2010 Code of Virginia
Title 6.1 - BANKING AND FINANCE.
Chapter 18 - Payday Loan Act (6.1-444 thru 6.1-471)
6.1-460 - (Repealed effective October 1, 2010) Rate of interest, loan fee, and verification fee.
§ 6.1-460. (Repealed effective October 1, 2010) Rate of interest, loan fee, and verification fee.
A. A licensee may charge and receive on each loan interest at a simple annual rate not to exceed 36 percent. A licensee may also charge (i) a loan fee as provided in subsection B and (ii) a verification fee as provided in subsection C.
B. A licensee may charge and receive a loan fee in an amount not to exceed 20 percent of the amount of the loan proceeds advanced to the borrower.
C. A licensee may charge and receive a verification fee in an amount not to exceed $5 for a loan made under this chapter. The verification fee shall be used in part to defray the costs of submitting a database inquiry as provided in subdivision B 4 of § 6.1-453.1.
(2002, c. 897; 2008, cc. 849, 876.)
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
