6.1-330.59 - (Repealed effective October 1, 2010) Applicability of §§ and 6.1-330.58 to certain loans made on or after July effect of assignment. - Virginia Statutes

§ 6.1-330.59. (Repealed effective October 1, 2010) Applicability of §§6.1-330.56, 6.1-330.57 and 6.1-330.58 to certain loans made on or after July1, 1986; effect of assignment.

A. The provisions of §§ 6.1-330.56, 6.1-330.57 and 6.1-330.58 shall apply toall loans made under § 6.1-330.71 or former § 6.1-330.16 as amended in 1986,which are closed on or after July 1, 1986. Section 6.1-330.47 shall not applyto any loan closed on or after July 1, 1986.

B. As to any loan to which the provisions of §§ 6.1-330.71 and 6.1-330.72 areapplicable, the borrower may assert any defense or claim he may have under §§6.1-330.56 and 6.1-330.57 against any assignee or transferee of the contractof indebtedness.

C. The provisions of § 6.1-330.47 shall continue to apply to loans made underformer § 6.1-330.16 and closed prior to July 1, 1986. There shall be apresumption that a loan was closed on the date of initial recordation of thedeed of trust or mortgage securing such loan.

D. The provisions of this section shall not apply to loans made by lendersenumerated in § 6.1-330.73, nor to loans closed prior to July 1, 1986.

(1987, c. 622.)