§ 6.1-330.67. Loans by pension plans to participants
Loans by a pension plan to an individual participating in such pension plan, including an "employee pension benefit plan" or "pension plan" as defined in § 3 (2) of the Employee Retirement Income Security Act of 1974, are not subject to the provisions of this chapter. No such participating individual shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other law relating to interest or usury, to avoid or defeat the payment of interest or any other sum on any loan made by such pension plan. Nothing contained in any such law shall be construed to prevent the recovery of such interest or other sum though it is more than otherwise lawful interest and though that fact appears on the face of the contract.
(1987, c. 622.)
Sections: Previous 6.1-330.61 6.1-330.62 6.1-330.63 6.1-330.64 6.1-330.65 6.1-330.66 6.1-330.66:1 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 NextLast modified: April 2, 2009