{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-503.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-503.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-503.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-503.html"}],"law_id":374270,"edition_id":2,"section_id":374270,"structure_id":53219,"section_number":"6.2-503","catch_line":"Statement of reasons for adverse action","history":"1977, c. 589, \u00a7 59.1-21.21:1; 2002, c. 747; 2010, c. 794.","full_text":"A\n\nEach 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:\n\n1\n\nProviding statement of reasons in writing as a matter of course to applicants against whom adverse action is taken; or\n\n2\n\nGiving 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.\n\nB\n\nA statement of reasons meets the requirements of this section only if it contains the specific reasons for the adverse action taken.\n\nC\n\nWhere 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.\n\nD\n\nThe 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.\n\n","order_by":null,"text":{"0":{"id":1397211,"text":"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:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1397212,"text":"Providing statement of reasons in writing as a matter of course to applicants against whom adverse action is taken; or","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1397213,"text":"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.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":1397214,"text":"A statement of reasons meets the requirements of this section only if it contains the specific reasons for the adverse action taken.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":1397215,"text":"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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"5":{"id":1397216,"text":"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.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":53219,"edition_id":2,"name":"Equal Credit Opportunities","identifier":"5","label":"chapter","depth":3,"order_by":5,"parent_id":53153,"metadata":{"child_laws":14,"child_structures":0},"date_created":"2026-08-02 03:13:15","date_modified":"2026-08-02 12:27:56","permalink":{"id":1490629,"object_type":"structure","relational_id":53219,"identifier":"5","token":"6.2\/I\/5","url":"\/6.2\/I\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53153,"edition_id":2,"name":"General Provisions","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":53152,"metadata":{"child_laws":99,"child_structures":18},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:54","permalink":{"id":1490253,"object_type":"structure","relational_id":53153,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":374267,"structure_id":53219,"section_number":"6.2-500","catch_line":"Definitions","url":"\/6.2-500\/","token":"6.2\/I\/5\/6.2-500","metadata":false},{"id":374268,"structure_id":53219,"section_number":"6.2-501","catch_line":"Prohibited discrimination","url":"\/6.2-501\/","token":"6.2\/I\/5\/6.2-501","metadata":false},{"id":374269,"structure_id":53219,"section_number":"6.2-502","catch_line":"Notification of action on credit application","url":"\/6.2-502\/","token":"6.2\/I\/5\/6.2-502","metadata":false},{"id":374270,"structure_id":53219,"section_number":"6.2-503","catch_line":"Statement of reasons for adverse action","url":"\/6.2-503\/","token":"6.2\/I\/5\/6.2-503","metadata":false},{"id":374271,"structure_id":53219,"section_number":"6.2-504","catch_line":"Requirement of signatures of both parties to a marriage not discriminatory in a secured transaction","url":"\/6.2-504\/","token":"6.2\/I\/5\/6.2-504","metadata":false},{"id":374272,"structure_id":53219,"section_number":"6.2-505","catch_line":"Remedies for violation","url":"\/6.2-505\/","token":"6.2\/I\/5\/6.2-505","metadata":false},{"id":374273,"structure_id":53219,"section_number":"6.2-506","catch_line":"Commission regulations","url":"\/6.2-506\/","token":"6.2\/I\/5\/6.2-506","metadata":false},{"id":374274,"structure_id":53219,"section_number":"6.2-507","catch_line":"Limitation on liability","url":"\/6.2-507\/","token":"6.2\/I\/5\/6.2-507","metadata":false},{"id":374275,"structure_id":53219,"section_number":"6.2-508","catch_line":"Compliance with Equal Credit Opportunity Act constitutes compliance with chapter","url":"\/6.2-508\/","token":"6.2\/I\/5\/6.2-508","metadata":false},{"id":374276,"structure_id":53219,"section_number":"6.2-509","catch_line":"Public to be informed of rights under chapter","url":"\/6.2-509\/","token":"6.2\/I\/5\/6.2-509","metadata":false},{"id":374277,"structure_id":53219,"section_number":"6.2-510","catch_line":"Commission to investigate complaints; records to be open to public","url":"\/6.2-510\/","token":"6.2\/I\/5\/6.2-510","metadata":false},{"id":374278,"structure_id":53219,"section_number":"6.2-511","catch_line":"Credit standards discoverable","url":"\/6.2-511\/","token":"6.2\/I\/5\/6.2-511","metadata":false},{"id":374279,"structure_id":53219,"section_number":"6.2-512","catch_line":"Election of remedies","url":"\/6.2-512\/","token":"6.2\/I\/5\/6.2-512","metadata":false},{"id":374280,"structure_id":53219,"section_number":"6.2-513","catch_line":"Authority of Attorney General","url":"\/6.2-513\/","token":"6.2\/I\/5\/6.2-513","metadata":false}],"previous_section":{"id":374269,"structure_id":53219,"section_number":"6.2-502","catch_line":"Notification of action on credit application","url":"\/6.2-502\/","token":"6.2\/I\/5\/6.2-502","metadata":false},"next_section":{"id":374271,"structure_id":53219,"section_number":"6.2-504","catch_line":"Requirement of signatures of both parties to a marriage not discriminatory in a secured transaction","url":"\/6.2-504\/","token":"6.2\/I\/5\/6.2-504","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-503\/","history_text":"

This law was first created in 1977. The record of its establishment is cataloged in chapter 589 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1977 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2002, chapter 747<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1490643,"object_type":"law","relational_id":374270,"identifier":"6.2-503","token":"6.2\/I\/5\/6.2-503","url":"\/6.2-503\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-503\/","token":"6.2\/I\/5\/6.2-503","dublin_core":{"Title":"Statement of reasons for adverse action","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-503","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each applicant<\/span> against whom adverse action<\/span> is taken shall be entitled to a statement of reasons for the action on the application from the creditor<\/span>. A creditor<\/span> shall satisfy this obligation by: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Providing statement of reasons in writing as a matter of course to applicants<\/span> against whom adverse action<\/span> is taken; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Giving written notification of adverse action<\/span> that discloses (i) the applicant<\/span>’s right to a statement of reasons within 30 days after receipt by the creditor<\/span> of a request made within 60 days after such notification and (ii) the identity of the person<\/span> or office from which such statement may be obtained. The statement may be given orally if the written notification advises the applicant<\/span> of his right to have the statement of reasons confirmed in writing on written request. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A statement of reasons meets the requirements of this section only if it contains the specific reasons for the adverse action<\/span> taken. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Where a creditor<\/span> has been requested by a third party<\/span> to make a specific extension of credit<\/span> directly or indirectly to an applicant<\/span>, the notification and statement of reasons required by this section may be made directly by such creditor<\/span>, or indirectly through the third party<\/span>, provided in either case that the identity of the creditor<\/span> is disclosed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The requirements of subsections A, B, and C may be satisfied by oral statements or notifications in the case of any creditor<\/span> who did not act on more than 150 applications during the calendar year preceding the calendar year in which the adverse action<\/span> is taken, as determined under regulations of the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSTATEMENT OF REASONS FOR ADVERSE ACTION (\u00a7 6.2-503)\n\nA. Each applicant against whom adverse action is taken shall be entitled to a\nstatement of reasons for the action on the application from the creditor. A\ncreditor shall satisfy this obligation by:\n\n 1. Providing statement of reasons in writing as a matter of course to\n applicants against whom adverse action is taken; or\n\n 2. Giving written notification of adverse action that discloses (i) the\n applicant’s right to a statement of reasons within 30 days after receipt\n by the creditor of a request made within 60 days after such notification and\n (ii) the identity of the person or office from which such statement may be\n obtained. The statement may be given orally if the written notification\n advises the applicant of his right to have the statement of reasons confirmed\n in writing on written request.\n\nB. A statement of reasons meets the requirements of this section only if it\ncontains the specific reasons for the adverse action taken.\n\nC. Where a creditor has been requested by a third party to make a specific\nextension of credit directly or indirectly to an applicant, the notification and\nstatement of reasons required by this section may be made directly by such\ncreditor, or indirectly through the third party, provided in either case that\nthe identity of the creditor is disclosed.\n\nD. The requirements of subsections A, B, and C may be satisfied by oral\nstatements or notifications in the case of any creditor who did not act on more\nthan 150 applications during the calendar year preceding the calendar year in\nwhich the adverse action is taken, as determined under regulations of the\nCommission.\n\nHISTORY: 1977, c. 589, \u00a7 59.1-21.21:1; 2002, c. 747; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}