§ 6.2-1523 Additional charges prohibited; exceptions
In addition to the interest, late payment fees, and loan processing fee permitted under § 6.2-1520, no further or other amount whatsoever for any examination service, brokerage, commission, fine, notarial fee, or other thing or otherwise shall be directly or indirectly charged, contracted for, collected, or received, except:
1. Insurance premiums actually paid out by the licensee to any insurance company or agent duly authorized to do business in the Commonwealth or another state for insurance for the protection and benefit of the borrower written in connection with any loan;
2. The actual cost of recordation fees or, on loans over $100, the amount of the lawful premiums, no greater than such fees, actually paid for insurance against the risk of not recording any instrument securing the loan; and
3. A handling fee not to exceed $25 for each check returned to the licensee because the drawer had no account or insufficient funds in the payor bank.
History
The record of this law’s original creation isn’t available online. It has been modified 10 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 1966, chapter 584; in 1978, chapter 625; in 1981, chapters 37 and 38; in 1984, chapter 296; in 1986, chapter 502; in 1990, chapter 751; in 1995, chapter 2; in 2001, chapter 308; in 2010, chapter 794; in 2020, chapters 1215 and 1258.
Code 1950, § 6-308; 1966, c. 584, § 6.1-278; 1978, c. 625; 1981, cc. 37, 38; 1984, c. 296; 1986, c. 502; 1990, c. 751; 1995, c. 2; 2001, c. 308; 2010, c. 794; 2020, cc. 1215, 1258.