6.1-330.75 - (Repealed effective October 1, 2010) Defense of usury not applicable to certain business loans. - Virginia Statutes

§ 6.1-330.75. (Repealed effective October 1, 2010) Defense of usury notapplicable to certain business loans.

A. No person shall, by way of defense or otherwise, avail himself of theprovisions of this chapter, or any other section or case law relating tousury or compounding of interest to avoid or defeat the payment of interest,or any other sum, in connection with a loan made to a person or entity forbusiness or investment purposes, provided the initial amount of the loan is$5,000 or more.

B. For the purposes of this section, unless a loan is for family, household,or personal purposes which shall not include a passive or active investment,it shall be deemed to be for business or investment purposes.

(1987, c. 622.)