financial Protection Bureau Regulation Z. The document also provides exemptions for application forms or solicitations included in certain publications and for credit cards issued by telephone companies regulated by the Commission. Additionally, the document prohibits the requirement or recording of credit card numbers in connection with a sale of goods or services paid by check, except under certain conditions. It allows individuals aggrieved by a violation of this provision to bring an action for damages and injunctive relief. The document also addresses liability and authorized use of credit cards, as well as the use and protection of payment device numbers. It defines key terms such as cardholder, credit card, issuer, and payment device. Furthermore, the document specifies instances where the request, consent, or use required for liability is not necessary. Lastly, the document establishes a presumption regarding the mailing address for asserting claims and defenses related to credit card transactions. No specific penalties are mentioned in this document.
Whom does it apply to?
This document applies to consumers residing in the Commonwealth of Virginia who receive application forms or preapproved written solicitations for open-end credit card accounts.
What does it govern?
This legal document governs certain lending practices related to open-end credit card accounts for personal, family, or household purposes.
What are exemptions?
The provisions of this document do not apply to application forms or solicitations included in magazines, newspapers, or other publications distributed by someone other than the creditor. Additionally, the provisions do not apply to credit cards issued by telephone companies subject to supervision or regulation by the Commission.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Virginia