Virginia Code 6.2-316: Loans of $5,000 or more made by certain financial institutions.
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No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter or any other section relating to usury to avoid or defeat the payment of interest, or any other sum, upon a loan made to a person by a bank, savings institution, industrial loan association, or credit union, if the initial principal amount of the loan is $5,000 or more.
Terms Used In Virginia Code 6.2-316
- Bank: means any national bank, any bank organized under Chapter 8 (§ Virginia Code 6.2-300
- Credit union: means any credit union organized under Chapter 13 (§ Virginia Code 6.2-300
- Loan: means a loan or forbearance of money. See Virginia Code 6.2-300
- Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Savings institution: means any savings institution, as defined in § Virginia Code 6.2-300
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
1987, c. 622, § 6.1-330.61; 2010, c. 794.