§ 6.1-330.68. Charges by industrial loan associations
A. Notwithstanding any statute or law relating to interest or usury, loans made by industrial loan associations payable in weekly, monthly or other periodic installments may be enforced as agreed in the contract of indebtedness. In addition to the foregoing, a loan fee not exceeding two percent of the principal amount of the loan may also be charged or collected in advance from the borrower. An interest rate charged in advance upon the entire amount of the loan or pursuant to a written modification agreement shall be lawful.
B. An industrial loan association may charge interest at an annual rate not exceeding eighteen percent on loans payable on demand or in a single payment. In addition, such association may impose on such loans the same loan fee allowed by subsection A of this section.
(1987, c. 622.)
Sections: Previous 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 6.1-330.75 NextLast modified: April 2, 2009