2006 Code of Virginia § 6.1-330.74 - Limiting application of this chapter and other usury sections in actions for recovery of interest u...

6.1-330.74. Limiting application of this chapter and other usury sectionsin actions for recovery of interest under certain contracts insured, etc., bygovernmental agencies.

A. No person shall, by way of defense or otherwise, avail himself of any ofthe provisions of this chapter or any other law relating to usury or anystatute or rule of case law relating to compounding of interest to avoid ordefeat the payment of any interest or any other sum which he has contractedto pay on any loan:

1. Insured by the Federal Housing Administration, pursuant to the provisionsof this National Housing Act;

2. Guaranteed by the Veterans Administration, pursuant to Title 38 of theUnited States Code; or

3. Insured or guaranteed by any similar federal governmental agency ororganization, or made directly or indirectly by the Virginia HousingDevelopment Authority pursuant to the provisions of Chapter 1.2 ( 36-55.24et seq.) of Title 36.

B. Nothing contained in this chapter shall be construed to prevent therecovery of such interest or fee from any person who has contracted to paythe same in connection with any loan described in this section.

(1987, c. 622.)