State Codes and Statutes
Statutes > Virginia > Title-6-2 > Chapter-18 > 6-2-1817§ 6.2-1817. (Effective October 1, 2010) Rate of interest, loan fee, andverification fee.
A. A licensee may charge and receive on each loan interest at a simple annualrate not to exceed 36 percent. A licensee may also charge (i) a loan fee asprovided in subsection B and (ii) a verification fee as provided insubsection C.
B. A licensee may charge and receive a loan fee in an amount not to exceed 20percent of the amount of the loan proceeds advanced to the borrower.
C. A licensee may charge and receive a verification fee in an amount not toexceed $5 for a loan made under this chapter. The verification fee shall beused in part to defray the costs of submitting a database inquiry as providedin subdivision B 4 of § 6.2-1810.
(2002, c. 897, § 6.1-460; 2008, cc. 849, 876; 2010, c. 794.)
