{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2216.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2216.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2216.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2216.html"}],"law_id":86825,"edition_id":1,"section_id":86825,"structure_id":13458,"section_number":"6.2-2216","catch_line":"Authorized fees and charges","history":"2010, c. 477, \u00a7 6.1-496; 2020, cc. 1215, 1258.","full_text":"A\n\nA licensee may charge, collect, and receive only the following fees and charges in connection with a motor vehicle title loan, provided such fees and charges are set forth in the written loan contract described in \u00a7 6.2-2215.1:1\n\nInterest at a simple annual rate not to exceed 36 percent;2\n\nSubject to § 6.2-2216.1, a monthly maintenance fee that does not exceed the lesser of eight percent of the originally contracted loan amount or $15, provided the fee is not added to the loan balance on which interest is charged;3\n\nAny deposit item return fee incurred by the licensee, not to exceed $25, if a borrower’s check or electronic draft is returned because the account on which it was drawn was closed by the borrower or contained insufficient funds, or the borrower stopped payment of the check or electronic draft;4\n\nDamages and costs to which the licensee may become entitled to by law in connection with any civil action to collect a loan after default, except that the total amount of damages and costs shall not exceed the originally contracted loan amount;5\n\nReasonable costs of repossession and sale of the motor vehicle in accordance with § 6.2-2217, provided that the total amount of such costs of repossession and sale that a licensee or any person working on its behalf may charge or receive from the borrower shall be limited to an amount equal to five percent of the originally contracted loan amount; and6\n\nA late charge in accordance with the provisions of § 6.2-400 provided that the late charge shall not exceed $20.B\n\nNotwithstanding anything set forth in subsection A, other provisions of this chapter, or in a motor vehicle title loan agreement, interest shall not accrue on the principal balance of a motor vehicle title loan from and after:1\n\nThe date that the motor vehicle securing the title loan is repossessed by or at the direction of the licensee; or2\n\nSixty days after the borrower has failed to make a monthly payment on a motor vehicle title loan as required by the loan agreement unless the borrower has not surrendered the motor vehicle and the borrower is concealing the motor vehicle.C\n\nA licensee shall not be entitled to collect or recover from a borrower any sum otherwise permitted pursuant to § 6.2-302, 8.01-27.2, or 8.01-382. In no event shall the borrower be liable for fees incurred in connection with the storage of a motor vehicle securing a title loan.D\n\nIf any person causes a borrower to pay fees related to repossession or sale of the motor vehicle in excess of the amount allowed under subdivision A 5, or any fee to store the motor vehicle, the borrower shall be entitled to recover such amounts or fees from the licensee upon presenting a valid receipt.","order_by":null,"text":{"0":{"id":310890,"text":"A licensee may charge, collect, and receive only the following fees and charges in connection with a motor vehicle title loan, provided such fees and charges are set forth in the written loan contract described in \u00a7 6.2-2215.1:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":310891,"text":"Interest at a simple annual rate not to exceed 36 percent;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":310892,"text":"Subject to § 6.2-2216.1, a monthly maintenance fee that does not exceed the lesser of eight percent of the originally contracted loan amount or $15, provided the fee is not added to the loan balance on which interest is charged;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":310893,"text":"Any deposit item return fee incurred by the licensee, not to exceed $25, if a borrower’s check or electronic draft is returned because the account on which it was drawn was closed by the borrower or contained insufficient funds, or the borrower stopped payment of the check or electronic draft;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":310894,"text":"Damages and costs to which the licensee may become entitled to by law in connection with any civil action to collect a loan after default, except that the total amount of damages and costs shall not exceed the originally contracted loan amount;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":310895,"text":"Reasonable costs of repossession and sale of the motor vehicle in accordance with § 6.2-2217, provided that the total amount of such costs of repossession and sale that a licensee or any person working on its behalf may charge or receive from the borrower shall be limited to an amount equal to five percent of the originally contracted loan amount; and","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":310896,"text":"A late charge in accordance with the provisions of § 6.2-400 provided that the late charge shall not exceed $20.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":310897,"text":"Notwithstanding anything set forth in subsection A, other provisions of this chapter, or in a motor vehicle title loan agreement, interest shall not accrue on the principal balance of a motor vehicle title loan from and after:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"B1"},"8":{"id":310898,"text":"The date that the motor vehicle securing the title loan is repossessed by or at the direction of the licensee; or","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"9":{"id":310899,"text":"Sixty days after the borrower has failed to make a monthly payment on a motor vehicle title loan as required by the loan agreement unless the borrower has not surrendered the motor vehicle and the borrower is concealing the motor vehicle.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"10":{"id":310900,"text":"A licensee shall not be entitled to collect or recover from a borrower any sum otherwise permitted pursuant to § 6.2-302, 8.01-27.2, or 8.01-382. In no event shall the borrower be liable for fees incurred in connection with the storage of a motor vehicle securing a title loan.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"D"},"11":{"id":310901,"text":"If any person causes a borrower to pay fees related to repossession or sale of the motor vehicle in excess of the amount allowed under subdivision A 5, or any fee to store the motor vehicle, the borrower shall be entitled to recover such amounts or fees from the licensee upon presenting a valid receipt.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13458,"edition_id":1,"name":"Motor Vehicle Title Loans","identifier":"22","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:55","date_modified":"2026-06-26 03:44:55","permalink":{"id":266887,"object_type":"structure","relational_id":13458,"identifier":"22","token":"6.2\/III\/22","url":"\/6.2\/III\/22\/","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":76041,"structure_id":13458,"section_number":"6.2-2200","catch_line":"Definitions","url":"\/6.2-2200\/","token":"6.2\/III\/22\/6.2-2200","metadata":false},{"id":86220,"structure_id":13458,"section_number":"6.2-2201","catch_line":"License required","url":"\/6.2-2201\/","token":"6.2\/III\/22\/6.2-2201","metadata":false},{"id":86345,"structure_id":13458,"section_number":"6.2-2202","catch_line":"Scope of chapter","url":"\/6.2-2202\/","token":"6.2\/III\/22\/6.2-2202","metadata":false},{"id":67400,"structure_id":13458,"section_number":"6.2-2203","catch_line":"Application for license; form; content; fee","url":"\/6.2-2203\/","token":"6.2\/III\/22\/6.2-2203","metadata":false},{"id":73780,"structure_id":13458,"section_number":"6.2-2204","catch_line":"Bond required","url":"\/6.2-2204\/","token":"6.2\/III\/22\/6.2-2204","metadata":false},{"id":74026,"structure_id":13458,"section_number":"6.2-2205","catch_line":"Investigation of applications","url":"\/6.2-2205\/","token":"6.2\/III\/22\/6.2-2205","metadata":false},{"id":73822,"structure_id":13458,"section_number":"6.2-2206","catch_line":"Qualifications","url":"\/6.2-2206\/","token":"6.2\/III\/22\/6.2-2206","metadata":false},{"id":68337,"structure_id":13458,"section_number":"6.2-2207","catch_line":"Licenses; places of business; changes","url":"\/6.2-2207\/","token":"6.2\/III\/22\/6.2-2207","metadata":false},{"id":83906,"structure_id":13458,"section_number":"6.2-2208","catch_line":"Acquisition of control; application","url":"\/6.2-2208\/","token":"6.2\/III\/22\/6.2-2208","metadata":false},{"id":78996,"structure_id":13458,"section_number":"6.2-2209","catch_line":"Retention of books, accounts, and records","url":"\/6.2-2209\/","token":"6.2\/III\/22\/6.2-2209","metadata":false},{"id":56346,"structure_id":13458,"section_number":"6.2-2210","catch_line":"Annual report","url":"\/6.2-2210\/","token":"6.2\/III\/22\/6.2-2210","metadata":false},{"id":84839,"structure_id":13458,"section_number":"6.2-2211","catch_line":"Other reporting requirements","url":"\/6.2-2211\/","token":"6.2\/III\/22\/6.2-2211","metadata":false},{"id":68990,"structure_id":13458,"section_number":"6.2-2212","catch_line":"Investigations; examinations","url":"\/6.2-2212\/","token":"6.2\/III\/22\/6.2-2212","metadata":false},{"id":69489,"structure_id":13458,"section_number":"6.2-2213","catch_line":"Annual fees","url":"\/6.2-2213\/","token":"6.2\/III\/22\/6.2-2213","metadata":false},{"id":67173,"structure_id":13458,"section_number":"6.2-2214","catch_line":"Regulations","url":"\/6.2-2214\/","token":"6.2\/III\/22\/6.2-2214","metadata":false},{"id":67183,"structure_id":13458,"section_number":"6.2-2215","catch_line":"Required and prohibited business methods","url":"\/6.2-2215\/","token":"6.2\/III\/22\/6.2-2215","metadata":false},{"id":54418,"structure_id":13458,"section_number":"6.2-2215.1","catch_line":"Loan terms and conditions","url":"\/6.2-2215.1\/","token":"6.2\/III\/22\/6.2-2215.1","metadata":false},{"id":86825,"structure_id":13458,"section_number":"6.2-2216","catch_line":"Authorized fees and charges","url":"\/6.2-2216\/","token":"6.2\/III\/22\/6.2-2216","metadata":false},{"id":83368,"structure_id":13458,"section_number":"6.2-2216.1","catch_line":"Inflation adjustment of maximum monthly maintenance fee","url":"\/6.2-2216.1\/","token":"6.2\/III\/22\/6.2-2216.1","metadata":false},{"id":58242,"structure_id":13458,"section_number":"6.2-2216.2","catch_line":"Refinancing of motor vehicle title loan","url":"\/6.2-2216.2\/","token":"6.2\/III\/22\/6.2-2216.2","metadata":false},{"id":74445,"structure_id":13458,"section_number":"6.2-2216.3","catch_line":"Statement of balance due; repayment and refunds","url":"\/6.2-2216.3\/","token":"6.2\/III\/22\/6.2-2216.3","metadata":false},{"id":74396,"structure_id":13458,"section_number":"6.2-2216.4","catch_line":"Restriction on certain fees and charges","url":"\/6.2-2216.4\/","token":"6.2\/III\/22\/6.2-2216.4","metadata":false},{"id":79602,"structure_id":13458,"section_number":"6.2-2216.5","catch_line":"Verification of borrower's income","url":"\/6.2-2216.5\/","token":"6.2\/III\/22\/6.2-2216.5","metadata":false},{"id":72369,"structure_id":13458,"section_number":"6.2-2217","catch_line":"Limited recourse; repossession and sale of motor vehicle","url":"\/6.2-2217\/","token":"6.2\/III\/22\/6.2-2217","metadata":false},{"id":65091,"structure_id":13458,"section_number":"6.2-2218","catch_line":"Advertising","url":"\/6.2-2218\/","token":"6.2\/III\/22\/6.2-2218","metadata":false},{"id":54679,"structure_id":13458,"section_number":"6.2-2218.1","catch_line":"Other business","url":"\/6.2-2218.1\/","token":"6.2\/III\/22\/6.2-2218.1","metadata":false},{"id":58040,"structure_id":13458,"section_number":"6.2-2219","catch_line":"Suspension or revocation of license","url":"\/6.2-2219\/","token":"6.2\/III\/22\/6.2-2219","metadata":false},{"id":87177,"structure_id":13458,"section_number":"6.2-2220","catch_line":"Cease and desist orders","url":"\/6.2-2220\/","token":"6.2\/III\/22\/6.2-2220","metadata":false},{"id":83357,"structure_id":13458,"section_number":"6.2-2221","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-2221\/","token":"6.2\/III\/22\/6.2-2221","metadata":false},{"id":63184,"structure_id":13458,"section_number":"6.2-2222","catch_line":"Fines for violations","url":"\/6.2-2222\/","token":"6.2\/III\/22\/6.2-2222","metadata":false},{"id":79604,"structure_id":13458,"section_number":"6.2-2223","catch_line":"Criminal penalty","url":"\/6.2-2223\/","token":"6.2\/III\/22\/6.2-2223","metadata":false},{"id":77105,"structure_id":13458,"section_number":"6.2-2224","catch_line":"Validity of noncompliant loan agreement; private right of action","url":"\/6.2-2224\/","token":"6.2\/III\/22\/6.2-2224","metadata":false},{"id":82178,"structure_id":13458,"section_number":"6.2-2225","catch_line":"Application of chapter to Internet loans","url":"\/6.2-2225\/","token":"6.2\/III\/22\/6.2-2225","metadata":false},{"id":82392,"structure_id":13458,"section_number":"6.2-2226","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-2226\/","token":"6.2\/III\/22\/6.2-2226","metadata":false},{"id":64595,"structure_id":13458,"section_number":"6.2-2227","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-2227\/","token":"6.2\/III\/22\/6.2-2227","metadata":false}],"previous_section":{"id":54418,"structure_id":13458,"section_number":"6.2-2215.1","catch_line":"Loan terms and conditions","url":"\/6.2-2215.1\/","token":"6.2\/III\/22\/6.2-2215.1","metadata":false},"next_section":{"id":83368,"structure_id":13458,"section_number":"6.2-2216.1","catch_line":"Inflation adjustment of maximum monthly maintenance fee","url":"\/6.2-2216.1\/","token":"6.2\/III\/22\/6.2-2216.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2216\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapter 477<\/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 1 time. 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. That modification is as follows: in 2020, chapters 1215<\/a> and 1258<\/a>.<\/p>","references":[{"id":76041,"section_number":"6.2-2200","catch_line":"Definitions","order_by":null,"url":"\/6.2-2200\/"},{"id":67183,"section_number":"6.2-2215","catch_line":"Required and prohibited business methods","order_by":null,"url":"\/6.2-2215\/"},{"id":83368,"section_number":"6.2-2216.1","catch_line":"Inflation adjustment of maximum monthly maintenance fee","order_by":null,"url":"\/6.2-2216.1\/"},{"id":74396,"section_number":"6.2-2216.4","catch_line":"Restriction on certain fees and charges","order_by":null,"url":"\/6.2-2216.4\/"},{"id":72369,"section_number":"6.2-2217","catch_line":"Limited recourse; repossession and sale of motor vehicle","order_by":null,"url":"\/6.2-2217\/"}],"refers_to":[{"id":83368,"section_number":"6.2-2216.1","catch_line":"Inflation adjustment of maximum monthly maintenance fee","order_by":null,"url":"\/6.2-2216.1\/"},{"id":72369,"section_number":"6.2-2217","catch_line":"Limited recourse; repossession and sale of motor vehicle","order_by":null,"url":"\/6.2-2217\/"},{"id":70402,"section_number":"6.2-302","catch_line":"Judgment rate of interest","order_by":null,"url":"\/6.2-302\/"},{"id":85650,"section_number":"6.2-400","catch_line":"Amount of late charge; when charge can be made","order_by":null,"url":"\/6.2-400\/"},{"id":69072,"section_number":"8.01-27.2","catch_line":"Civil recovery for giving bad check","order_by":null,"url":"\/8.01-27.2\/"},{"id":63842,"section_number":"8.01-382","catch_line":"Verdict, judgment or decree to fix period at which interest begins; final order; judgment or decree for interest","order_by":null,"url":"\/8.01-382\/"}],"permalink":{"id":266957,"object_type":"law","relational_id":86825,"identifier":"6.2-2216","token":"6.2\/III\/22\/6.2-2216","url":"\/6.2-2216\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2216\/","token":"6.2\/III\/22\/6.2-2216","dublin_core":{"Title":"Authorized fees and charges","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2216","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A licensee<\/span> may charge, collect, and receive only the following fees and charges in connection with a motor vehicle title loan<\/span>, provided such fees and charges are set forth in the written loan contract<\/span> described in \u00a7 6.2-2215.1<\/a>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Interest<\/span> at a simple annual rate not to exceed 36 percent; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Subject to § 6.2-2216.1<\/a>, a monthly maintenance fee that does not exceed the lesser of eight percent of the originally contracted loan amount<\/span> or $15, provided the fee is not added to the loan balance on which interest<\/span> is charged; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any deposit item return fee incurred by the licensee<\/span>, not to exceed $25, if a borrower’s check or electronic draft is returned because the account on which it was drawn was closed by the borrower or contained insufficient funds, or the borrower stopped payment of the check or electronic draft; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Damages<\/span> and costs to which the licensee<\/span> may become entitled to by law<\/span> in connection with any civil action<\/span> to collect a loan after default<\/span>, except that the total amount of damages<\/span> and costs shall not exceed the originally contracted loan amount<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Reasonable costs of repossession and sale of the motor vehicle in accordance with § 6.2-2217<\/a>, provided that the total amount of such costs of repossession and sale that a licensee<\/span> or any person<\/span> working on its behalf may charge or receive from the borrower shall be limited to an amount equal to five percent of the originally contracted loan amount<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A late charge in accordance with the provisions of § 6.2-400<\/a> provided that the late charge shall not exceed $20. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding anything set forth in subsection A, other provisions of this chapter, or in a motor vehicle title loan<\/span> agreement<\/span>, interest<\/span> shall not accrue on the principal<\/span> balance of a motor vehicle title loan<\/span> from and after: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The date that the motor vehicle securing the title loan is repossessed by or at the direction of the licensee<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Sixty days after the borrower has failed to make a monthly payment on a motor vehicle title loan<\/span> as required by the loan agreement unless the borrower has not surrendered the motor vehicle and the borrower is concealing the motor vehicle. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A licensee<\/span> shall not be entitled to collect or recover from a borrower any sum otherwise permitted pursuant to § 6.2-302<\/a>, 8.01-27.2<\/a>, or 8.01-382<\/a>. In no event shall the borrower be liable for fees incurred in connection with the storage of a motor vehicle securing a title loan. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If any person<\/span> causes a borrower to pay fees related to repossession or sale of the motor vehicle in excess of the amount allowed under subdivision A 5, or any fee to store the motor vehicle, the borrower shall be entitled to recover such amounts or fees from the licensee<\/span> upon presenting a valid receipt. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORIZED FEES AND CHARGES (\u00a7 6.2-2216)\n\nA. A licensee may charge, collect, and receive only the following fees and\ncharges in connection with a motor vehicle title loan, provided such fees and\ncharges are set forth in the written loan contract described in \u00a7 6.2-2215.1:\n\n 1. Interest at a simple annual rate not to exceed 36 percent;\n\n 2. Subject to § 6.2-2216.1, a monthly maintenance fee that does not\n exceed the lesser of eight percent of the originally contracted loan amount or\n $15, provided the fee is not added to the loan balance on which interest is\n charged;\n\n 3. Any deposit item return fee incurred by the licensee, not to exceed $25, if\n a borrower’s check or electronic draft is returned because the account\n on which it was drawn was closed by the borrower or contained insufficient\n funds, or the borrower stopped payment of the check or electronic draft;\n\n 4. Damages and costs to which the licensee may become entitled to by law in\n connection with any civil action to collect a loan after default, except that\n the total amount of damages and costs shall not exceed the originally\n contracted loan amount;\n\n 5. Reasonable costs of repossession and sale of the motor vehicle in\n accordance with § 6.2-2217, provided that the total amount of such costs\n of repossession and sale that a licensee or any person working on its behalf\n may charge or receive from the borrower shall be limited to an amount equal to\n five percent of the originally contracted loan amount; and\n\n 6. A late charge in accordance with the provisions of § 6.2-400 provided\n that the late charge shall not exceed $20.\n\nB. Notwithstanding anything set forth in subsection A, other provisions of this\nchapter, or in a motor vehicle title loan agreement, interest shall not accrue\non the principal balance of a motor vehicle title loan from and after:\n\n 1. The date that the motor vehicle securing the title loan is repossessed by\n or at the direction of the licensee; or\n\n 2. Sixty days after the borrower has failed to make a monthly payment on a\n motor vehicle title loan as required by the loan agreement unless the borrower\n has not surrendered the motor vehicle and the borrower is concealing the motor\n vehicle.\n\nC. A licensee shall not be entitled to collect or recover from a borrower any\nsum otherwise permitted pursuant to § 6.2-302, 8.01-27.2, or 8.01-382. In\nno event shall the borrower be liable for fees incurred in connection with the\nstorage of a motor vehicle securing a title loan.\n\nD. If any person causes a borrower to pay fees related to repossession or sale\nof the motor vehicle in excess of the amount allowed under subdivision A 5, or\nany fee to store the motor vehicle, the borrower shall be entitled to recover\nsuch amounts or fees from the licensee upon presenting a valid receipt.\n\nHISTORY: 2010, c. 477, \u00a7 6.1-496; 2020, cc. 1215, 1258.","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}}