{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1520.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1520.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1520.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1520.html"}],"law_id":67474,"edition_id":1,"section_id":67474,"structure_id":13144,"section_number":"6.2-1520","catch_line":"Rate of interest; late charges; processing fees","history":"1995, c. 2, \u00a7 6.1-272.1; 2001, c. 308; 2010, c. 794; 2020, cc. 1215, 1258.","full_text":"A\n\nA licensee may make installment loans of between $300 and $35,000, which loans shall have a term of no fewer than six months and no more than 120 months and shall be repayable in at least six substantially equal consecutive payments. A licensee may charge and collect interest on a loan made under this chapter at a single annual rate not to exceed 36 percent. Interest shall not be charged on an add-on basis and shall not be compounded but shall be computed and paid only as a percentage of the unpaid principal balance. Interest shall be computed on the basis of the number of days elapsed; however, if part or all of the consideration for a loan contract is the unpaid principal balance of a prior loan, then the principal amount payable under the loan contract may include any unpaid interest on the prior loan that has accrued within 90 days before the making of the new loan contract. For the purpose of computing interest, a day may equal 1\/360th or 1\/365th of a year.B\n\nA licensee may charge a late payment fee of $20 for any payment or portion of a payment not received and applied within 10 days of the contractual due date. For purposes of this section, a late payment fee for any individual scheduled contractual payment due may be assessed only once. The late payment fee shall be specified in the contract between the lender and the borrower.C\n\nA licensee may charge a loan processing fee not to exceed the greater of $50 or six percent of the principal amount of the loan, provided that the loan processing fee shall in no event exceed $150. The loan processing fee shall be stated in the loan contract. The loan processing fee shall not be deemed to constitute interest charged on the principal amount of the loan for purposes of determining whether the interest charged exceeds the 36 percent annual contract interest rate limitation imposed by subsection A. Upon payment of the full amount of principal due plus accrued interest and any other applicable fees within the first 30 days, whether through outside funds or a refinancing under a new loan advance, the borrower shall be entitled to a full rebate of the loan processing fee less an amount not to exceed $50 or the actual loan processing fee, whichever is less. If a loan is refinanced or renewed, a licensee may assess an additional loan processing fee on the loan no more than once during any 12-month period.D\n\nA licensee may collect from the borrower the amount of any actual fees necessary to file, record, or release its security interest with any public official or agency of a locality or the Commonwealth as may be required by law.","order_by":null,"text":{"0":{"id":244497,"text":"A licensee may make installment loans of between $300 and $35,000, which loans shall have a term of no fewer than six months and no more than 120 months and shall be repayable in at least six substantially equal consecutive payments. A licensee may charge and collect interest on a loan made under this chapter at a single annual rate not to exceed 36 percent. Interest shall not be charged on an add-on basis and shall not be compounded but shall be computed and paid only as a percentage of the unpaid principal balance. Interest shall be computed on the basis of the number of days elapsed; however, if part or all of the consideration for a loan contract is the unpaid principal balance of a prior loan, then the principal amount payable under the loan contract may include any unpaid interest on the prior loan that has accrued within 90 days before the making of the new loan contract. For the purpose of computing interest, a day may equal 1\/360th or 1\/365th of a year.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":244498,"text":"A licensee may charge a late payment fee of $20 for any payment or portion of a payment not received and applied within 10 days of the contractual due date. For purposes of this section, a late payment fee for any individual scheduled contractual payment due may be assessed only once. The late payment fee shall be specified in the contract between the lender and the borrower.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":244499,"text":"A licensee may charge a loan processing fee not to exceed the greater of $50 or six percent of the principal amount of the loan, provided that the loan processing fee shall in no event exceed $150. The loan processing fee shall be stated in the loan contract. The loan processing fee shall not be deemed to constitute interest charged on the principal amount of the loan for purposes of determining whether the interest charged exceeds the 36 percent annual contract interest rate limitation imposed by subsection A. Upon payment of the full amount of principal due plus accrued interest and any other applicable fees within the first 30 days, whether through outside funds or a refinancing under a new loan advance, the borrower shall be entitled to a full rebate of the loan processing fee less an amount not to exceed $50 or the actual loan processing fee, whichever is less. If a loan is refinanced or renewed, a licensee may assess an additional loan processing fee on the loan no more than once during any 12-month period.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":244500,"text":"A licensee may collect from the borrower the amount of any actual fees necessary to file, record, or release its security interest with any public official or agency of a locality or the Commonwealth as may be required by law.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13144,"edition_id":1,"name":"Consumer Finance Companies","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":265813,"object_type":"structure","relational_id":13144,"identifier":"15","token":"6.2\/III\/15","url":"\/6.2\/III\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13060,"edition_id":1,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":265721,"object_type":"structure","relational_id":13060,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","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":78115,"structure_id":13144,"section_number":"6.2-1500","catch_line":"Definitions","url":"\/6.2-1500\/","token":"6.2\/III\/15\/6.2-1500","metadata":false},{"id":78551,"structure_id":13144,"section_number":"6.2-1501","catch_line":"Compliance with chapter; license required; attempts to evade application of chapter","url":"\/6.2-1501\/","token":"6.2\/III\/15\/6.2-1501","metadata":false},{"id":76723,"structure_id":13144,"section_number":"6.2-1502","catch_line":"Certain persons ineligible as licensees; exception for subsidiaries","url":"\/6.2-1502\/","token":"6.2\/III\/15\/6.2-1502","metadata":false},{"id":84303,"structure_id":13144,"section_number":"6.2-1503","catch_line":"Scope of chapter","url":"\/6.2-1503\/","token":"6.2\/III\/15\/6.2-1503","metadata":false},{"id":76003,"structure_id":13144,"section_number":"6.2-1504","catch_line":"Restrictions on name","url":"\/6.2-1504\/","token":"6.2\/III\/15\/6.2-1504","metadata":false},{"id":76445,"structure_id":13144,"section_number":"6.2-1505","catch_line":"Application for license; application fee","url":"\/6.2-1505\/","token":"6.2\/III\/15\/6.2-1505","metadata":false},{"id":77100,"structure_id":13144,"section_number":"6.2-1506","catch_line":"Investigation of application","url":"\/6.2-1506\/","token":"6.2\/III\/15\/6.2-1506","metadata":false},{"id":66502,"structure_id":13144,"section_number":"6.2-1507","catch_line":"Issuance of license","url":"\/6.2-1507\/","token":"6.2\/III\/15\/6.2-1507","metadata":false},{"id":58217,"structure_id":13144,"section_number":"6.2-1508","catch_line":"Notices to Commission","url":"\/6.2-1508\/","token":"6.2\/III\/15\/6.2-1508","metadata":false},{"id":84357,"structure_id":13144,"section_number":"6.2-1508.1","catch_line":"Additional offices; relocation of offices","url":"\/6.2-1508.1\/","token":"6.2\/III\/15\/6.2-1508.1","metadata":false},{"id":87097,"structure_id":13144,"section_number":"6.2-1509","catch_line":"Contents, posting, transfer, and duration of license","url":"\/6.2-1509\/","token":"6.2\/III\/15\/6.2-1509","metadata":false},{"id":57614,"structure_id":13144,"section_number":"6.2-1510","catch_line":"Acquisition of control; application","url":"\/6.2-1510\/","token":"6.2\/III\/15\/6.2-1510","metadata":false},{"id":56011,"structure_id":13144,"section_number":"6.2-1511","catch_line":"Revocation of license","url":"\/6.2-1511\/","token":"6.2\/III\/15\/6.2-1511","metadata":false},{"id":72262,"structure_id":13144,"section_number":"6.2-1512","catch_line":"Suspension of license","url":"\/6.2-1512\/","token":"6.2\/III\/15\/6.2-1512","metadata":false},{"id":77811,"structure_id":13144,"section_number":"6.2-1513","catch_line":"Record and notice of revocation or suspension","url":"\/6.2-1513\/","token":"6.2\/III\/15\/6.2-1513","metadata":false},{"id":84660,"structure_id":13144,"section_number":"6.2-1514","catch_line":"Surrender of license","url":"\/6.2-1514\/","token":"6.2\/III\/15\/6.2-1514","metadata":false},{"id":61005,"structure_id":13144,"section_number":"6.2-1515","catch_line":"Effect of license revocation, suspension, or surrender","url":"\/6.2-1515\/","token":"6.2\/III\/15\/6.2-1515","metadata":false},{"id":55076,"structure_id":13144,"section_number":"6.2-1516","catch_line":"Reinstatement of license","url":"\/6.2-1516\/","token":"6.2\/III\/15\/6.2-1516","metadata":false},{"id":85229,"structure_id":13144,"section_number":"6.2-1517","catch_line":"Place of business generally","url":"\/6.2-1517\/","token":"6.2\/III\/15\/6.2-1517","metadata":false},{"id":71894,"structure_id":13144,"section_number":"6.2-1518","catch_line":"Notice of conduct of other business in same place of business; fee","url":"\/6.2-1518\/","token":"6.2\/III\/15\/6.2-1518","metadata":false},{"id":61745,"structure_id":13144,"section_number":"6.2-1519","catch_line":"Changing place of business","url":"\/6.2-1519\/","token":"6.2\/III\/15\/6.2-1519","metadata":false},{"id":67474,"structure_id":13144,"section_number":"6.2-1520","catch_line":"Rate of interest; late charges; processing fees","url":"\/6.2-1520\/","token":"6.2\/III\/15\/6.2-1520","metadata":false},{"id":83998,"structure_id":13144,"section_number":"6.2-1521","catch_line":"Post-judgment charges","url":"\/6.2-1521\/","token":"6.2\/III\/15\/6.2-1521","metadata":false},{"id":73299,"structure_id":13144,"section_number":"6.2-1522","catch_line":"Other limitations on interest","url":"\/6.2-1522\/","token":"6.2\/III\/15\/6.2-1522","metadata":false},{"id":73319,"structure_id":13144,"section_number":"6.2-1523","catch_line":"Additional charges prohibited; exceptions","url":"\/6.2-1523\/","token":"6.2\/III\/15\/6.2-1523","metadata":false},{"id":79049,"structure_id":13144,"section_number":"6.2-1523.1","catch_line":"(Effective July 1, 2026) Access partners","url":"\/6.2-1523.1\/","token":"6.2\/III\/15\/6.2-1523.1","metadata":false},{"id":55624,"structure_id":13144,"section_number":"6.2-1523.2","catch_line":"Application of chapter to Internet loans","url":"\/6.2-1523.2\/","token":"6.2\/III\/15\/6.2-1523.2","metadata":false},{"id":63200,"structure_id":13144,"section_number":"6.2-1523.3","catch_line":"Bond required","url":"\/6.2-1523.3\/","token":"6.2\/III\/15\/6.2-1523.3","metadata":false},{"id":83728,"structure_id":13144,"section_number":"6.2-1524","catch_line":"Required and prohibited activities and conduct","url":"\/6.2-1524\/","token":"6.2\/III\/15\/6.2-1524","metadata":false},{"id":62963,"structure_id":13144,"section_number":"6.2-1525","catch_line":"Wage purchases","url":"\/6.2-1525\/","token":"6.2\/III\/15\/6.2-1525","metadata":false},{"id":63320,"structure_id":13144,"section_number":"6.2-1526","catch_line":"Wage assignments","url":"\/6.2-1526\/","token":"6.2\/III\/15\/6.2-1526","metadata":false},{"id":60949,"structure_id":13144,"section_number":"6.2-1527","catch_line":"Liens on household furniture","url":"\/6.2-1527\/","token":"6.2\/III\/15\/6.2-1527","metadata":false},{"id":67469,"structure_id":13144,"section_number":"6.2-1528","catch_line":"Exemptions unimpaired","url":"\/6.2-1528\/","token":"6.2\/III\/15\/6.2-1528","metadata":false},{"id":60529,"structure_id":13144,"section_number":"6.2-1529","catch_line":"Collection of loans made outside Commonwealth","url":"\/6.2-1529\/","token":"6.2\/III\/15\/6.2-1529","metadata":false},{"id":54170,"structure_id":13144,"section_number":"6.2-1530","catch_line":"Investigations; immunities","url":"\/6.2-1530\/","token":"6.2\/III\/15\/6.2-1530","metadata":false},{"id":69823,"structure_id":13144,"section_number":"6.2-1531","catch_line":"Examination","url":"\/6.2-1531\/","token":"6.2\/III\/15\/6.2-1531","metadata":false},{"id":72194,"structure_id":13144,"section_number":"6.2-1532","catch_line":"Fees for examination, supervision and regulation","url":"\/6.2-1532\/","token":"6.2\/III\/15\/6.2-1532","metadata":false},{"id":80929,"structure_id":13144,"section_number":"6.2-1533","catch_line":"Books, accounts, and records; pledge or deposit of notes and securities","url":"\/6.2-1533\/","token":"6.2\/III\/15\/6.2-1533","metadata":false},{"id":85237,"structure_id":13144,"section_number":"6.2-1534","catch_line":"Annual reports","url":"\/6.2-1534\/","token":"6.2\/III\/15\/6.2-1534","metadata":false},{"id":77483,"structure_id":13144,"section_number":"6.2-1535","catch_line":"Regulations and orders","url":"\/6.2-1535\/","token":"6.2\/III\/15\/6.2-1535","metadata":false},{"id":74450,"structure_id":13144,"section_number":"6.2-1536","catch_line":"Disclosures in connection with sale of securities","url":"\/6.2-1536\/","token":"6.2\/III\/15\/6.2-1536","metadata":false},{"id":82107,"structure_id":13144,"section_number":"6.2-1537","catch_line":"Authority of Attorney General; impoundment of property and receivership","url":"\/6.2-1537\/","token":"6.2\/III\/15\/6.2-1537","metadata":false},{"id":60588,"structure_id":13144,"section_number":"6.2-1538","catch_line":"Copies of orders or licenses","url":"\/6.2-1538\/","token":"6.2\/III\/15\/6.2-1538","metadata":false},{"id":81969,"structure_id":13144,"section_number":"6.2-1539","catch_line":"Review by Commission","url":"\/6.2-1539\/","token":"6.2\/III\/15\/6.2-1539","metadata":false},{"id":83145,"structure_id":13144,"section_number":"6.2-1540","catch_line":"Criminal penalties","url":"\/6.2-1540\/","token":"6.2\/III\/15\/6.2-1540","metadata":false},{"id":86509,"structure_id":13144,"section_number":"6.2-1541","catch_line":"Unlawful contracts void; recovery of amounts paid","url":"\/6.2-1541\/","token":"6.2\/III\/15\/6.2-1541","metadata":false},{"id":79649,"structure_id":13144,"section_number":"6.2-1542","catch_line":"Duty to refund unauthorized or excess charges; liability to borrower for penalty","url":"\/6.2-1542\/","token":"6.2\/III\/15\/6.2-1542","metadata":false},{"id":64592,"structure_id":13144,"section_number":"6.2-1543","catch_line":"Civil penalties","url":"\/6.2-1543\/","token":"6.2\/III\/15\/6.2-1543","metadata":false}],"previous_section":{"id":61745,"structure_id":13144,"section_number":"6.2-1519","catch_line":"Changing place of business","url":"\/6.2-1519\/","token":"6.2\/III\/15\/6.2-1519","metadata":false},"next_section":{"id":83998,"structure_id":13144,"section_number":"6.2-1521","catch_line":"Post-judgment charges","url":"\/6.2-1521\/","token":"6.2\/III\/15\/6.2-1521","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1520\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 2<\/a> 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. 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 2001, chapter 308<\/a>; in 2010, chapter 794<\/a>; in 2020, chapters 1215<\/a> and 1258<\/a>.<\/p>","references":[{"id":73319,"section_number":"6.2-1523","catch_line":"Additional charges prohibited; exceptions","order_by":null,"url":"\/6.2-1523\/"},{"id":77440,"section_number":"6.2-310","catch_line":"Rate of interest chargeable by state banks and savings institutions","order_by":null,"url":"\/6.2-310\/"}],"refers_to":false,"permalink":{"id":265899,"object_type":"law","relational_id":67474,"identifier":"6.2-1520","token":"6.2\/III\/15\/6.2-1520","url":"\/6.2-1520\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1520\/","token":"6.2\/III\/15\/6.2-1520","dublin_core":{"Title":"Rate of interest; late charges; processing fees","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1520","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A licensee<\/span> may make installment loans of between $300 and $35,000, which loans shall have a term of no fewer than six months and no more than 120 months and shall be repayable in at least six substantially equal consecutive payments. A licensee<\/span> may charge and collect interest on a loan made under this chapter at a single annual rate not to exceed 36 percent. Interest shall not be charged on an add-on basis and shall not be compounded but shall be computed and paid only as a percentage of the unpaid principal<\/span> balance. Interest shall be computed on the basis of the number of days elapsed; however, if part or all of the consideration for a loan contract<\/span> is the unpaid principal<\/span> balance of a prior loan, then the principal<\/span> amount payable under the loan contract<\/span> may include any unpaid interest on the prior loan that has accrued within 90 days before the making of the new loan contract<\/span>. For the purpose of computing interest, a day may equal 1\/360th or 1\/365th of a year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A licensee<\/span> may charge a late payment fee of $20 for any payment or portion of a payment not received and applied within 10 days of the contractual due date. For purposes of this section, a late payment fee for any individual scheduled contractual payment due may be assessed only once. The late payment fee shall be specified in the contract<\/span> between the lender and the borrower. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A licensee<\/span> may charge a loan processing fee not to exceed the greater of $50 or six percent of the principal<\/span> amount of the loan, provided that the loan processing fee shall in no event exceed $150. The loan processing fee shall be stated in the loan contract<\/span>. The loan processing fee shall not be deemed to constitute interest charged on the principal<\/span> amount of the loan for purposes of determining whether the interest charged exceeds the 36 percent annual contract<\/span> interest rate limitation imposed by subsection A. Upon payment of the full amount of principal<\/span> due plus accrued interest and any other applicable fees within the first 30 days, whether through outside funds or a refinancing under a new loan advance, the borrower shall be entitled to a full rebate of the loan processing fee less an amount not to exceed $50 or the actual loan processing fee, whichever is less. If a loan is refinanced or renewed, a licensee<\/span> may assess an additional loan processing fee on the loan no more than once during any 12-month period. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A licensee<\/span> may collect from the borrower the amount of any actual fees necessary to file, record, or release its security interest with any public official or agency of a locality or the Commonwealth as may be required by law<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRATE OF INTEREST; LATE CHARGES; PROCESSING FEES (\u00a7 6.2-1520)\n\nA. A licensee may make installment loans of between $300 and $35,000, which\nloans shall have a term of no fewer than six months and no more than 120 months\nand shall be repayable in at least six substantially equal consecutive payments.\nA licensee may charge and collect interest on a loan made under this chapter at\na single annual rate not to exceed 36 percent. Interest shall not be charged on\nan add-on basis and shall not be compounded but shall be computed and paid only\nas a percentage of the unpaid principal balance. Interest shall be computed on\nthe basis of the number of days elapsed; however, if part or all of the\nconsideration for a loan contract is the unpaid principal balance of a prior\nloan, then the principal amount payable under the loan contract may include any\nunpaid interest on the prior loan that has accrued within 90 days before the\nmaking of the new loan contract. For the purpose of computing interest, a day\nmay equal 1\/360th or 1\/365th of a year.\n\nB. A licensee may charge a late payment fee of $20 for any payment or portion of\na payment not received and applied within 10 days of the contractual due date.\nFor purposes of this section, a late payment fee for any individual scheduled\ncontractual payment due may be assessed only once. The late payment fee shall be\nspecified in the contract between the lender and the borrower.\n\nC. A licensee may charge a loan processing fee not to exceed the greater of $50\nor six percent of the principal amount of the loan, provided that the loan\nprocessing fee shall in no event exceed $150. The loan processing fee shall be\nstated in the loan contract. The loan processing fee shall not be deemed to\nconstitute interest charged on the principal amount of the loan for purposes of\ndetermining whether the interest charged exceeds the 36 percent annual contract\ninterest rate limitation imposed by subsection A. Upon payment of the full\namount of principal due plus accrued interest and any other applicable fees\nwithin the first 30 days, whether through outside funds or a refinancing under a\nnew loan advance, the borrower shall be entitled to a full rebate of the loan\nprocessing fee less an amount not to exceed $50 or the actual loan processing\nfee, whichever is less. If a loan is refinanced or renewed, a licensee may\nassess an additional loan processing fee on the loan no more than once during\nany 12-month period.\n\nD. A licensee may collect from the borrower the amount of any actual fees\nnecessary to file, record, or release its security interest with any public\nofficial or agency of a locality or the Commonwealth as may be required by law.\n\nHISTORY: 1995, c. 2, \u00a7 6.1-272.1; 2001, c. 308; 2010, c. 794; 2020, cc. 1215,\n1258.","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}}