Virginia Code 6.2-315: Loans by certain financial institutions or brokers payable on demand or having a term up to one year.
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Any bank, savings institution, broker duly licensed to transact business as a stockbroker, or broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission, may loan money or discount bonds, bills, notes or other paper, whether payable on demand or for periods up to one year. Such a loan or discounting may be lawfully enforced as agreed in the contract of indebtedness. An interest rate charged in advance upon the entire amount of the loan or discount shall be lawful.
Terms Used In Virginia Code 6.2-315
- Bank: means any national bank, any bank organized under Chapter 8 (§ Virginia Code 6.2-300
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Loan: means a loan or forbearance of money. See Virginia Code 6.2-300
- Savings institution: means any savings institution, as defined in § Virginia Code 6.2-300
1987, c. 622, § 6.1-330.62; 2010, c. 794.