Notwithstanding any provision of this chapter to the contrary, a licensee shall not contract for, charge, collect, or receive in connection with a motor vehicle title 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, late charges, and reasonable costs of repossession and sale authorized under § 6.2-2216.

Terms Used In Virginia Code 6.2-2216.4

  • 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 6.2-2200
  • Loan amount: means the principal amount of a loan exclusive of fees or charges. See Virginia Code 6.2-2200
  • Motor vehicle: means an automobile, motorcycle, mobile home, truck, van, or other vehicle operated on public highways and streets. See Virginia Code 6.2-2200
  • title loan: means a loan secured by a non-purchase money security interest in a motor vehicle. See Virginia Code 6.2-2200

2020, cc. 1215, 1258.

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