                                 CODE OF VIRGINIA

LOANS BY PENSION PLANS TO PARTICIPANTS (§ 6.2-319)

A. As used in this section, &#8220;pension plan&#8221; includes an
&#8220;employee pension benefit plan&#8221; or &#8220;pension plan&#8221; as
defined in &#xA7; 3(2) of the federal Employee Retirement Income Security Act of
1974 (P.L. 93-406, 88 Stat. 829).

B. Loans by a pension plan to an individual participating in the pension plan
shall be lawfully enforced as agreed in the contract of indebtedness. No such
participating individual, by way of defense or otherwise, shall avail himself of
the provisions of this chapter, or any other law relating to interest or usury,
to avoid or defeat the payment of interest or any other sum on any loan made by
the pension plan. Nothing contained in any law relating to interest or usury
shall be construed to prevent the recovery of such interest or other sum though
it is more than otherwise lawful interest and though that fact appears on the
face of the contract.

HISTORY: 1987, c. 622, § 6.1-330.67; 2010, c. 794.