Virginia Code 6.2-306: Waiver of rights violative of public policy.
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A. Any agreement or contract in which the borrower waives the benefits of this chapter or releases any rights he may have acquired under this chapter shall be deemed to be against public policy and void.
Terms Used In Virginia Code 6.2-306
- Contract: A legal written agreement that becomes binding when signed.
- Loan: means a loan or forbearance of money. See Virginia Code 6.2-300
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
B. The provisions of subsection A shall not apply to a waiver of benefits or release of rights made subsequent to a loan as part of a settlement of potential or pending claims by a borrower involving such loan.
1987, c. 622, § 6.1-330.58; 2010, c. 794.