reglab/housing_qa huggingface dataset:
VA Code § 6.2-318 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-318. Loans by credit unions

A. As used in this section, "average daily balance" means, for any billing period, that amount which is the sum of the actual amounts outstanding each day during the billing period divided by the number of days in the billing period.B. Notwithstanding any other statute or provision relating to interest or usury, any credit union may charge interest as agreed by the borrower provided such interest is not charged in advance.C. Any open-end credit plan offered by a credit union shall provide:1. For computation of any finance charges by application of a rate, at the option of the credit union, to:a. The average daily balance for the period ending on the billing date;b. The balance existing on the billing date of the month; orc. Any other balance which does not result in the credit union charging or receiving any sum in excess of what would be charged or received under subdivision a or b;2. That no finance charge shall be imposed unless the bill is mailed not later than eight days, excluding Saturdays, Sundays and holidays, after the billing date, except that such time limitation shall not apply in any case where the credit union has been prevented, delayed, or hindered in mailing or delivering the bill within such time period because of an act of God, war, civil disorder, natural disaster, strike, or other excusable or justifiable cause; and3. That in the event of the extension of open-end credit by a credit union to be effected by the use of a credit card for the purchase of merchandise or services, no finance charge shall be imposed upon the member or cardholder on such extension of credit if payment in full of the unpaid balance owing for extensions of credit for merchandise or services is received at the place designated by the credit union prior to the payment due date, which shall be at least 25 days later than the billing date.D. Notwithstanding any provision of this chapter other than § 6.2-327 and subsection C, a credit union engaged in extending credit under an open-end credit plan may impose, on credit extended under the plan, finance charges and other charges and fees at such rates and in such amounts and manner as may be agreed upon by the credit union and the obligor, if under the plan a finance charge is imposed upon the obligor.1987, c. 622, § 6.1-330.64; 2006, c. 753; 2010, c. 794; 2015, cc. 453, 454.
VA Code § 6.2-319 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-319. Loans by pension plans to participants

A. As used in this section, "pension plan" includes an "employee pension benefit plan" or "pension plan" as defined in § 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.1987, c. 622, § 6.1-330.67; 2010, c. 794.
VA Code § 6.2-320 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-320. Loans by industrial loan associations

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.1987, c. 622, § 6.1-330.68; 2010, c. 794.
VA Code § 6.2-321 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-321. Loans pursuant to stock option financing programs

A. As used in this section, "stock option financing program loan" means a loan pursuant to which a lender finances the option holder's exercise of the option to purchase stock, which exercise is financed through such means as purchasing the stock on margin, selling sufficient shares of the stock to cover the total exercise cost, or selling the full quantity of stock to cover the total exercise cost.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 pursuant to a stock option financing program loan.2003, c. 439, § 6.1-330.78:1; 2010, c. 794.
VA Code § 6.2-322 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-322. Extensions of credit on pledged securities

A broker-dealer licensed by the Commission and registered with the Securities Exchange Commission who extends credit to a customer on pledged securities as permitted under the provisions of the Securities Exchange Act of 1934, may charge the customer, on his debit balances that are payable on demand, interest at a annual rate that does not exceed one and three-quarters percent above the higher of:1. The interest rate charged such broker-dealer by a bank doing business in the Commonwealth on loans collateralized by securities; or2. The interest rate charged such broker-dealer by a bank doing business in the Commonwealth on loans for business purposes.1987, c. 622, § 6.1-330.65; 2010, c. 794.
VA Code § 6.2-323 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-323. Educational loans by banks or savings institutions

Notwithstanding any statutory or case law relating to interest or usury, including the deferral and capitalization of interest, any loan made by a bank or savings institution to defray educational expenses, including tuition, fees, books, supplies, room, board, and personal expenses, shall be lawfully enforced as agreed in the contract of indebtedness.1987, c. 622, § 6.1-330.60; 1996, c. 242; 1997, c. 128; 1999, c. 610; 2001, c. 743; 2010, c. 794.
VA Code § 6.2-324 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-324. Educational loans by private institution of higher education

A. As used in this section, "private institution of higher education" means an accredited nonprofit private institution of higher education in the Commonwealth whose primary purpose is to provide collegiate or graduate education.B. Loans made by a private institution of higher education to defray educational expenses of its students, including tuition, fees, books, supplies, room, board, and personal expenses, may be enforced as agreed in the contract of indebtedness.1987, c. 622, § 6.1-330.66; 2010, c. 794.
VA Code § 6.2-325 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-325. Certain loans secured by first deed of trust or mortgage

A. As used in this section, "real estate" 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.1987, c. 622, § 6.1-330.69; 2010, c. 794.
VA Code § 6.2-326 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-326. Fees and charges in connection with loans by real estate lenders

A. A lender engaged in making real estate mortgage or deed of trust loans, other than loans subject to the provisions of §§ 6.2-327 and 6.2-328, may:1. Charge or collect in advance from the borrower a loan fee as agreed between the parties; and2. Require the borrower to pay the reasonable and necessary charges in connection with making the loan, including the cost of title examination, title insurance, recording and filing fees, taxes, insurance, including mortgage guaranty insurance, appraisals, credit reports, surveys, drawing of papers, and closing the loan.B. The fees and charges permitted by this section and other sections of this chapter are in addition to those permitted by § 6.2-325 and may be added to the principal of the loan, and shall not be considered in determining whether a loan contract is usurious.1987, c. 622, § 6.1-330.70; 1990, c. 3; 2010, c. 794.
VA Code § 6.2-328 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-328. Charges allowed on loan secured by subordinate mortgage

A. Any lender making a loan secured by a subordinate mortgage or deed of trust may require the borrower to pay, in addition to the loan fee and interest permitted by § 6.2-327, the actual cost of a credit report, title examination, title insurance, mortgage guaranty insurance, recording fees, surveys, attorney fees, appraisal fees, and a fee to determine if the property securing the loan is located in a special flood hazard area. No other charges of any kind shall be imposed on or be payable by the borrower either to the lender or any other party in connection with such loan other than:1. A fee charged by the settlement agent as defined in § 55.1-1000;2. Late charges in the amount specified in § 6.2-400 and a prepayment penalty permitted under § 6.2-423 that are contracted for; and3. Upon default, court costs, attorney fees, trustee's commission, and other expenses of collection to which the borrower may be subject as otherwise permitted by law.B. Broker's or finder's fees may be paid by the lender from the loan fee or interest permitted under § 6.2-327. A broker's fee, finder's fee, or commission not to exceed five percent of the principal amount of the loan may be paid by the borrower if the total of the loan fee permitted under § 6.2-327 and the broker's fee, finder's fee, or commission does not exceed five percent of the principal amount of the loan.C. The premium for any insurance required or provided pursuant to § 6.2-411 shall not be considered a charge imposed on or payable by the borrower in connection with the loan.D. No charge may be imposed or collected, except as permitted by § 6.2-327, if the loan is not made.E. 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.F. The borrower under any loan to which the provisions of this section apply may assert any defense or claim he may have under §§ 6.2-304 and 6.2-305 against any assignee or transferee of the contract of indebtedness.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 § 6.2-329 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 3 - Interest and Usury|§ 6.2-329. Loans insured or guaranteed by certain governmental agencies

A. No person shall, by way of defense or otherwise, avail himself of any of the provisions of this chapter or any other law relating to usury or any statutory or case law relating to compounding of interest to avoid or defeat the payment of any interest or any other sum which he has contracted to pay on any loan:1. Insured by the Federal Housing Administration, pursuant to the provisions of the National Housing Act (12 U.S.C. § 1701 et seq.);2. Guaranteed by the U.S. Department of Veterans Affairs, pursuant to Title 38 of the United States Code; or3. Insured or guaranteed by any similar federal governmental agency or organization, or made directly or indirectly by the Virginia Housing Development Authority pursuant to the provisions of Chapter 1.2 (§ 36-55.24 et seq.) of Title 36.B. Nothing contained in this chapter shall be construed to prevent the recovery of such interest or any other sum from any person who has contracted to pay the same in connection with any loan described in this section.1987, c. 622, § 6.1-330.74; 2010, c. 794.
VA Code § 6.2-400 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-400. Amount of late charge; when charge can be made

A. As used in this section:"Late charges" does not include charges imposed upon acceleration of the entire debt or costs of collection and attorney fees as otherwise permitted by law by reason of a default by the debtor."Timely payment" means a payment made by the date fixed for payment or within a period of seven calendar days after such due date.B. Any lender or seller may impose a late charge for failure to make timely payment of any installment due on a debt, whether installment or single maturity, provided that such late charge does not exceed five percent of the amount of such installment payment and that the charge is specified in the contract between the lender or seller and the debtor.C. If any federal governmental agency or organization shall adopt any rules or regulations dealing with the application of late penalties as to loans insured or guaranteed by such federal agency or organization, then such rules and regulations shall control as to such loans insured or guaranteed by them.D. Any provision for late charges in excess of the amount permitted by this section shall be void as to such excess but shall not otherwise affect the validity of the obligation.1987, c. 622, § 6.1-330.80; 2010, c. 794.
VA Code § 6.2-401 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-401. Acceleration clause in note evidencing installment loan; effect of acceleration

A. Any note or other contract evidencing an installment loan or other installment sales obligation with add-on interest may provide that the entire unpaid loan balance, at the option of the holder, shall become due and payable upon default in payment of any installment without impairing the negotiability of the note, if otherwise negotiable.B. Upon such acceleration, the holder of the contract of indebtedness shall not be entitled to judgment for unearned interest, but the balance owing shall be computed as follows:1. On loans payable in equal periodic installments with an initial maturity and corresponding amortization period not exceeding 61 months, the accelerated balance shall be calculated as if the borrower had made a voluntary prepayment and obtained as of the date of acceleration an interest credit based upon the Rule of 78 rebate method as defined in § 6.2-403; and2. On other loans, the accelerated balance shall be calculated under a method at least as favorable to the borrower as the actuarial method.C. The accelerated balance shall bear interest at the rate shown, or that should have been shown as the annual percentage rate under a truth in lending disclosure pursuant to federal law if the transaction was a consumer credit transaction.1987, c. 622, § 6.1-330.89; 1990, c. 338; 1991, cc. 171, 365; 2010, c. 794.
VA Code § 6.2-402 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-402. Notice of use of Rule of 78 rebate method

Where any loan or sale on credit contains a provision that a rebate of unearned interest shall be calculated in accordance with the Rule of 78 rebate method as defined in § 6.2-403, the note or other instrument evidencing the loan or sale on credit shall contain a notice advising the borrower of the effect of the interest calculation. The notice shall be in all capital letters and in 10-point type, and shall be substantially as follows:NOTICE: IF YOU PAY THIS LOAN OR SALE ON CREDIT PARTIALLY OR IN FULL BEFORE ITS DUE DATE, THE AMOUNT OF INTEREST YOU PAY WILL BE GREATER THAN THE AMOUNT OF INTEREST YOU WOULD PAY FOR A SIMPLE INTEREST LOAN OF THE SAME PRINCIPAL AMOUNT.1990, c. 941, § 6.1-330.85:1; 2010, c. 794.
VA Code § 6.2-403 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-403. The Rule of 78

A. The Rule of 78 is so named because the integers one through 12 added together total 78.B. The amount of the rebate of unearned interest to be credited upon the acceleration or anticipation of a loan on which such rebate is required to be calculated under the Rule of 78 shall be calculated as follows:1. Determine the denominator of the fraction, to be used as provided in subdivision 3, by adding the integers corresponding to the number of months over which the loan is to be repaid according to its terms, which in the example of a four-year loan would be the sum obtained by adding all of the integers in the series one through 48.2. Determine the numerator of the fraction, to be used as provided in subdivision 3, by adding in inverse sequence the integers corresponding to the number of months remaining on the loan after payment is anticipated, which in the example of a four-year loan anticipated after the third month, would be the sum obtained by adding all of the integers in the series 45 through one.3. Multiply the original amount of interest that would have been paid over the life of the loan by a fraction that has as its denominator the number determined as in subdivision 1 and as its numerator the number determined as in subdivision 2. The product is the amount of unearned interest to be rebated under the Rule of 78.C. Payment anticipated between scheduled payment dates shall not be considered but instead the succeeding scheduled payment date shall be used in determining the amount of unearned interest to be rebated under the Rule of 78 pursuant to this section.1987, c. 622, § 6.1-330.86; 2010, c. 794.
VA Code § 6.2-404 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-404. When use of Rule of 78 prohibited or permitted

A. The Rule of 78 shall not be used to determine the amount of unearned interest to be rebated if payment of the debt is anticipated on any (i) loan of money made after January 1, 1991, with an initial maturity of more than 61 months; or (ii) sales contract made after January 1, 1991, that necessitates a loan as described in clause (i).B. On any loan of money made with an initial maturity and corresponding amortization period of 61 months or less and that is payable in equal periodic installments, the Rule of 78 may be used to determine the amount of unearned interest to be rebated if payment of the debt is anticipated on the loan or contract.1990, c. 338, § 6.1-330.86:1; 1991, c. 171; 2010, c. 794.
VA Code § 6.2-405 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-405. References to sections regulating rebates of unearned interest and prepayment penalties

A. This article does not affect the application of §§ 6.2-420 through 6.2-423 regarding the imposition of prepayment penalties or rebates of unearned interest on certain loans secured by a lien on real estate.B. This article does not affect the application of § 6.2-1409 regarding the imposition of prepayment penalties or rebates of unearned interest on loans made by an industrial loan association.2010, c. 794.
VA Code § 6.2-406 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-406. Disclosure of terms of mortgage application

A. Any lender making, or broker arranging, loans secured by a first mortgage or first deed of trust on owner occupied residential real estate consisting of one- to four-family dwelling units shall provide, at the time an application for such a loan is submitted by a loan applicant, to the loan applicant a written statement that:1. Describes when the interest, points, and fees quoted will be locked in; and2. Provides a good faith estimate of the processing time required for the loan. The estimate shall take into account the time needed for the performance of any local government inspections or other functions necessary to close the loan.B. The requirements of subsection A shall not apply to any lender making 10 or fewer loans secured by a first mortgage or first deed of trust on such owner occupied residential real estate in any 12-month period.1988, c. 311, § 6.1-2.9:5; 2010, c. 794; 2016, c. 328.
VA Code § 6.2-407 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-407. Lenders to furnish borrower with copy of appraisal

Any lender that requires a borrower or prospective borrower to pay for an appraisal of residential real estate made in connection with a loan or application for a loan secured by the real estate shall, upon request by the borrower or prospective borrower, furnish free of charge the borrower or prospective borrower with a copy of the written appraisal or, if no written appraisal exists, with a statement of the appraised value within 10 business days of the receipt of such request.1979, c. 101, § 6.1-2.9; 1988, c. 155; 1990, c. 7; 2010, c. 794.
VA Code § 6.2-408 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 4 - Certain Lending Practices|§ 6.2-408. Priority of interest on debts secured by mortgage or deed of trust

Interest that is charged pursuant to a written agreement, whether or not recorded, shall be of equal priority with the principal debt secured by the mortgage or deed of trust and shall have priority as to third parties as provided in Title 55.1.1987, c. 622, § 6.1-330.69; 2010, c. 794.