6.1-285 - (Repealed effective October 1, 2010) Installment payments. - Virginia Statutes

§ 6.1-285. (Repealed effective October 1, 2010) Installment payments.

Every contract shall provide for repayment of the amount loaned insubstantially equal monthly installments of principal and interest. Butnothing contained in this chapter shall prevent a loan being considered a newloan because the proceeds of the loan are used to pay an existing contract,or prevent a licensee from entering into a loan contract providing for an oddfirst payment period of up to forty-five days and an odd first paymentgreater than other monthly payments because of such odd first payment period.

(Code 1950, § 6-315; 1966, c. 584; 1968, c. 489; 1974, c. 371; 1995, c. 2;2001, c. 308.)