§ 6.1-330.57. Recovery of twice total usurious interest paid; limitation of action; injunction to prevent sale o...
A. If interest in excess of that permitted by the applicable statute is paid upon any loan, the person paying may, in a suit or action brought within two years from (i) the date of the last scheduled payment, or (ii) the date of payment in full, whichever is earlier, recover from the person taking or receiving such payments:
1. The total amount of the interest paid to such person in excess of that permitted by applicable statute;
2. Twice the total amount of interest paid to such person during the two years immediately preceding the date of the filing of the suit or action; and
3. Court costs and reasonable attorneys' fees.
B. If property has been conveyed to secure the payment of the debt and a sale thereof is about to be made, or is apprehended, an injunction may be awarded to prevent such sale pending the suit or action.
C. Any creditor who proves that interest or other charges in excess of those permitted by law was imposed or collected as a result of a bona fide error in computation or similar mistake shall not be liable for the penalties prescribed in this section, but shall only be liable to return to the borrower the amount of interest or other charges collected in excess of that permitted.
(1987, c. 622.)
Sections: Previous 6.1-330.50 6.1-330.51 6.1-330.52 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 NextLast modified: April 2, 2009