§ 6.1-330.59. Applicability of {{ 6.1-330.56, 6.1-330.57 and 6.1-330.58 to certain loans made on or after July ...
A. The provisions of §§ 6.1-330.56, 6.1-330.57 and 6.1-330.58 shall apply to all loans made under § 6.1-330.71 or former § 6.1-330.16 as amended in 1986, which are closed on or after July 1, 1986. Section 6.1-330.47 shall not apply to any loan closed on or after July 1, 1986.
B. As to any loan to which the provisions of §§ 6.1-330.71 and 6.1-330.72 are applicable, the borrower may assert any defense or claim he may have under §§ 6.1-330.56 and 6.1-330.57 against any assignee or transferee of the contract of indebtedness.
C. The provisions of § 6.1-330.47 shall continue to apply to loans made under former § 6.1-330.16 and closed prior to July 1, 1986. There shall be a presumption that a loan was closed on the date of initial recordation of the deed of trust or mortgage securing such loan.
D. The provisions of this section shall not apply to loans made by lenders enumerated in § 6.1-330.73, nor to loans closed prior to July 1, 1986.
(1987, c. 622.)
Sections: Previous 6.1-330.52 6.1-330.53 6.1-330.54 6.1-330.55 6.1-330.56 6.1-330.57 6.1-330.58 6.1-330.59 6.1-330.60 6.1-330.61 6.1-330.62 6.1-330.63 6.1-330.64 6.1-330.65 6.1-330.66 NextLast modified: April 16, 2009