                                 CODE OF VIRGINIA

ENTITIES NOT PERMITTED TO PLEAD USURY (§ 6.2-308)

A. No (i) corporation, (ii) partnership that is required to file a certificate
pursuant to Chapter 2.1 (&#xA7; 50-73.1 et seq.) of Title 50 or was required to
file a certificate pursuant to former Chapter 2 (&#xA7; 50-44 et seq.) or
Chapter 3 (&#xA7; 50-74 et seq.) of Title 50 or that is formed under laws other
than those of the Commonwealth, (iii) limited liability company, (iv) business
trust, or (v) joint venture organized for the purpose of holding, developing,
and managing real estate for profit, shall, by way of defense or otherwise,
avail itself of any 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 any interest or any other sum that it has contracted to pay.

B. Nothing contained in this chapter or any other statutory or case law relating
to usury or compounding of interest shall be construed to prevent the recovery
of interest or any other sum that an entity described in subsection A has
contracted to pay, regardless of whether it is more than the contract rate of
interest and the fact appears on the face of the contract.

HISTORY: 1987, c. 622, § 6.1-330.76; 1988, c. 765; 1993, c. 113; 2010, c. 794.