Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-330.61 Defense of usury not applicable to certain loans

§ 6.1-330.61. Defense of usury not applicable to certain loans

No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter or any other section relating to usury to avoid or defeat the payment of interest, or any other sum, upon a loan made to a person by a bank, savings institution, industrial loan association or credit union, provided the initial principal amount of the loan is $5,000 or more.

(1987, c. 622.)

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Last modified: April 2, 2009