6.1-330.87 - (Repealed effective October 1, 2010) Prepayment penalties not to be collected in certain circumstances. - Virginia Statutes

§ 6.1-330.87. (Repealed effective October 1, 2010) Prepayment penalties notto be collected in certain circumstances.

No lender shall collect or receive any prepayment penalty on loans secured byreal property comprised of one to four family residential dwelling units, ifthe prepayment results from the enforcement of the right to call the loanupon the sale of the real property which secures the loan. If the loan isprepaid because of sale to a person whom the lender has refused to approvefor purposes of assuming the loan or failed to approve within fifteen daysafter receipt by it of written request for approval, such prepayment shall bepresumed to result from enforcement of the right to call the loan.

(1987, c. 622.)