6.1-330.67 - (Repealed effective October 1, 2010) Loans by pension plans to participants. - Virginia Statutes

§ 6.1-330.67. (Repealed effective October 1, 2010) Loans by pension plans toparticipants.

Loans by a pension plan to an individual participating in such pension plan,including an "employee pension benefit plan" or "pension plan" as definedin § 3 (2) of the Employee Retirement Income Security Act of 1974, are notsubject to the provisions of this chapter. No such participating individualshall, by way of defense or otherwise, avail himself of the provisions ofthis chapter, or any other law relating to interest or usury, to avoid ordefeat the payment of interest or any other sum on any loan made by suchpension plan. Nothing contained in any such law shall be construed to preventthe recovery of such interest or other sum though it is more than otherwiselawful interest and though that fact appears on the face of the contract.

(1987, c. 622.)