§ 55.1-901 Applicability; effect of noncompliance
A. This chapter applies only to transactions involving loans that (i) are made by lenders and (ii) will be secured by first deeds of trust or mortgages on real estate containing not more than four residential dwelling units.
B. Failure to comply with the provisions of this chapter shall not affect the validity or enforceability of any loan documents.
History
This law was first created in 1980. The record of its establishment is cataloged in chapter 730 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1980 “Acts” aren’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1993, chapter 530; in 2010, chapter 794; in 2019, chapter 712.
1980, c. 730, §§ 6.1-2.11, 6.1-2.14; 1993, c. 530; 2010, c. 794, § 55-525.9; 2019, c. 712.