Code of Virginia - Title 6.1 Banking And Finance - Chapter 7.3 Money And Interest

6.1-330.49 Definitions
As used in this chapter, unless the context indicates some other meaning: "Bank" shall mean any national bank, any bank organized under Chapter 2 (§ ...
6.1-330.50 Money of account
The money of account of this Commonwealth shall be the dollar, cent and mill. All accounts by public officers shall be so kept. No writing ...
6.1-330.51 Ascertaining value in money of account for money expressed in foreign currency
In any suit for a sum of money expressed in any foreign currency or otherwise than in the money of account of this Commonwealth, the ...
6.1-330.52 Issuance of currency; contracts and securities obtained by illegal currency; capital stock of certa...
A. 1. No individual or entity unless authorized by law shall: a. Issue, with intent that the same be circulated as currency, any note, bill, ...
6.1-330.53 Legal rate of interest; when legal rate implied
The legal rate of interest shall be an annual rate of six percent. Except as provided in subsection (b) of § 8.3A-112 and § 6.1-330.54, ...
6.1-330.54 Judgment rate of interest
The judgment rate of interest shall be an annual rate of six percent, except that a money judgment entered in an action arising from a ...
6.1-330.55 Contracts for more than legal rate of interest
Except as otherwise permitted by law, no contract shall be made for the payment of interest on a loan greater than twelve percent per year. ...
6.1-330.56 Plea of usury; evidence; judgment
Any borrower may plead in general terms that the contract or assurance on which the action is brought was for the payment of interest greater ...
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 ...
6.1-330.58 Contracts, etc., in violation of public policy
Any agreement or contract in which the borrower waives the benefits of this chapter or releases any rights he may have acquired by virtue of ...
6.1-330.59 Applicability of {{ 6.1-330.56, 6.1-330.57 and 6.1-330.58 to certain loans made on or after July ...
A. The provisions of §§ 6.1-330.56, 6.1-330.57 and 6.1-330.58 shall apply to all loans made under § 6.1-330.71 or former § 6.1-330.16 as amended in ...
6.1-330.60 Charges by banks and savings institutions; installment loans
A. Notwithstanding any statute or other law, a bank or savings institution making a loan payable in installments may impose finance charges and other charges ...
6.1-330.61 Defense of usury not applicable to certain loans
No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter or any other section relating to usury to ...
6.1-330.62 Loans of up to one year
Any bank, savings institution, or any broker duly licensed to transact business as a stockbroker or as a broker dealing in options and futures under ...
6.1-330.63 Charges by banks or savings institutions; revolving credit
A. Notwithstanding any statute or other law, any bank or savings institution may impose finance charges and other charges and fees at such rates and ...
6.1-330.64 Credit union loans
A. A credit union may make loans to its members and to other credit unions. Notwithstanding any other statute or provision relating to interest or ...
6.1-330.65 Extension of credit under Securities Exchange Act
A broker-dealer licensed by the State Corporation Commission and registered with the Securities Exchange Commission who extends credit to a customer on pledged securities as ...
6.1-330.66 Charges by private colleges and universities
Loans made by a private college or university in Virginia to defray educational expenses of its students, including but not limited to tuition, fees, books, ...
6.1-330.66:1 Loans under programs conducted by the State Education Assistance Authority
Loans which are made under programs conducted by the State Education Assistance Authority to defray educational expenses may be enforced as agreed in the contract ...
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 ...
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 ...
6.1-330.69 Certain contracts enforced as agreed therein; definition of terms
A. Notwithstanding the provisions of §§ 6.1-330.53, 6.1-330.55 and 6.1-330.62 or any other law relating to interest or usury, contracts made for the loan of ...
6.1-330.70 Fees and charges in connection with loans by real estate lenders; certain borrowers not to be requi...
A. A lender engaged in making real estate mortgage or deed of trust loans, other than loans subject to the provisions of §§ 6.1-330.71 and ...
6.1-330.71 Charges on subordinate mortgage loans by certain lenders
A. 1. Any person, other than lenders enumerated in § 6.1-330.73, may charge add-on interest that results in an annual yield of not more than ...
6.1-330.72 Loans secured by subordinate mortgage; charges allowed; requirements relating to insuranc...
A. Any lender making a loan secured by a subordinate mortgage or deed of trust may require the borrower to pay, in addition to the ...
6.1-330.73 Applicability of {{ 6.1-330.71, 6.1-330.72 and 6.1-330.85
Sections 6.1-330.71, 6.1-330.72 and 6.1-330.85 shall not apply to loans made by any bank, savings institution, industrial loan association, credit union, or to a seller ...
6.1-330.74 Limiting application of this chapter and other usury sections in actions for recovery of interest u...
A. No person shall, by way of defense or otherwise, avail himself of any of the provisions of this chapter or any other law relating ...
6.1-330.75 Defense of usury not applicable to certain business loans
A. No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other section or case law ...
6.1-330.76 Corporations, partnerships, limited liability companies, real estate investment trusts and certain ...
No corporation, partnership which is or was required to file a certificate pursuant to Chapter 2 (§ 50-44 et seq.), Chapter 2.1 (§ 50-73.1 et ...
6.1-330.77 Charges by sellers of goods or services; certain premiums not construed as additional charges; pena...
A. Any seller of goods or services who extends credit under a closed-end installment credit plan or arrangement may impose finance charges at such rate ...
6.1-330.77:1 Charge on open accounts
In the event of a sale of goods or the provision of services on open accounts where there is no written agreement for closed end ...
6.1-330.78 Open-end sales and loan plans
A. Notwithstanding any provision of this chapter other than § 6.1-330.71, any seller or lender engaged in the extension of credit under an open-end credit ...
6.1-330.78:1 Charge on option financing contracts
No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other section or case law relating ...
6.1-330.79 Compliance with federal law
Every person subject to the provisions of 15 U.S.C. § 1601 et seq. and Regulation Z, Truth-in-Lending, promulgated by the Board of Governors of the ...
6.1-330.80 Amount of late charge; when charge can be made
A. Any lender or seller may impose a late charge for failure to make timely payment of any installment due on a debt, whether installment ...
6.1-330.81 Certain contracts to permit prepayment; amount of prepayment penalty
A. Every loan contract, except as provided in subsection C of this section, secured by a first deed of trust or first mortgage on real ...
6.1-330.82 Property owner entitled to written statement of payoff amount
A. Where a lien on real estate is secured by a deed of trust or mortgage, the owner of such real estate, if entitled to ...
6.1-330.83 Prepayment penalty for loan secured by home occupied by borrower
The prepayment penalty in the case of a loan secured by a mortgage or deed of trust on a home which is occupied or to ...
6.1-330.84 Prepayment by borrower from industrial loan association; rebates for unearned interest; prepayment ...
Any natural person borrowing from an industrial loan association shall have the right to anticipate payment of his debt at any time. In cases where ...
6.1-330.85 Prepayment of loan described in { 6.1-330.71; rebates for unearned interest
A. Any borrower under any loan described in § 6.1-330.71 shall have the right to anticipate payment of his debt in whole or in part ...
6.1-330.85:1 Notice on loan or sale on credit using Rule of 78 rebate method
Where any loan or sale on credit contains a provision that a rebate of unearned interest shall be calculated in accordance with the Rule of ...
6.1-330.86 The Rule of 78
A. The Rule of 78 is so named because the months of one year, i.e., one through twelve added together, total seventy-eight. B. To determine ...
6.1-330.86:1 Use of Rule of 78 prohibited
A. On any loan of money made with an initial maturity of greater than sixty-one months or on any sales contract which necessitates such a ...
6.1-330.87 Prepayment penalties not to be collected in certain circumstances
No lender shall collect or receive any prepayment penalty on loans secured by real property comprised of one to four family residential dwelling units, if ...
6.1-330.88 Mortgage, etc., to contain notice that debt is subject to call or modification on conveyance of pro...
Where any loan is made secured by a mortgage or deed of trust on real property comprised of one to four family residential dwelling units, ...
6.1-330.89 Acceleration clause in note evidencing installment loan; effect of acceleration
Any note or other contract evidencing an installment loan or other installment sales obligation with add-on interest may provide that the entire unpaid loan balance, ...
6.1-330.90 Right of buyer of consumer goods to refinance certain payments; agreements as to fluctuation in sch...
A. In any sales transaction, except one pursuant to an open-end account, involving exclusively consumer goods as defined in subdivision (a)(23) of § 8.9A-102 wherein ...

Last modified: April 2, 2009