§ 6.1-330.72. (Repealed effective October 1, 2010) Loans secured bysubordinate mortgage; charges allowed; requirements relating to insurance.
A. Any lender making a loan secured by a subordinate mortgage or deed oftrust may require the borrower to pay, in addition to the loan fee andinterest permitted by § 6.1-330.71, the actual cost of a credit report, titleexamination, title insurance, mortgage guaranty insurance, recording fees,surveys, attorney's fees, appraisal fees, and a fee to determine if theproperty securing the loan is located in a special flood hazard area. Noother charges of any kind shall be imposed on or be payable by the borrowereither to the lender or any other party in connection with such loan otherthan a fee charged by the settlement agent as defined in § 6.1-2.20;provided, late charges in the amount specified in § 6.1-330.80 and aprepayment penalty permitted under § 6.1-330.85 may be contracted for and,upon default, the borrower may be subject to court costs, attorney's fees,trustee's commission and other expenses of collection as otherwise permittedby law. Broker's or finder's fees may be paid by the lender from the loan feeor interest permitted under § 6.1-330.71. A broker's fee, finder's fee orcommission may be paid by the borrower not to exceed five percent of theprincipal amount of the loan if the total of the loan fee permitted under §6.1-330.71 and broker's fees, finder's fees or commissions does not exceedfive percent of the principal amount of the loan.
B. Evidence of flood insurance if the security property is located in aspecial flood hazard area and fire and extended coverage insurance may berequired by the lender of the borrower and the premium shall not beconsidered as a charge. Decreasing term life insurance, in an amount notexceeding the amount of the loan and for a period not exceeding the term ofthe loan, may also be required by the lender of the borrower and the premiumshall not be considered as a charge. At the option of the borrower, accidentand health insurance and involuntary unemployment insurance may be providedby the lender, and the premium therefor shall not be considered a charge.Proof of all insurance issued in connection with loans subject to thischapter shall be furnished to the borrower within ten days from the date theloan is closed.
C. No charge may be imposed or collected, except as permitted by §6.1-330.71, if the loan is not made.
D. This section shall not apply to any loan made by any lender enumerated in§ 6.1-330.73.
(1987, c. 622; 1993, c. 774; 1995, c. 75; 1996, c. 243; 1998, cc. 69, 89.)
§ 6.1-330.72. (Repealed effective October 1, 2010) Loans secured bysubordinate mortgage; charges allowed; requirements relating to insurance.
A. Any lender making a loan secured by a subordinate mortgage or deed oftrust may require the borrower to pay, in addition to the loan fee andinterest permitted by § 6.1-330.71, the actual cost of a credit report, titleexamination, title insurance, mortgage guaranty insurance, recording fees,surveys, attorney's fees, appraisal fees, and a fee to determine if theproperty securing the loan is located in a special flood hazard area. Noother charges of any kind shall be imposed on or be payable by the borrowereither to the lender or any other party in connection with such loan otherthan a fee charged by the settlement agent as defined in § 6.1-2.20;provided, late charges in the amount specified in § 6.1-330.80 and aprepayment penalty permitted under § 6.1-330.85 may be contracted for and,upon default, the borrower may be subject to court costs, attorney's fees,trustee's commission and other expenses of collection as otherwise permittedby law. Broker's or finder's fees may be paid by the lender from the loan feeor interest permitted under § 6.1-330.71. A broker's fee, finder's fee orcommission may be paid by the borrower not to exceed five percent of theprincipal amount of the loan if the total of the loan fee permitted under §6.1-330.71 and broker's fees, finder's fees or commissions does not exceedfive percent of the principal amount of the loan.
B. Evidence of flood insurance if the security property is located in aspecial flood hazard area and fire and extended coverage insurance may berequired by the lender of the borrower and the premium shall not beconsidered as a charge. Decreasing term life insurance, in an amount notexceeding the amount of the loan and for a period not exceeding the term ofthe loan, may also be required by the lender of the borrower and the premiumshall not be considered as a charge. At the option of the borrower, accidentand health insurance and involuntary unemployment insurance may be providedby the lender, and the premium therefor shall not be considered a charge.Proof of all insurance issued in connection with loans subject to thischapter shall be furnished to the borrower within ten days from the date theloan is closed.
C. No charge may be imposed or collected, except as permitted by §6.1-330.71, if the loan is not made.
D. This section shall not apply to any loan made by any lender enumerated in§ 6.1-330.73.
(1987, c. 622; 1993, c. 774; 1995, c. 75; 1996, c. 243; 1998, cc. 69, 89.)
§ 6.1-330.72. (Repealed effective October 1, 2010) Loans secured bysubordinate mortgage; charges allowed; requirements relating to insurance.
A. Any lender making a loan secured by a subordinate mortgage or deed oftrust may require the borrower to pay, in addition to the loan fee andinterest permitted by § 6.1-330.71, the actual cost of a credit report, titleexamination, title insurance, mortgage guaranty insurance, recording fees,surveys, attorney's fees, appraisal fees, and a fee to determine if theproperty securing the loan is located in a special flood hazard area. Noother charges of any kind shall be imposed on or be payable by the borrowereither to the lender or any other party in connection with such loan otherthan a fee charged by the settlement agent as defined in § 6.1-2.20;provided, late charges in the amount specified in § 6.1-330.80 and aprepayment penalty permitted under § 6.1-330.85 may be contracted for and,upon default, the borrower may be subject to court costs, attorney's fees,trustee's commission and other expenses of collection as otherwise permittedby law. Broker's or finder's fees may be paid by the lender from the loan feeor interest permitted under § 6.1-330.71. A broker's fee, finder's fee orcommission may be paid by the borrower not to exceed five percent of theprincipal amount of the loan if the total of the loan fee permitted under §6.1-330.71 and broker's fees, finder's fees or commissions does not exceedfive percent of the principal amount of the loan.
B. Evidence of flood insurance if the security property is located in aspecial flood hazard area and fire and extended coverage insurance may berequired by the lender of the borrower and the premium shall not beconsidered as a charge. Decreasing term life insurance, in an amount notexceeding the amount of the loan and for a period not exceeding the term ofthe loan, may also be required by the lender of the borrower and the premiumshall not be considered as a charge. At the option of the borrower, accidentand health insurance and involuntary unemployment insurance may be providedby the lender, and the premium therefor shall not be considered a charge.Proof of all insurance issued in connection with loans subject to thischapter shall be furnished to the borrower within ten days from the date theloan is closed.
C. No charge may be imposed or collected, except as permitted by §6.1-330.71, if the loan is not made.
D. This section shall not apply to any loan made by any lender enumerated in§ 6.1-330.73.
(1987, c. 622; 1993, c. 774; 1995, c. 75; 1996, c. 243; 1998, cc. 69, 89.)
