6.1-330.47 - (Repealed effective October 1, 2010) Contracts, etc., in violation of §§ 6.1-330.16 and 6.1-330.24, waivers and releases void. - Virginia Statutes

§ 6.1-330.47. (Repealed effective October 1, 2010) Contracts, etc., inviolation of §§ 6.1-330.16 and 6.1-330.24, waivers and releases void.

A. Any contract, note, mortgage, or deed of trust made or received andproviding for interest charges in excess of those permitted by §§ 6.1-330.16and 6.1-330.24, except as hereinafter provided, shall be null and void andunenforceable by the lender or by his assignees, who are agents or principalsof the lender.

The provisions of this section shall apply only to loans made under §6.1-330.16 and shall not apply to any contract or note, or mortgage or deedof trust securing such obligation, which has been assigned to a person who isnot the agent or principal of the lender, if such assignee has taken the noteor obligation in good faith and in reasonable reliance upon the provisions of§ 6.1-330.44.

B. Any agreement whereby the borrower waives the benefits of this chapter orreleases any rights he may have acquired by the virtue thereof shall bedeemed to be against public policy and void.

(Code 1950, § 6.1-330.1; 1966, c. 285; 1973, c. 318; 1975, c. 448.)