Virginia Code 55.1-901: Applicability; effect of noncompliance
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A. This chapter applies only to transactions involving loans that (i) are made by lenders and (ii) will be secured by first deeds of trust or mortgages on real estate containing not more than four residential dwelling units.
Terms Used In Virginia Code 55.1-901
- Loan documents: means the note evidencing the debt due the lender, the deed of trust, or the mortgage securing the debt due the lender and any other documents required by the lender to be executed by the borrower as a part of the transaction. See Virginia Code 55.1-900
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
B. Failure to comply with the provisions of this chapter shall not affect the validity or enforceability of any loan documents.
1980, c. 730, §§ 6.1-2.11, 6.1-2.14; 1993, c. 530; 2010, c. 794, § 55-525.9; 2019, c. 712.