54.1-4008 - Interest chargeable. - Virginia Statutes

§ 54.1-4008. Interest chargeable.

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

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

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