                                 CODE OF VIRGINIA

RECOVERY OF TWICE TOTAL USURIOUS INTEREST PAID; LIMITATION OF ACTION; INJUNCTION
TO PREVENT SALE OF PROPERTY PENDING ACTION; EFFECT OF ERRORS IN COMPUTATION (§
6.2-305)

A. If interest in excess of that permitted by an applicable statute is paid upon
any loan, the person paying may bring an action within two years from the first
to occur of: (i) the date of the last scheduled loan payment or (ii) the date of
payment of the loan in full, to recover from the person taking or receiving such
payments:

   1. The total amount of the interest paid to such person in excess of that
   permitted by the applicable statute;

   2. Twice the total amount of interest paid to such person during the two years
   immediately preceding the date of the filing of the action; and

   3. Court costs and reasonable attorney fees.

B. If the sale of property in which an interest has been conveyed to secure the
payment of the debt is scheduled or anticipated, an injunction may be granted to
prevent such sale pending the completion of an action brought pursuant to
subsection A.

C. Any creditor who proves that interest or other charges in excess of those
permitted by law were imposed or collected as a result of a bona fide error in
computation or similar mistake shall not be liable for the penalties prescribed
in this section. In such event, the creditor shall only be liable to return to
the borrower the amount of interest or other charges collected in excess of the
amount permitted by applicable statute.

HISTORY: 1987, c. 622, § 6.1-330.57; 2010, c. 794.