Virginia Code 6.2-1818.3: Restriction on certain fees and charges
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Notwithstanding any provision of this chapter to the contrary, a licensee shall not contract for, charge, collect, or receive in connection with a short-term loan a total amount of fees and charges that exceeds either (i) 50 percent of the originally contracted loan amount, if the originally contracted loan amount was $1,500 or less or (ii) 60 percent of the originally contracted loan amount, if the originally contracted loan amount was greater than $1,500. For purposes of this section, all charges made in connection with the loan shall be included when calculating the total loan charges except for deposit item return fees and late charges authorized under § 6.2-1817.
Terms Used In Virginia Code 6.2-1818.3
- Contract: A legal written agreement that becomes binding when signed.
- Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-1800
- Loan amount: means the principal amount of a loan, exclusive of fees or charges. See Virginia Code 6.2-1800
- Short-term loan: means a loan made pursuant to this chapter. See Virginia Code 6.2-1800