Virginia Code 6.2-323: Educational loans by banks or savings institutions.
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Notwithstanding any statutory or case law relating to interest or usury, including the deferral and capitalization of interest, any loan made by a bank or savings institution to defray educational expenses, including tuition, fees, books, supplies, room, board, and personal expenses, shall be lawfully enforced as agreed in the contract of indebtedness.
Terms Used In Virginia Code 6.2-323
- Bank: means any national bank, any bank organized under Chapter 8 (§ Virginia Code 6.2-300
- Case law: The law as laid down in cases that have been decided in the decisions of the courts.
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
1987, c. 622, § 6.1-330.60; 1996, c. 242; 1997, c. 128; 1999, c. 610; 2001, c. 743; 2010, c. 794.