2006 Code of Virginia § 6.1-330.60 - Charges by banks and savings institutions; installment loans

6.1-330.60. Charges by banks and savings institutions; installment loans.

A. Notwithstanding any statute or other law, a bank or savings institutionmaking a loan payable in installments may impose finance charges and othercharges and fees at such rates and in such amounts and manner as may beagreed by the borrower. The provisions of this section shall also apply toloans for the purpose of financing the purchase of a motor vehicle, made by asubsidiary or affiliate of a bank or savings institution that is not alicensee under the provisions of the Consumer Finance Act ( 6.1-244 et seq.).

B. Notwithstanding any statute or law relating to interest or usury,including the deferral and capitalization of interest, any loan made by abank or savings institution to defray educational expenses, including, butnot limited to, tuition, fees, books, supplies, room, board, and personalexpenses, shall be lawfully enforced as agreed in the contract ofindebtedness.

(1987, c. 622; 1996, c. 242; 1997, c. 128; 1999, c. 610; 2001, c. 743.)