{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1189.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1189.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1189.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1189.html"}],"law_id":75293,"edition_id":1,"section_id":75293,"structure_id":16575,"section_number":"6.2-1189","catch_line":"Limitation on liability of savings institutions making loans for certain purposes","history":"1972, c. 796, \u00a7 6.1-195.6; 1985, c. 425, \u00a7 6.1-194.71; 1987, c. 335; 2010, c. 794.","full_text":"A savings institution that makes a loan, the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real or personal property for personal use, or for sale or lease to others, or for the acquisition or operation of a business, shall not be held liable to such borrower or to any third persons (i) for any loss or damage occasioned by any defect in the real or personal property so purchased, designed, manufactured, constructed, repaired, modified, or improved, (ii) for any loss or damage resulting from the failure of the borrower to use due care in the design, manufacture, construction, repair, modification, or improvement of any such real or personal property, or (iii) for the acts or omissions of the borrower in acquisition or operation of a business, unless such loss or damage is a result of an action of the savings institution outside the scope of its business as a savings institution, or unless the institution has knowingly been a party to misrepresentations with respect to such real or personal property.","order_by":null,"text":{"0":{"id":270348,"text":"A savings institution that makes a loan, the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real or personal property for personal use, or for sale or lease to others, or for the acquisition or operation of a business, shall not be held liable to such borrower or to any third persons (i) for any loss or damage occasioned by any defect in the real or personal property so purchased, designed, manufactured, constructed, repaired, modified, or improved, (ii) for any loss or damage resulting from the failure of the borrower to use due care in the design, manufacture, construction, repair, modification, or improvement of any such real or personal property, or (iii) for the acts or omissions of the borrower in acquisition or operation of a business, unless such loss or damage is a result of an action of the savings institution outside the scope of its business as a savings institution, or unless the institution has knowingly been a party to misrepresentations with respect to such real or personal property.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16575,"edition_id":1,"name":"Other Loans and Investments","identifier":"8","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 04:24:50","date_modified":"2026-06-26 04:24:50","permalink":{"id":264461,"object_type":"structure","relational_id":16575,"identifier":"8","token":"6.2\/II\/11\/8","url":"\/6.2\/II\/11\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71500,"structure_id":16575,"section_number":"6.2-1186","catch_line":"General investment authority of state savings institutions","url":"\/6.2-1186\/","token":"6.2\/II\/11\/8\/6.2-1186","metadata":false},{"id":73360,"structure_id":16575,"section_number":"6.2-1187","catch_line":"Investment authority of state savings banks","url":"\/6.2-1187\/","token":"6.2\/II\/11\/8\/6.2-1187","metadata":false},{"id":86451,"structure_id":16575,"section_number":"6.2-1188","catch_line":"Effect of repeal or amendment of statute or regulation on existing loan or investment","url":"\/6.2-1188\/","token":"6.2\/II\/11\/8\/6.2-1188","metadata":false},{"id":75293,"structure_id":16575,"section_number":"6.2-1189","catch_line":"Limitation on liability of savings institutions making loans for certain purposes","url":"\/6.2-1189\/","token":"6.2\/II\/11\/8\/6.2-1189","metadata":false},{"id":73236,"structure_id":16575,"section_number":"6.2-1190","catch_line":"Perfection of certain security interests","url":"\/6.2-1190\/","token":"6.2\/II\/11\/8\/6.2-1190","metadata":false}],"previous_section":{"id":86451,"structure_id":16575,"section_number":"6.2-1188","catch_line":"Effect of repeal or amendment of statute or regulation on existing loan or investment","url":"\/6.2-1188\/","token":"6.2\/II\/11\/8\/6.2-1188","metadata":false},"next_section":{"id":73236,"structure_id":16575,"section_number":"6.2-1190","catch_line":"Perfection of certain security interests","url":"\/6.2-1190\/","token":"6.2\/II\/11\/8\/6.2-1190","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1189\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 796 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1972 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1985, chapter 425; in 1987, chapter 335; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264475,"object_type":"law","relational_id":75293,"identifier":"6.2-1189","token":"6.2\/II\/11\/8\/6.2-1189","url":"\/6.2-1189\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1189\/","token":"6.2\/II\/11\/8\/6.2-1189","dublin_core":{"Title":"Limitation on liability of savings institutions making loans for certain purposes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1189","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A savings institution<\/span> that makes a loan, the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real or personal property for personal use, or for sale or lease to others, or for the acquisition or operation of a business, shall not be held liable to such borrower or to any third persons<\/span> (i) for any loss or damage occasioned by any defect in the real or personal property so purchased, designed, manufactured, constructed, repaired, modified, or improved, (ii) for any loss or damage resulting from the failure of the borrower to use due care in the design, manufacture, construction, repair, modification, or improvement of any such real or personal property, or (iii) for the acts or omissions of the borrower in acquisition or operation of a business, unless such loss or damage is a result of an action of the savings institution<\/span> outside the scope of its business as a savings institution<\/span>, or unless the institution has knowingly been a party<\/span> to misrepresentations with respect to such real or personal property.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIMITATION ON LIABILITY OF SAVINGS INSTITUTIONS MAKING LOANS FOR CERTAIN\nPURPOSES (\u00a7 6.2-1189)\n\nA savings institution that makes a loan, the proceeds of which are used or may\nbe used by the borrower to finance the purchase, design, manufacture,\nconstruction, repair, modification, or improvement of real or personal property\nfor personal use, or for sale or lease to others, or for the acquisition or\noperation of a business, shall not be held liable to such borrower or to any\nthird persons (i) for any loss or damage occasioned by any defect in the real or\npersonal property so purchased, designed, manufactured, constructed, repaired,\nmodified, or improved, (ii) for any loss or damage resulting from the failure of\nthe borrower to use due care in the design, manufacture, construction, repair,\nmodification, or improvement of any such real or personal property, or (iii) for\nthe acts or omissions of the borrower in acquisition or operation of a business,\nunless such loss or damage is a result of an action of the savings institution\noutside the scope of its business as a savings institution, or unless the\ninstitution has knowingly been a party to misrepresentations with respect to\nsuch real or personal property.\n\nHISTORY: 1972, c. 796, \u00a7 6.1-195.6; 1985, c. 425, \u00a7 6.1-194.71; 1987, c. 335;\n2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}