6.1-460 - (Repealed effective October 1, 2010) Rate of interest, loan fee, and verification fee. - Virginia Statutes

§ 6.1-460. (Repealed effective October 1, 2010) Rate of interest, loan fee,and verification fee.

A. A licensee may charge and receive on each loan interest at a simple annualrate not to exceed 36 percent. A licensee may also charge (i) a loan fee asprovided in subsection B and (ii) a verification fee as provided insubsection C.

B. A licensee may charge and receive a loan fee in an amount not to exceed 20percent 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 toexceed $5 for a loan made under this chapter. The verification fee shall beused in part to defray the costs of submitting a database inquiry as providedin subdivision B 4 of § 6.1-453.1.

(2002, c. 897; 2008, cc. 849, 876.)