§ 6.1-460. (Effective until January 1, 2009) Fee
A licensee may charge, as a fee for each loan, an amount not to exceed fifteen percent of the amount of the loan proceeds advanced to the borrower.
(2002, c. 897.)
§ 6.1-460. (Effective January 1, 2009) Rate of interest, loan fee, and verification fee.
A. A licensee may charge and receive on each loan interest at a simple annual rate not to exceed 36 percent. A licensee may also charge (i) a loan fee as provided in subsection B and (ii) a verification fee as provided in subsection C.
B. A licensee may charge and receive a loan fee in an amount not to exceed 20 percent of the amount of the loan proceeds advanced to the borrower.
C. A licensee may charge and receive a verification fee in an amount not to exceed $5 for a loan made under this chapter. The verification fee shall be used in part to defray the costs of submitting a database inquiry as provided in subdivision B 4 of § 6.1-453.1.
(2002, c. 897; 2008, cc. 849, 876.)
Sections: Previous 6.1-453.1 6.1-454 6.1-455 6.1-456 6.1-457 6.1-458 6.1-459 6.1-460 6.1-461 6.1-462 6.1-463 6.1-464 6.1-465 6.1-466 6.1-467 NextLast modified: April 16, 2009