§ 6.1-66. Certain loans for home improvement purposes not considered loans secured by real estate
Loans made to home owners for maintenance, repair, landscaping, modernization, alteration, improvement, furnishings and equipment to their homes, whether or not secured, shall not be considered as loans secured by real estate within the meaning of § 6.1-63, provided each such loan shall be payable in approximately equal monthly installments, shall not be for a term longer than 12 years, and shall not exceed an amount specified in accordance with subsection B of § 6.1-63. Such home loans may otherwise be made under the provisions of § 6.1-63, 6.1-64 or 6.1-65. If such loan is in excess of the amount specified under subsection B of § 6.1-63, unless the taking of real estate security is solely in the abundance of caution and the terms are not more favorable than in the absence of such a real estate lien, an appraisal as required by § 6.1-63, 6.1-64 or 6.1-65 shall be required by the bank.
(Code 1950, § 6-79.2; 1962, c. 267; 1966, c. 584; 1970, c. 13; 1976, c. 94; 1980, c. 714; 1991, c. 160; 1994, c. 501; 2005, c. 263.)
Sections: Previous 6.1-61 6.1-62 6.1-62.1 6.1-63 6.1-64 6.1-65 6.1-65.1 6.1-66 6.1-67 6.1-68 6.1-68.1 6.1-69 6.1-70 6.1-70.1 6.1-71 NextLast modified: April 16, 2009