Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-330.87 Prepayment penalties not to be collected in certain circumstances

§ 6.1-330.87. Prepayment penalties not to be collected in certain circumstances

No lender shall collect or receive any prepayment penalty on loans secured by real property comprised of one to four family residential dwelling units, if the prepayment results from the enforcement of the right to call the loan upon the sale of the real property which secures the loan. If the loan is prepaid because of sale to a person whom the lender has refused to approve for purposes of assuming the loan or failed to approve within fifteen days after receipt by it of written request for approval, such prepayment shall be presumed to result from enforcement of the right to call the loan.

(1987, c. 622.)

Sections:  Previous  6.1-330.78:1  6.1-330.79  6.1-330.80  6.1-330.81  6.1-330.82  6.1-330.83  6.1-330.84  6.1-330.85  6.1-330.85:1  6.1-330.86  6.1-330.86:1  6.1-330.87  6.1-330.88  6.1-330.89  6.1-330.90  Next

Last modified: April 2, 2009