6.2-1541 - (Effective October 1, 2010) Unlawful contracts void; recovery of amounts paid. - Virginia Statutes

§ 6.2-1541. (Effective October 1, 2010) Unlawful contracts void; recovery ofamounts paid.

A. A loan contract shall be void if any act has been done in the making orcollection thereof that violates § 6.2-1501.

B. The lender on any loan for which a person has taken any action in itsmaking or collection in violation of § 6.2-1501 shall not collect, receive,or retain any principal, interest, or charges whatsoever with respect to theloan, and any principal or interest paid on the loan shall be recoverable bythe person by or for whom payment was made.

(Code 1950, § 6-337; 1966, c. 584, § 6.1-308; 1986, c. 502; 2010, c. 794.)