Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-330.74 Limiting application of this chapter and other usury sections in actions for recovery of interest u...

§ 6.1-330.74. Limiting application of this chapter and other usury sections in actions for recovery of interest u...

A. No person shall, by way of defense or otherwise, avail himself of any of the provisions of this chapter or any other law relating to usury or any statute or rule of case law relating to compounding of interest to avoid or defeat the payment of any interest or any other sum which he has contracted to pay on any loan:

1. Insured by the Federal Housing Administration, pursuant to the provisions of this National Housing Act;

2. Guaranteed by the Veterans Administration, pursuant to Title 38 of the United States Code; or

3. Insured or guaranteed by any similar federal governmental agency or organization, or made directly or indirectly by the Virginia Housing Development Authority pursuant to the provisions of Chapter 1.2 (§ 36-55.24 et seq.) of Title 36.

B. Nothing contained in this chapter shall be construed to prevent the recovery of such interest or fee from any person who has contracted to pay the same in connection with any loan described in this section.

(1987, c. 622.)

Sections:  Previous  6.1-330.67  6.1-330.68  6.1-330.69  6.1-330.70  6.1-330.71  6.1-330.72  6.1-330.73  6.1-330.74  6.1-330.75  6.1-330.76  6.1-330.77  6.1-330.77:1  6.1-330.78  6.1-330.78:1  6.1-330.79  Next

Last modified: April 16, 2009