6.2-1522 - (Effective October 1, 2010) Other limitations on interest. - Virginia Statutes

§ 6.2-1522. (Effective October 1, 2010) Other limitations on interest.

A. Any loan made under the provisions of this chapter that is properlyscheduled in a bankruptcy proceeding shall bear interest against any party tothe loan from 90 days after the date of adjudication, whether there is anultimate discharge or an extension, if any interest is allowable at all, atsix percent per year. This limitation shall not apply (i) to a comaker notcurrently in bankruptcy when the bankrupt is not entitled to a discharge, or(ii) if the particular obligation is not dischargeable under the provisionsof Title 11 of the United States Code.

B. After 90 days from the date of the death of the borrower, no other chargesthan interest at six percent per year shall be computed or collected from anyparty to the loan upon the unpaid principal balance of the loan.

C. For the period beginning six months after the date of maturity, asoriginally scheduled or as deferred in the event of deferment, of any loancontract under the provisions of this chapter, no further charges thaninterest at six percent per year shall be computed or collected from anyparty to the loan upon the unpaid balance of the loan.

(Code 1950, §§ 6-304, 6-305, 6-306; 1966, c. 584, §§ 6.1-274, 6.1-275,6.1-276; 1968, c. 489; 1987, c. 410; 2010, c. 794.)