2010 Code of Virginia
Title 6.2 - FINANCIAL INSTITUTIONS AND SERVICES.
Chapter 3 - Interest and Usury (6.2-300 thru 6.2-329)
6.2-317 - (Effective October 1, 2010) Loans of $5,000 or more for business or investment purposes.
§ 6.2-317. (Effective October 1, 2010) Loans of $5,000 or more for business or investment purposes.
A. For purposes of this section:
1. A loan shall be deemed to be for business or investment purposes if it is not for personal, family, or household purposes; and
2. Personal, family, or household purposes do not include a passive or active investment.
B. No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other statutory or case law relating to usury or compounding of interest, to avoid or defeat the payment of interest, or any other sum, in connection with a loan made to a person for business or investment purposes, if the initial amount of the loan is $5,000 or more.
(1987, c. 622, § 6.1-330.75; 2010, c. 794.)
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