reglab/housing_qa huggingface dataset:
VA Code § 6.2-409 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-409. Addition of unpaid interest to principal balance

A. For the purpose of this section:"First deed of trust" or "first mortgage" includes all deeds of trust and mortgages, and amendments thereto, that are made by the same grantor or mortgagor, secure notes held by the same holder, convey substantially the same real estate, and are superior to all other deeds of trust or mortgages on the real estate."Grantor" or "mortgagor" includes an owner of real estate, and spouse, who has assumed responsibility for the obligation secured by such deed of trust or mortgage encumbering the real estate."Real estate" includes a leasehold estate of not less than 25 years.B. Notwithstanding any other statutory or case law relating to compounding of interest, if regularly scheduled periodic payments on an obligation secured by a first mortgage or first deed of trust on real estate are insufficient to pay currently accruing interest on the then principal balance, an agreement in the contract of indebtedness, or other agreement signed by the borrower, providing for the addition of such unpaid interest to the principal balance and the future accrual of interest on such balances, shall be enforceable as written.C. 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.1987, c. 622, § 6.1-330.69; 2010, c. 794.
VA Code § 6.2-410 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-410. Borrowers not to be required to employ particular professionals

In the case of loans secured by deeds of trust or mortgages on one- to four-family dwelling units, the lender may not require the borrower to use the services of a particular attorney, surveyor, or insurer. The lender shall have the right to approve any attorney, surveyor, or insurer selected by the borrower, provided such approval is not unreasonably withheld.1987, c. 622, § 6.1-330.70; 1990, c. 3; 2010, c. 794.
VA Code § 6.2-411 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-411. Requirements relating to insurance

A. Any lender making a loan secured by a subordinate mortgage or deed of trust, as defined in § 6.2-300, may require the borrower to provide:1. Evidence of flood insurance if the security property is located in a special flood hazard area;2. Evidence of fire and extended coverage insurance; and3. Decreasing term life insurance, in an amount not exceeding the amount of the loan and for a period not exceeding the term of the loan.B. At the option of the borrower, accident and health insurance and involuntary unemployment insurance may be provided by the lender.C. Proof of all insurance issued in connection with loans subject to this chapter shall be furnished to the borrower within 10 days from the date the loan is closed.1987, c. 622, § 6.1-330.72; 1993, c. 774; 1995, c. 75; 1996, c. 243; 1998, cc. 69, 89; 2010, c. 794.
VA Code § 6.2-412 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-412. Insurance coverage under certain loans not to exceed replacement value of improvements

A. As used in this section:"Flood insurance coverage" means insurance against loss or damage to any property caused by flooding or the rising of the waters of the ocean or its tributaries."Property insurance coverage" means insurance against losses or damages caused by perils that commonly are covered in insurance policies described with terms similar to "standard fire" or "standard fire with extended coverage."B. No lender shall require a borrower, as a condition to receiving or maintaining a loan secured by any mortgage or deed of trust, to provide or purchase property insurance coverage or flood insurance coverage against risks to any improvements on any real property in an amount exceeding the replacement value of the improvements on the real property.C. In determining the replacement value of the improvements on any real property, the lender may:1. Accept the value placed on the improvements by the insurer; or2. Use the value placed on the improvements that is determined by the lender's appraisal of the real property.D. A violation of this section shall not affect the validity of the mortgage or deed of trust securing the loan.1989, c. 230, § 6.1-2.6:1; 2010, c. 794; 2014, c. 247.
VA Code § 6.2-413 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-413. Obligation of lender to reimburse unused mortgage guaranty insurance premiums

Any lender that requires, as a prerequisite to its lending money for the purchase of real property, that private mortgage insurance be secured to insure a certain amount of the lender's interest in the property shall return to the person who paid the premium, or other person entitled thereto, any portion of the premium for such insurance that is not used to secure insurance for the lender's interest in the property.1980, c. 748, § 6.1-2.9:1; 1990, c. 7; 2010, c. 794.
VA Code § 6.2-414 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-414. Obligation of person maintaining escrow account to pay taxes and insurance; penalties

Any lender or other person maintaining escrow accounts for the payment of taxes or insurance, who on receipt of notice thereof, fails to make timely payment therefor, and incurs a penalty or late charge thereon or a cancellation for nonpayment if there are sufficient funds in such escrow account at least five days before such due date to make such payment, shall be liable for the penalty or late charge assessed for late payment and for any loss as a result of the property being uninsured for nonpayment. The lender or other person shall give written notice to any obligor of the payment of such penalty or late charge within five days after such payment is made.1978, c. 685, § 6.1-2.8; 2010, c. 794.
VA Code § 6.2-415 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-415. Lender not to cancel insurance policy at time of refinancing under certain circumstances

A. No lender shall require a borrower or debtor, for the protection of property securing the credit or lien, to cancel an existing insurance policy on such property at the time of a refinancing solely to change the effective dates of coverage under the policy, unless the expiration date of such policy is within four months of the date of the closing.B. The provision of subsection A shall not prevent a lender from requesting a new policy when the coverage under the existing policy is inadequate or there is reasonable concern over the soundness or services of the insurer.1995, c. 175, § 6.1-2.9:6; 2010, c. 794.
VA Code § 6.2-416 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-416. Certain mortgages not to prohibit further encumbrance of real property

Where any loan is secured by a mortgage or deed of trust on real property comprised of one- to four-family residential dwelling units, the note, or mortgage or deed of trust evidencing such loan shall in no way prohibit the further encumbrance of the real property.1975, c. 398, § 6.1-2.5; 2010, c. 794.
VA Code § 6.2-417 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-417. Mortgage or deed of trust to contain notice that debt is subject to call or modification on conveyance of property

Where any loan is secured by a mortgage or deed of trust on real property comprised of one- to four-family residential dwelling units, and the note or mortgage or deed of trust evidencing or securing the loan contains a provision that the holder of the note secured by such mortgage or deed of trust may accelerate payment of or renegotiate the terms of such loan upon sale or conveyance of the security property or part thereof, then the mortgage or deed of trust shall contain in the body a statement, either in capital letters or underlined, that advises the borrower as follows: "Notice -- The debt secured hereby is subject to call in full or the terms thereof being modified in the event of sale or conveyance of the property conveyed."1987, c. 622, § 6.1-330.88; 2010, c. 794; 2014, c. 330.
VA Code § 6.2-418 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-418. Property owner entitled to written statement of payoff amount

A. If an obligation is secured by the lien of a deed of trust or mortgage on real estate, and the owner of the real estate is entitled to prepay the obligation secured by the deed of trust or mortgage, the owner shall be entitled to receive from the holder of the obligation a written statement setting forth the total amount to be paid as of a particular date in order to obtain a release of the deed of trust or mortgage.B. The holder of the obligation secured by the deed of trust or mortgage shall mail or deliver such written statement of the payoff amount to the property owner or his designee within 10 business days of the receipt of a written request for such payoff information from the property owner or his designee if the request contains the loan number and the address or other description of the location of the subject premises.C. Upon payment in full of the obligation, the holder shall promptly cause the cancelled loan documents to be forwarded to the owner or his designee.D. An inadvertent error made in the calculation of the payoff amount shall neither release the obligor from the requirement to pay the full amount due under the contract of indebtedness, nor release the holder of the contract of indebtedness from the requirement to return any overpayment to the obligor or his designee.E. A request for payoff information under this section may be made one time within a 12-month period without charge, and a fee not exceeding $15 may be charged for each additional request made within such period.1987, c. 622, § 6.1-330.82; 2010, c. 794.
VA Code § 6.2-419 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-419. Disclosure of terms of assumption

A. An owner of residential real estate that is improved by the construction thereon of housing consisting of four or fewer dwelling units and encumbered by a mortgage or deed of trust shall have the right, upon written request to any holder of the obligation secured by the mortgage or deed of trust, to receive a written disclosure of whether the holder will permit a qualified purchaser to assume the mortgage or deed of trust. If the answer is in the affirmative, the holder shall disclose the following information regarding the terms of such assumption:1. The rate of interest to be assumed, which may vary with an exterior standard;2. The balance of the escrow account, if any;3. Any fees and charges to be assessed by the holder against the seller and buyer in connection with the assumption;4. Usual limitations or requirements placed on the assumption; and5. Other terms and conditions of the assumption deemed pertinent by the holder.B. The holder shall state the time period during which the terms disclosed pursuant to subsection A shall be valid, together with any limitations thereon.C. Any holder receiving such a written request from an owner shall respond in writing within 10 business days of the receipt of the request.D. Any holder receiving a second or subsequent written request with respect to the same mortgage or deed of trust within any 12-month period may charge a fee, not to exceed $15, for each additional request. The fee shall be paid in advance.1982, c. 233, § 6.1-2.9:3; 1990, c. 7; 2010, c. 794.
VA Code § 6.2-420 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-420. Prepayment penalty not to be collected in certain circumstances

No lender shall collect or receive any prepayment penalty on loans secured by real property comprised of one- to four-family residential dwelling units if the prepayment results from the enforcement of the right to call the loan upon the sale of the real property that secures the loan. If the loan is prepaid because of sale to a person who the lender has refused to approve for purposes of assuming the loan or failed to approve within 15 days after receipt by it of written request for approval, the prepayment shall be presumed to result from enforcement of the right to call the loan.1987, c. 622, § 6.1-330.87; 2010, c. 794.
VA Code § 6.2-421 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-421. Certain contracts to permit prepayment; amount of prepayment penalty

A. For the purpose of this section:1. "First deed of trust" or "first mortgage" includes all deeds of trust and mortgages, and amendments thereto, that are made by the same grantor or mortgagor, secure notes held by the same holder, convey substantially the same real estate, and are superior to all other deeds of trust or mortgages on the real estate; and2. "Real estate" includes a leasehold estate of not less than 25 years.B. Every loan contract, except as provided in subsection D, that is secured by a first deed of trust or first mortgage on real estate if the principal amount of the loan is less than $75,000, shall:1. Permit the prepayment of the unpaid principal at any time; and2. Not provide for a prepayment penalty in excess of one percent of the unpaid principal balance.C. Any prepayment penalty provision in violation of subdivision B 2 shall be unenforceable as to the amount in excess of one percent of such balance.D. The provisions of:1. Subsections B and C shall not apply to secured or unsecured notes evidencing installment sales contracts; and2. Subdivision B 2 and subsection C shall not apply to any loan contract that is (i) subject to § 6.2-422 or 6.2-1409 or (ii) governmentally regulated as to prepayment privilege.1987, c. 622, §§ 6.1-330.69, 6.1-330.81; 2010, c. 794.
VA Code § 6.2-422 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-422. Prepayment penalty for loan secured by home occupied by borrower

The prepayment penalty in the case of a loan secured by a mortgage or deed of trust on a home that is occupied or to be occupied in whole or in part by a borrower shall not exceed two percent of the amount of such prepayment.1987, c. 622, § 6.1-330.83; 2010, c. 794.
VA Code § 6.2-423 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-423. Prepayment of loans secured by certain subordinate mortgages or deeds of trust; rebates for unearned interest

A. Any borrower under any loan secured by a subordinate mortgage or deed of trust on residential real estate, which loan is subject to the provisions of § 6.2-327, shall have the right to anticipate payment of his debt in whole or in part at any time. If agreed to by the borrower, a lender may contract for a penalty for prepayment of the full amount of the loan if the prepayment penalty shall not exceed two percent of the principal amount prepaid, but no prepayment penalty shall be imposed if:1. The loan is refinanced or consolidated with the same lender or a subsequent noteholder;2. The loan is accelerated due to default;3. A partial prepayment is made; or4. In the case of an open-end credit plan, as defined in § 6.2-300, where there is a payment of the outstanding balance without a demand to release the subordinate deed of trust or mortgage.B. If interest has been added to the face amount of a note payable in installments, the borrower shall have the right to a rebate of any unearned interest. On loans with an initial maturity and corresponding amortization period of 61 or fewer months that are payable in equal periodic installments, the rebate shall be computed in accordance with the Rule of 78 as illustrated in § 6.2-403. On loans with an initial maturity of more than 61 months, the rebate shall be computed under a method at least as favorable to the borrower as the actuarial method.C. The provisions of this section shall not apply to any loan made by (i) a bank, savings institution, industrial loan association, or credit union or (ii) a seller in a real estate sales transaction who takes a subordinate mortgage or deed of trust on such real estate.1987, c. 622, § 6.1-330.85; 1990, c. 338; 1991, c. 171; 1998, c. 89; 2010, c. 794.
VA Code § 6.2-424 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-424. Definitions

As used in this article, unless the context otherwise requires:"Cardholder" means the person or organization named on the face of a credit card to whom or for whose benefit the credit card was issued by an issuer."Credit card" means any instrument or device, whether known as a credit card, credit plate, or by any other name, issued with or without fee by an issuer for the use of the cardholder in obtaining money, goods, services, or any other thing of value."Issuer" means the business organization or financial institution or its duly authorized agent that issues a credit card."Payment device" means any credit card, any "accepted card or other means of access" as defined in 15 U.S.C. § 1693a(1), or any card that enables a person to pay for transactions through the use of value stored on the card itself.1970, c. 324, § 11-30; 2010, c. 794.
VA Code § 6.2-425 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-425. Cardholder not liable in absence of request for, consent to issuance of, or use of card

A. A cardholder who receives a credit card from an issuer, which card the cardholder has not requested nor consented to the issuance of in writing, nor used, shall not be liable for any amount owing because of a use of the credit card.B. The failure to destroy or return an unsolicited credit card shall neither:1. Be evidence of a cardholder's request for or consent to the issuance of the credit card, nor2. Constitute negligence on the part of the cardholder.C. Use by an authorized agent of the cardholder shall be the equivalent of use by the cardholder. The burden of proving the authority of an agent shall be upon the issuer.1970, c. 324, § 11-31; 2010, c. 794.
VA Code § 6.2-426 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-426. When request, consent, or use not condition precedent to liability

The request, consent, or use required in § 6.2-425 as a condition precedent to liability shall not be necessary in any instance:1. Of a credit card that is a renewal of a credit card previously held and used by the cardholder or his authorized agent within 12 months of the renewal date; or2. Where the card is issued to a customer who has previously established credit with the issuer and has used such credit within 12 months prior to the issuance of the card.1970, c. 324, § 11-32; 2010, c. 794.
VA Code § 6.2-427 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-427. Costs and attorney fee in suit on card; evidence of request or consent

A. In any suit arising out of the use of a credit card, where the request, consent, or use as required by § 6.2-425 is denied and is not proved, and judgment shall be for the defendant, the court shall assess against the issuer all court costs and shall award the defendant a reasonable attorney fee.B. For purposes of subsection A, a certified copy of the request or consent shall be admissible as evidence that such request or consent was obtained.1970, c. 324, § 11-33; 2010, c. 794.
VA Code § 6.2-428 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-428. Production of credit card number as condition of check cashing or acceptance prohibited

A. Except as otherwise provided in subsection D, no person shall, as a means of identification or for any other purpose:1. Require that a person produce a credit card number for recordation; or2. Record a credit card number in connection with (i) a sale of goods or services in which a purchaser pays by check or (ii) the acceptance of a check.B. A person aggrieved by a violation of this section shall be entitled to institute an action to recover his actual damages or $100, whichever is greater, and to injunctive relief against any person who has engaged, is engaged, or is about to engage in any act in violation of this section. Such action shall be brought in the general district or circuit court, whichever is appropriate, of any county or city wherein the defendant resides or has a place of business. In the event the aggrieved party prevails, he may be awarded reasonable attorney fees and court costs in addition to any damages awarded.C. This section shall not be construed to (i) impose liability on any employee or agent of a person, where that employee or agent has acted in accordance with the directions of his employer, (ii) prohibit a person from requesting a purchaser to display a credit card as an indication of creditworthiness or financial responsibility or as identification, and in these instances the type, the issuer, and the expiration date of the credit card may be recorded, or (iii) require acceptance of a check, whether or not a credit card is presented.D. A person may require production of and may record a credit card number as a condition for cashing a check only where (i) the person requesting the card number has agreed with the issuer to cash checks as a service to the issuer's cardholders, (ii) the issuer has agreed to guarantee cardholder checks cashed by that person, and (iii) the cardholder has given actual, apparent, or implied authority for use of his card number in this manner and for this purpose.1990, c. 587, § 11-33.1; 2010, c. 794.