6.1-249 - (Repealed effective October 1, 2010) Compliance with chapter; license required. - Virginia Statutes

§ 6.1-249. (Repealed effective October 1, 2010) Compliance with chapter;license required.

A. No person shall engage in the business of lending any principal amounts toindividuals for personal, family, household or other nonbusiness purposes,and charge, contract for, or receive, directly or indirectly, on or inconnection with any loan, any interest, charges, compensation, considerationor expense which in the aggregate is greater than the interest permitted by §6.1-330.55, except as provided in and authorized by this chapter or Chapter18 (§ 6.1-444 et seq.) of this title and without first having obtained alicense from the Commission.

B. However, subject to §§ 6.1-251 and 6.1-281 of this chapter, theprohibition in subsection A of this section shall not be construed to preventany person, other than a licensee, from making a mortgage loan pursuant to §§6.1-330.69 and 6.1-330.70 or §§ 6.1-330.71 and 6.1-330.72 in any principalamount or from extending credit as described in § 6.1-330.78 in any amount.

(Code 1950, § 6-279; 1956, c. 71; 1966, c. 584; 1968, c. 489; 1974, c. 371;1986, c. 502; 1995, c. 2; 1998, c. 9; 2001, c. 308; 2002, c. 897.)