2005 Vermont Code - § 46. — Exceptions

§ 46. Exceptions

In the case of:

(1) obligations of corporations, including municipal and nonprofit corporations; or

(2) obligations incurred by any person, partnership, association or other entity to finance in whole or in part income-producing business or activity, but not including obligations incurred to finance family dwellings of two units or less when used as a residence by the borrower or to finance real estate which is devoted to agricultural purposes as part of an operating farming unit when used as a residence by the borrower; or

(3) obligations to finance the purchase, construction or improvement of property for seasonal or part-time occupancy and not as a place of legal residence; or

(4) obligations guaranteed or insured by the United States of America or any agency thereof

the parties may contract for a rate of interest in excess of the rate provided in section 41a of this title and in the case of such loans sections 43 and 45 of this title as to deposit requirements and prepayment penalties shall not apply. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1969, No. 66, § 3, eff. April 17, 1969; 1973, No. 222 (Adj. Sess.), § 6, eff. April 3, 1974; 1975, No. 216 (Adj. Sess.), § 5, eff. March 27, 1976.)