§ 6.1-330.47. Contracts, etc., in violation of {{ 6.1-330.16 and 6.1-330.24, waivers and releases void
A. Any contract, note, mortgage, or deed of trust made or received and providing for interest charges in excess of those permitted by §§ 6.1-330.16 and 6.1-330.24, except as hereinafter provided, shall be null and void and unenforceable by the lender or by his assignees, who are agents or principals of the lender.
The provisions of this section shall apply only to loans made under § 6.1-330.16 and shall not apply to any contract or note, or mortgage or deed of trust securing such obligation, which has been assigned to a person who is not the agent or principal of the lender, if such assignee has taken the note or obligation in good faith and in reasonable reliance upon the provisions of § 6.1-330.44.
B. Any agreement whereby the borrower waives the benefits of this chapter or releases any rights he may have acquired by the virtue thereof shall be deemed to be against public policy and void.
(Code 1950, § 6.1-330.1; 1966, c. 285; 1973, c. 318; 1975, c. 448.)
Sections: Previous 6.1-330.6 6.1-330.45 6.1-330.47 6.1-330.47:1 6.1-330.48 NextLast modified: April 2, 2009