6.2-325 - (Effective October 1, 2010) Certain loans secured by first deed of trust or mortgage. - Virginia Statutes

§ 6.2-325. (Effective October 1, 2010) Certain loans secured by first deed oftrust or mortgage.

A. As used in this section, "real estate" includes a leasehold estate ofnot less than 25 years.

B. Notwithstanding the provisions of any law relating to interest or usury,contracts made for the loan of money, secured or to be secured by a firstdeed of trust or first mortgage on real estate, or by a first prioritysecurity interest in the stock of a residential cooperative housingcorporation, may be enforced as agreed in the contract of indebtedness orother agreement signed by the borrower.

C. For the purpose of this section, an interest rate which varies inaccordance with any exterior standard, or which cannot be ascertained fromthe contract without reference to any exterior circumstances or documents,shall be enforceable as agreed in the contract of indebtedness or othersigned agreement.

D. Disclosure of charges in a disclosure given to the borrower pursuant tofederal disclosure laws or regulations and acceptance of the loan proceeds bythe borrower shall be deemed an agreement signed by the borrower within themeaning of this section.

(1987, c. 622, § 6.1-330.69; 2010, c. 794.)