§ 6.2-303. (Effective October 1, 2010) Contracts for more than legal rate ofinterest.
A. Except as otherwise permitted by law, no contract shall be made for thepayment of interest on a loan at a rate that exceeds 12 percent per year.
B. Laws that permit payment of interest at a rate that exceeds 12 percent peryear are set out, without limitation, in:
1. Article 4 (§ 6.2-309 et seq.) of this chapter;
2. Chapter 15 (§ 6.2-1500 et seq.), relating to powers of consumer financecompanies;
3. Chapter 18 (§ 6.2-1800 et seq.), relating to payday lenders;
4. Chapter 22 (§ 6.2-2200 et seq.), relating to interest chargeable by motorvehicle title lenders;
5. § 36-55.31, relating to loans by the Virginia Housing DevelopmentAuthority;
6. § 38.2-1806, relating to interest chargeable by insurance agents;
7. Chapter 47 (§ 38.2-4700 et seq.) of Title 38.2, relating to interestchargeable by premium finance companies;
8. § 54.1-4008, relating to interest chargeable by pawnbrokers; and
9. § 58.1-3018, relating to interest and origination fees payable underthird-party tax payment agreements.
C. In the case of any loan upon which a person is not permitted to pleadusury, interest and other charges may be imposed and collected as agreed bythe parties.
D. Any provision of this chapter that provides that a loan or extension ofcredit may be enforced as agreed in the contract of indebtedness, shall notbe construed to preclude the charging or collecting of other loan fees andcharges permitted by law, in addition to the stated interest rate. Such otherloan fees and charges need not be included in the rate of interest stated inthe contract of indebtedness.
(1987, c. 622, § 6.1-330.55; 1997, c. 180; 2002, c. 897; 2010, cc. 477, 794.)
§ 6.2-303. (Effective October 1, 2010) Contracts for more than legal rate ofinterest.
A. Except as otherwise permitted by law, no contract shall be made for thepayment of interest on a loan at a rate that exceeds 12 percent per year.
B. Laws that permit payment of interest at a rate that exceeds 12 percent peryear are set out, without limitation, in:
1. Article 4 (§ 6.2-309 et seq.) of this chapter;
2. Chapter 15 (§ 6.2-1500 et seq.), relating to powers of consumer financecompanies;
3. Chapter 18 (§ 6.2-1800 et seq.), relating to payday lenders;
4. Chapter 22 (§ 6.2-2200 et seq.), relating to interest chargeable by motorvehicle title lenders;
5. § 36-55.31, relating to loans by the Virginia Housing DevelopmentAuthority;
6. § 38.2-1806, relating to interest chargeable by insurance agents;
7. Chapter 47 (§ 38.2-4700 et seq.) of Title 38.2, relating to interestchargeable by premium finance companies;
8. § 54.1-4008, relating to interest chargeable by pawnbrokers; and
9. § 58.1-3018, relating to interest and origination fees payable underthird-party tax payment agreements.
C. In the case of any loan upon which a person is not permitted to pleadusury, interest and other charges may be imposed and collected as agreed bythe parties.
D. Any provision of this chapter that provides that a loan or extension ofcredit may be enforced as agreed in the contract of indebtedness, shall notbe construed to preclude the charging or collecting of other loan fees andcharges permitted by law, in addition to the stated interest rate. Such otherloan fees and charges need not be included in the rate of interest stated inthe contract of indebtedness.
(1987, c. 622, § 6.1-330.55; 1997, c. 180; 2002, c. 897; 2010, cc. 477, 794.)
§ 6.2-303. (Effective October 1, 2010) Contracts for more than legal rate ofinterest.
A. Except as otherwise permitted by law, no contract shall be made for thepayment of interest on a loan at a rate that exceeds 12 percent per year.
B. Laws that permit payment of interest at a rate that exceeds 12 percent peryear are set out, without limitation, in:
1. Article 4 (§ 6.2-309 et seq.) of this chapter;
2. Chapter 15 (§ 6.2-1500 et seq.), relating to powers of consumer financecompanies;
3. Chapter 18 (§ 6.2-1800 et seq.), relating to payday lenders;
4. Chapter 22 (§ 6.2-2200 et seq.), relating to interest chargeable by motorvehicle title lenders;
5. § 36-55.31, relating to loans by the Virginia Housing DevelopmentAuthority;
6. § 38.2-1806, relating to interest chargeable by insurance agents;
7. Chapter 47 (§ 38.2-4700 et seq.) of Title 38.2, relating to interestchargeable by premium finance companies;
8. § 54.1-4008, relating to interest chargeable by pawnbrokers; and
9. § 58.1-3018, relating to interest and origination fees payable underthird-party tax payment agreements.
C. In the case of any loan upon which a person is not permitted to pleadusury, interest and other charges may be imposed and collected as agreed bythe parties.
D. Any provision of this chapter that provides that a loan or extension ofcredit may be enforced as agreed in the contract of indebtedness, shall notbe construed to preclude the charging or collecting of other loan fees andcharges permitted by law, in addition to the stated interest rate. Such otherloan fees and charges need not be included in the rate of interest stated inthe contract of indebtedness.
(1987, c. 622, § 6.1-330.55; 1997, c. 180; 2002, c. 897; 2010, cc. 477, 794.)
