6.2-319 - (Effective October 1, 2010) Loans by pension plans to participants. - Virginia Statutes

§ 6.2-319. (Effective October 1, 2010) Loans by pension plans to participants.

A. As used in this section, "pension plan" includes an "employee pensionbenefit plan" or "pension plan" as defined in § 3 (2) of the federalEmployee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829).

B. Loans by a pension plan to an individual participating in the pension planshall be lawfully enforced as agreed in the contract of indebtedness. No suchparticipating individual, by way of defense or otherwise, shall avail himselfof the provisions of this chapter, or any other law relating to interest orusury, to avoid or defeat the payment of interest or any other sum on anyloan made by the pension plan. Nothing contained in any law relating tointerest or usury shall be construed to prevent the recovery of such interestor other sum though it is more than otherwise lawful interest and though thatfact appears on the face of the contract.

(1987, c. 622, § 6.1-330.67; 2010, c. 794.)