§ 6.1-330.57. (Repealed effective October 1, 2010) Recovery of twice totalusurious interest paid; limitation of action; injunction to prevent sale ofproperty pending action; effect of errors in computation.
A. If interest in excess of that permitted by the applicable statute is paidupon any loan, the person paying may, in a suit or action brought within twoyears from (i) the date of the last scheduled payment, or (ii) the date ofpayment in full, whichever is earlier, recover from the person taking orreceiving such payments:
1. The total amount of the interest paid to such person in excess of thatpermitted by applicable statute;
2. Twice the total amount of interest paid to such person during the twoyears immediately preceding the date of the filing of the suit or action; and
3. Court costs and reasonable attorneys' fees.
B. If property has been conveyed to secure the payment of the debt and a salethereof is about to be made, or is apprehended, an injunction may be awardedto prevent such sale pending the suit or action.
C. Any creditor who proves that interest or other charges in excess of thosepermitted by law was imposed or collected as a result of a bona fide error incomputation or similar mistake shall not be liable for the penaltiesprescribed in this section, but shall only be liable to return to theborrower the amount of interest or other charges collected in excess of thatpermitted.
§ 6.1-330.57. (Repealed effective October 1, 2010) Recovery of twice totalusurious interest paid; limitation of action; injunction to prevent sale ofproperty pending action; effect of errors in computation.
A. If interest in excess of that permitted by the applicable statute is paidupon any loan, the person paying may, in a suit or action brought within twoyears from (i) the date of the last scheduled payment, or (ii) the date ofpayment in full, whichever is earlier, recover from the person taking orreceiving such payments:
1. The total amount of the interest paid to such person in excess of thatpermitted by applicable statute;
2. Twice the total amount of interest paid to such person during the twoyears immediately preceding the date of the filing of the suit or action; and
3. Court costs and reasonable attorneys' fees.
B. If property has been conveyed to secure the payment of the debt and a salethereof is about to be made, or is apprehended, an injunction may be awardedto prevent such sale pending the suit or action.
C. Any creditor who proves that interest or other charges in excess of thosepermitted by law was imposed or collected as a result of a bona fide error incomputation or similar mistake shall not be liable for the penaltiesprescribed in this section, but shall only be liable to return to theborrower the amount of interest or other charges collected in excess of thatpermitted.
§ 6.1-330.57. (Repealed effective October 1, 2010) Recovery of twice totalusurious interest paid; limitation of action; injunction to prevent sale ofproperty pending action; effect of errors in computation.
A. If interest in excess of that permitted by the applicable statute is paidupon any loan, the person paying may, in a suit or action brought within twoyears from (i) the date of the last scheduled payment, or (ii) the date ofpayment in full, whichever is earlier, recover from the person taking orreceiving such payments:
1. The total amount of the interest paid to such person in excess of thatpermitted by applicable statute;
2. Twice the total amount of interest paid to such person during the twoyears immediately preceding the date of the filing of the suit or action; and
3. Court costs and reasonable attorneys' fees.
B. If property has been conveyed to secure the payment of the debt and a salethereof is about to be made, or is apprehended, an injunction may be awardedto prevent such sale pending the suit or action.
C. Any creditor who proves that interest or other charges in excess of thosepermitted by law was imposed or collected as a result of a bona fide error incomputation or similar mistake shall not be liable for the penaltiesprescribed in this section, but shall only be liable to return to theborrower the amount of interest or other charges collected in excess of thatpermitted.
