6.2-316 - (Effective October 1, 2010) Loans of $5,000 or more made by certain financial institutions. - Virginia Statutes

§ 6.2-316. (Effective October 1, 2010) Loans of $5,000 or more made bycertain financial institutions.

No person shall, by way of defense or otherwise, avail himself of theprovisions of this chapter or any other section relating to usury to avoid ordefeat the payment of interest, or any other sum, upon a loan made to aperson by a bank, savings institution, industrial loan association, or creditunion, if the initial principal amount of the loan is $5,000 or more.

(1987, c. 622, § 6.1-330.61; 2010, c. 794.)