                                 CODE OF VIRGINIA

RESTRICTION ON CERTAIN FEES AND CHARGES (§ 6.2-2216.4)

Notwithstanding any provision of this chapter to the contrary, a licensee shall
not contract for, charge, collect, or receive in connection with a motor vehicle
title 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, late charges, and reasonable costs of repossession and sale authorized
under § 6.2-2216.

HISTORY: 2020, cc. 1215, 1258.