                                 CODE OF VIRGINIA

CERTAIN LOANS SECURED BY FIRST DEED OF TRUST OR MORTGAGE (§ 6.2-325)

A. As used in this section, &#8220;real estate&#8221; includes a leasehold
estate of not less than 25 years.

B. Notwithstanding the provisions of any law relating to interest or usury,
contracts made for the loan of money, secured or to be secured by a first deed
of trust or first mortgage on real estate, or by a first priority security
interest in the stock of a residential cooperative housing corporation, may be
enforced as agreed in the contract of indebtedness or other agreement signed by
the borrower.

C. For the purpose of this section, an interest rate which varies in accordance
with any exterior standard, or which cannot be ascertained from the contract
without reference to any exterior circumstances or documents, shall be
enforceable as agreed in the contract of indebtedness or other signed agreement.

D. Disclosure of charges in a disclosure given to the borrower pursuant to
federal disclosure laws or regulations and acceptance of the loan proceeds by
the borrower shall be deemed an agreement signed by the borrower within the
meaning of this section.

HISTORY: 1987, c. 622, § 6.1-330.69; 2010, c. 794.