6.2-315 - (Effective October 1, 2010) Loans by certain financial institutions or brokers payable on demand or having a term up to one year. - Virginia Statutes

§ 6.2-315. (Effective October 1, 2010) Loans by certain financialinstitutions or brokers payable on demand or having a term up to one year.

Any bank, savings institution, broker duly licensed to transact business as astockbroker, or broker-dealer registered with the Securities and ExchangeCommission or the Commodity Futures Trading Commission, may loan money ordiscount bonds, bills, notes or other paper, whether payable on demand or forperiods up to one year. Such a loan or discounting may be lawfully enforcedas agreed in the contract of indebtedness. An interest rate charged inadvance upon the entire amount of the loan or discount shall be lawful.

(1987, c. 622, § 6.1-330.62; 2010, c. 794.)