6.1-330.68 - (Repealed effective October 1, 2010) Charges by industrial loan associations. - Virginia Statutes

§ 6.1-330.68. (Repealed effective October 1, 2010) Charges by industrial loanassociations.

A. Notwithstanding any statute or law relating to interest or usury, loansmade by industrial loan associations payable in weekly, monthly or otherperiodic installments may be enforced as agreed in the contract ofindebtedness. In addition to the foregoing, a loan fee not exceeding twopercent of the principal amount of the loan may also be charged or collectedin advance from the borrower. An interest rate charged in advance upon theentire amount of the loan or pursuant to a written modification agreementshall be lawful.

B. An industrial loan association may charge interest at an annual rate notexceeding eighteen percent on loans payable on demand or in a single payment.In addition, such association may impose on such loans the same loan feeallowed by subsection A of this section.

(1987, c. 622.)