                                 CODE OF VIRGINIA

LOANS BY INDUSTRIAL LOAN ASSOCIATIONS (§ 6.2-320)

A. Notwithstanding any statutory or case law relating to interest or usury,
loans made by an industrial loan association payable in weekly, monthly, or
other periodic installments may be enforced as agreed in the contract of
indebtedness. In addition, such association may charge or collect in advance
from the borrower on such loans a loan fee not exceeding two percent of the
principal amount of the loan. An interest rate charged in advance upon the
entire amount of the loan or pursuant to a written modification agreement shall
be lawful.

B. An industrial loan association may charge interest at an annual rate not
exceeding 18 percent on loans payable on demand or in a single payment. In
addition, such association may charge or collect in advance from the borrower on
such loans a loan fee not exceeding two percent of the principal amount of the
loan.

HISTORY: 1987, c. 622, § 6.1-330.68; 2010, c. 794.