§ 6.1-330.60. Charges by banks and savings institutions; installment loans
A. Notwithstanding any statute or other law, a bank or savings institution making a loan payable in installments may impose finance charges and other charges and fees at such rates and in such amounts and manner as may be agreed by the borrower. The provisions of this section shall also apply to loans for the purpose of financing the purchase of a motor vehicle, made by a subsidiary or affiliate of a bank or savings institution that is not a licensee under the provisions of the Consumer Finance Act (§ 6.1-244 et seq.).
B. Notwithstanding any statute or law relating to interest or usury, including the deferral and capitalization of interest, any loan made by a bank or savings institution to defray educational expenses, including, but not limited to, tuition, fees, books, supplies, room, board, and personal expenses, shall be lawfully enforced as agreed in the contract of indebtedness.
(1987, c. 622; 1996, c. 242; 1997, c. 128; 1999, c. 610; 2001, c. 743.)
Sections: Previous 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 6.1-330.66:1 NextLast modified: April 16, 2009