6.2-805 - (Effective October 1, 2010) Commission authorized to confer on state banks power to make charges comparable to those permitted to national banking associations. - Virginia Statutes

§ 6.2-805. (Effective October 1, 2010) Commission authorized to confer onstate banks power to make charges comparable to those permitted to nationalbanking associations.

In addition to the permissible interest rates and charges that banksspecifically, and lenders generally, are granted the power to charge by thistitle, the Commission may, by order, from time to time confer upon statebanks the power to take, receive, reserve, and charge on any loan or discountmade, at a rate of one per centum in excess of the discount rate on 90-daycommercial paper in effect at the Federal Reserve Bank for the fifth FederalReserve District. The Commission may thereby confer upon state banks thepower to make charges that are comparable to those permitted under anyfederal statute or regulation to any national banking association.

(1975, c. 80, § 6.1-5.2; 2010, c. 794.)