6.2-1523 - (Effective October 1, 2010) Additional charges prohibited; exceptions. - Virginia Statutes

§ 6.2-1523. (Effective October 1, 2010) Additional charges prohibited;exceptions.

In addition to the interest, late charges, and processing fee permitted under§ 6.2-1520, no further or other amount whatsoever for any examinationservice, brokerage, commission, fine, notarial fee, or other thing orotherwise shall be directly or indirectly charged, contracted for, collected,or received, except:

1. Insurance premiums actually paid out by the licensee to any insurancecompany or agent duly authorized to do business in the Commonwealth forinsurance for the protection and benefit of the borrower written inconnection with any loan;

2. The actual cost of recordation fees or, on loans over $100, the amount ofthe lawful premiums, no greater than such fees, actually paid for insuranceagainst the risk of not recording any instrument securing the loan; and

3. A handling fee not to exceed $15 for each check returned to the licenseebecause the drawer had no account or insufficient funds in the payor bank.

(Code 1950, § 6-308; 1966, c. 584, § 6.1-278; 1978, c. 625; 1981, cc. 37, 38;1984, c. 296; 1986, c. 502; 1990, c. 751; 1995, c. 2; 2001, c. 308; 2010, c.794.)