Code of Virginia - Title 54.1 Professions And Occupations - Section 54.1-4008 Interest chargeable

§ 54.1-4008. Interest chargeable

A. No pawnbroker shall ask, demand or receive a greater rate of interest than ten percent per month on a loan of $25 or less, or seven percent per month on a loan of more than $25 and less than $100, or five percent per month on a loan of $100 or more, secured by a pledge of tangible personal property. No loan shall be divided for the purpose of increasing the percentage to be paid the pawnbroker. Loans may be renewed based on the original loan amount. Loans may not be issued that compound the interest or storage fees from previous loans on the same item.

B. An annual percentage rate computed and disclosed under the provisions of the federal Truth-in-Lending Act shall not be deemed a violation of this section.

(Code 1950, § 54-850; 1983, c. 238; 1988, c. 765; 1998, c. 848; 1999, c. 327.)

Sections:  Previous  54.1-4000  54.1-4001  54.1-4002  54.1-4003  54.1-4004  54.1-4005  54.1-4006  54.1-4008  54.1-4009  54.1-4010  54.1-4011  54.1-4012  54.1-4013  54.1-4014  Next

Last modified: April 3, 2009