{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-317.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-317.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-317.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-317.html"}],"law_id":69996,"edition_id":1,"section_id":69996,"structure_id":13915,"section_number":"6.2-317","catch_line":"Loans of $5,000 or more for business or investment purposes","history":"1987, c. 622, \u00a7 6.1-330.75; 2010, c. 794.","full_text":"A\n\nFor purposes of this section:1\n\nA loan shall be deemed to be for business or investment purposes if it is not for personal, family, or household purposes; and2\n\nPersonal, family, or household purposes do not include a passive or active investment.B\n\nNo person shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other statutory or case law relating to usury or compounding of interest, to avoid or defeat the payment of interest, or any other sum, in connection with a loan made to a person for business or investment purposes, if the initial amount of the loan is $5,000 or more.","order_by":null,"text":{"0":{"id":252894,"text":"For purposes of this section:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":252895,"text":"A loan shall be deemed to be for business or investment purposes if it is not for personal, family, or household purposes; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":252896,"text":"Personal, family, or household purposes do not include a passive or active investment.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":252897,"text":"No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other statutory or case law relating to usury or compounding of interest, to avoid or defeat the payment of interest, or any other sum, in connection with a loan made to a person for business or investment purposes, if the initial amount of the loan is $5,000 or more.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"ancestry":[{"id":13915,"edition_id":1,"name":"Loans Exempt From Limit on Contract Rate of Interest","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13814,"metadata":{},"date_created":"2026-06-26 03:46:17","date_modified":"2026-06-26 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03:43:56","permalink":{"id":263251,"object_type":"structure","relational_id":12853,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","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":64100,"structure_id":13915,"section_number":"6.2-309","catch_line":"Charges by banks and savings institutions on installment loans","url":"\/6.2-309\/","token":"6.2\/I\/3\/4\/6.2-309","metadata":false},{"id":77440,"structure_id":13915,"section_number":"6.2-310","catch_line":"Rate of interest chargeable by state banks and savings institutions","url":"\/6.2-310\/","token":"6.2\/I\/3\/4\/6.2-310","metadata":false},{"id":68100,"structure_id":13915,"section_number":"6.2-311","catch_line":"Closed-end installment loans by sellers of goods or services","url":"\/6.2-311\/","token":"6.2\/I\/3\/4\/6.2-311","metadata":false},{"id":71317,"structure_id":13915,"section_number":"6.2-312","catch_line":"Open-end credit plans","url":"\/6.2-312\/","token":"6.2\/I\/3\/4\/6.2-312","metadata":false},{"id":71741,"structure_id":13915,"section_number":"6.2-313","catch_line":"Open-end credit extended by banks or savings institutions","url":"\/6.2-313\/","token":"6.2\/I\/3\/4\/6.2-313","metadata":false},{"id":55614,"structure_id":13915,"section_number":"6.2-314","catch_line":"Motor vehicle purchase loans by subsidiaries and affiliates of banks and savings institutions","url":"\/6.2-314\/","token":"6.2\/I\/3\/4\/6.2-314","metadata":false},{"id":57088,"structure_id":13915,"section_number":"6.2-315","catch_line":"Loans by certain financial institutions or brokers payable on demand or having a term up to one year","url":"\/6.2-315\/","token":"6.2\/I\/3\/4\/6.2-315","metadata":false},{"id":80987,"structure_id":13915,"section_number":"6.2-316","catch_line":"Loans of $5,000 or more made by certain financial institutions","url":"\/6.2-316\/","token":"6.2\/I\/3\/4\/6.2-316","metadata":false},{"id":69996,"structure_id":13915,"section_number":"6.2-317","catch_line":"Loans of $5,000 or more for business or investment purposes","url":"\/6.2-317\/","token":"6.2\/I\/3\/4\/6.2-317","metadata":false},{"id":86413,"structure_id":13915,"section_number":"6.2-318","catch_line":"Loans by credit unions","url":"\/6.2-318\/","token":"6.2\/I\/3\/4\/6.2-318","metadata":false},{"id":73942,"structure_id":13915,"section_number":"6.2-319","catch_line":"Loans by pension plans to participants","url":"\/6.2-319\/","token":"6.2\/I\/3\/4\/6.2-319","metadata":false},{"id":80507,"structure_id":13915,"section_number":"6.2-320","catch_line":"Loans by industrial loan associations","url":"\/6.2-320\/","token":"6.2\/I\/3\/4\/6.2-320","metadata":false},{"id":63304,"structure_id":13915,"section_number":"6.2-321","catch_line":"Loans pursuant to stock option financing programs","url":"\/6.2-321\/","token":"6.2\/I\/3\/4\/6.2-321","metadata":false},{"id":59573,"structure_id":13915,"section_number":"6.2-322","catch_line":"Extensions of credit on pledged securities","url":"\/6.2-322\/","token":"6.2\/I\/3\/4\/6.2-322","metadata":false},{"id":54963,"structure_id":13915,"section_number":"6.2-323","catch_line":"Educational loans by banks or savings institutions","url":"\/6.2-323\/","token":"6.2\/I\/3\/4\/6.2-323","metadata":false},{"id":77770,"structure_id":13915,"section_number":"6.2-324","catch_line":"Educational loans by private institution of higher education","url":"\/6.2-324\/","token":"6.2\/I\/3\/4\/6.2-324","metadata":false},{"id":81140,"structure_id":13915,"section_number":"6.2-325","catch_line":"Certain loans secured by first deed of trust or mortgage","url":"\/6.2-325\/","token":"6.2\/I\/3\/4\/6.2-325","metadata":false},{"id":57847,"structure_id":13915,"section_number":"6.2-326","catch_line":"Fees and charges in connection with loans by real estate lenders","url":"\/6.2-326\/","token":"6.2\/I\/3\/4\/6.2-326","metadata":false},{"id":66025,"structure_id":13915,"section_number":"6.2-327","catch_line":"Certain loans secured by a subordinate deed of trust or mortgage","url":"\/6.2-327\/","token":"6.2\/I\/3\/4\/6.2-327","metadata":false},{"id":55296,"structure_id":13915,"section_number":"6.2-328","catch_line":"Charges allowed on loan secured by subordinate mortgage","url":"\/6.2-328\/","token":"6.2\/I\/3\/4\/6.2-328","metadata":false},{"id":71049,"structure_id":13915,"section_number":"6.2-329","catch_line":"Loans insured or guaranteed by certain governmental agencies","url":"\/6.2-329\/","token":"6.2\/I\/3\/4\/6.2-329","metadata":false}],"previous_section":{"id":80987,"structure_id":13915,"section_number":"6.2-316","catch_line":"Loans of $5,000 or more made by certain financial institutions","url":"\/6.2-316\/","token":"6.2\/I\/3\/4\/6.2-316","metadata":false},"next_section":{"id":86413,"structure_id":13915,"section_number":"6.2-318","catch_line":"Loans by credit unions","url":"\/6.2-318\/","token":"6.2\/I\/3\/4\/6.2-318","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-317\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 622 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 1987 \u201cActs\u201d aren\u2019t available online. 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 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":263411,"object_type":"law","relational_id":69996,"identifier":"6.2-317","token":"6.2\/I\/3\/4\/6.2-317","url":"\/6.2-317\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-317\/","token":"6.2\/I\/3\/4\/6.2-317","dublin_core":{"Title":"Loans of $5,000 or more for business or investment purposes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-317","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For purposes of this section: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A loan<\/span> shall be deemed to be for business or investment purposes if it is not for personal, family, or household purposes; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Personal, family, or household purposes do not include a passive or active investment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No person<\/span> shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other statutory or case law<\/span> relating to usury or compounding of interest, to avoid or defeat the payment of interest, or any other sum, in connection with a loan<\/span> made to a person<\/span> for business or investment purposes, if the initial amount of the loan<\/span> is $5,000 or more. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLOANS OF $5,000 OR MORE FOR BUSINESS OR INVESTMENT PURPOSES (\u00a7 6.2-317)\n\nA. For purposes of this section:\n\n 1. A loan shall be deemed to be for business or investment purposes if it is\n not for personal, family, or household purposes; and\n\n 2. Personal, family, or household purposes do not include a passive or active\n investment.\n\nB. No person shall, by way of defense or otherwise, avail himself of the\nprovisions of this chapter, or any other statutory or case law relating to usury\nor compounding of interest, to avoid or defeat the payment of interest, or any\nother sum, in connection with a loan made to a person for business or investment\npurposes, if the initial amount of the loan is $5,000 or more.\n\nHISTORY: 1987, c. 622, \u00a7 6.1-330.75; 2010, 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}}