2006 Code of Virginia § 3.1-70 - Repayment of loans; interest; security
3.1-70. Repayment of loans; interest; security.
All loans made under this article shall be repayable within twenty-threeyears, with interest at the rate of three per centum per annum on the unpaidbalance, after the third year of such loan. At least five percent of theprincipal amount of such loan shall be repaid annually after the third year,with the privilege of anticipation. Each such equity loan shall be securedboth as to principal and interest in such manner as the Governor shallprescribe.
(Code 1950, 3-79.24; 1954, c. 453; 1966, c. 702.)
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