                                 CODE OF VIRGINIA

RESTRICTION ON CERTAIN FEES AND CHARGES (§ 6.2-1818.3)

Notwithstanding any provision of this chapter to the contrary, a licensee shall
not contract for, charge, collect, or receive in connection with a short-term
loan a total amount of fees and charges that exceeds either (i) 50 percent of
the originally contracted loan amount, if the originally contracted loan amount
was $1,500 or less or (ii) 60 percent of the originally contracted loan amount,
if the originally contracted loan amount was greater than $1,500. For purposes
of this section, all charges made in connection with the loan shall be included
when calculating the total loan charges except for deposit item return fees and
late charges authorized under § 6.2-1817.

HISTORY: 2020, cc. 1215, 1258.