                                 CODE OF VIRGINIA

LOANS OF $5,000 OR MORE FOR BUSINESS OR INVESTMENT PURPOSES (§ 6.2-317)

A. For purposes of this section:

   1. A loan shall be deemed to be for business or investment purposes if it is
   not for personal, family, or household purposes; and

   2. Personal, family, or household purposes do not include a passive or active
   investment.

B. 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.

HISTORY: 1987, c. 622, § 6.1-330.75; 2010, c. 794.