Virginia Law

For purposes of this chapter, unless the context requires a different meaning:

"Charge off" means a creditor's removal of a consumer debt as an asset from the creditor's financial records.

"Complaint" means a warrant in debt or civil claim filed to recover a consumer debt according to the jurisdictional amount.

"Consumer" means an individual named as a defendant in an action for collection of consumer debt.

"Consumer debt" means an obligation or alleged obligation of an individual to pay money that arises out of a transaction in which the money, property, insurance, or service that is the subject of the transaction is primarily for a personal, family, or household purpose.

"Creditor" means a person to which a consumer debt is owed at the time of the charge off or, if the consumer debt was not charged off, at the time of default. "Creditor" includes a person that acquired charged-off debt as an incidental part of acquiring a portfolio of debt that is predominantly not charged off, provided that the acquirer is the person to whom the debt was owed at the time of charge off, or if the debt was not charged off, at the time of default.

"Default" means, except as used in the term default judgment, a failure to satisfy a consumer debt that gives rise to an action to which this chapter applies.

"Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

"Finance charge" means the same as that term is defined in § 106 of the Truth in Lending Act, 15 U.S.C. § 1605.

"Outstanding balance" means the amount owed on a consumer debt (i) at the time of the charge off or, if the consumer debt was not charged off, at the time of default or (ii) after disposition of property that secured the debt.

"Person" means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality or other legal entity.

"Record" means information (i) inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in perceivable form.

"Secured consumer debt" means consumer debt secured by real or personal property.

"Sign" means, with present intent to authenticate or adopt a record, to (i) execute or adopt a tangible symbol or (ii) attach to or logically associate with the record an electronic symbol, sound, or process.

"Unsecured consumer debt" means a consumer debt not secured by real or personal property.

2026, c. 395.