§ 6.1-285. Installment payments
Every contract shall provide for repayment of the amount loaned in substantially equal monthly installments of principal and interest. But nothing contained in this chapter shall prevent a loan being considered a new loan because the proceeds of the loan are used to pay an existing contract, or prevent a licensee from entering into a loan contract providing for an odd first payment period of up to forty-five days and an odd first payment greater than other monthly payments because of such odd first payment period.
(Code 1950, § 6-315; 1966, c. 584; 1968, c. 489; 1974, c. 371; 1995, c. 2; 2001, c. 308.)
Sections: Previous 6.1-279 6.1-280 6.1-281 6.1-282 6.1-283 6.1-284 6.1-284.1 6.1-285 6.1-286 6.1-287 6.1-288 6.1-289 6.1-290 6.1-291 6.1-292 NextLast modified: April 2, 2009