{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-315.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-315.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-315.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-315.html"}],"law_id":374214,"edition_id":2,"section_id":374214,"structure_id":53212,"section_number":"6.2-315","catch_line":"Loans by certain financial institutions or brokers payable on demand or having a term up to one year","history":"1987, c. 622, \u00a7 6.1-330.62; 2010, c. 794.","full_text":"Any bank, savings institution, broker duly licensed to transact business as a stockbroker, or broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission, may loan money or discount bonds, bills, notes or other paper, whether payable on demand or for periods up to one year. Such a loan or discounting may be lawfully enforced as agreed in the contract of indebtedness. An interest rate charged in advance upon the entire amount of the loan or discount shall be lawful.\n\n","order_by":null,"text":{"0":{"id":1397009,"text":"Any bank, savings institution, broker duly licensed to transact business as a stockbroker, or broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission, may loan money or discount bonds, bills, notes or other paper, whether payable on demand or for periods up to one year. Such a loan or discounting may be lawfully enforced as agreed in the contract of indebtedness. An interest rate charged in advance upon the entire amount of the loan or discount shall be lawful.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":53212,"edition_id":2,"name":"Loans Exempt From Limit on Contract Rate of Interest","identifier":"4","label":"article","depth":4,"order_by":4,"parent_id":53208,"metadata":{"child_laws":21,"child_structures":0},"date_created":"2026-08-02 03:13:09","date_modified":"2026-08-02 12:27:55","permalink":{"id":1490379,"object_type":"structure","relational_id":53212,"identifier":"4","token":"6.2\/I\/3\/4","url":"\/6.2\/I\/3\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53208,"edition_id":2,"name":"Interest and Usury","identifier":"3","label":"chapter","depth":3,"order_by":3,"parent_id":53153,"metadata":{"child_laws":30,"child_structures":4},"date_created":"2026-08-02 03:13:07","date_modified":"2026-08-02 12:27:55","permalink":{"id":1490335,"object_type":"structure","relational_id":53208,"identifier":"3","token":"6.2\/I\/3","url":"\/6.2\/I\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53153,"edition_id":2,"name":"General Provisions","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":53152,"metadata":{"child_laws":99,"child_structures":18},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:54","permalink":{"id":1490253,"object_type":"structure","relational_id":53153,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":374208,"structure_id":53212,"section_number":"6.2-309","catch_line":"Charges by banks and savings institutions on installment loans","url":"\/6.2-309\/","token":"6.2\/I\/3\/4\/6.2-309","metadata":false},{"id":374209,"structure_id":53212,"section_number":"6.2-310","catch_line":"Rate of interest chargeable by state banks and savings institutions","url":"\/6.2-310\/","token":"6.2\/I\/3\/4\/6.2-310","metadata":false},{"id":374210,"structure_id":53212,"section_number":"6.2-311","catch_line":"Closed-end installment loans by sellers of goods or services","url":"\/6.2-311\/","token":"6.2\/I\/3\/4\/6.2-311","metadata":false},{"id":374211,"structure_id":53212,"section_number":"6.2-312","catch_line":"Open-end credit plans","url":"\/6.2-312\/","token":"6.2\/I\/3\/4\/6.2-312","metadata":false},{"id":374212,"structure_id":53212,"section_number":"6.2-313","catch_line":"Open-end credit extended by banks or savings institutions","url":"\/6.2-313\/","token":"6.2\/I\/3\/4\/6.2-313","metadata":false},{"id":374213,"structure_id":53212,"section_number":"6.2-314","catch_line":"Motor vehicle purchase loans by subsidiaries and affiliates of banks and savings institutions","url":"\/6.2-314\/","token":"6.2\/I\/3\/4\/6.2-314","metadata":false},{"id":374214,"structure_id":53212,"section_number":"6.2-315","catch_line":"Loans by certain financial institutions or brokers payable on demand or having a term up to one year","url":"\/6.2-315\/","token":"6.2\/I\/3\/4\/6.2-315","metadata":false},{"id":374215,"structure_id":53212,"section_number":"6.2-316","catch_line":"Loans of $5,000 or more made by certain financial institutions","url":"\/6.2-316\/","token":"6.2\/I\/3\/4\/6.2-316","metadata":false},{"id":374216,"structure_id":53212,"section_number":"6.2-317","catch_line":"Loans of $5,000 or more for business or investment purposes","url":"\/6.2-317\/","token":"6.2\/I\/3\/4\/6.2-317","metadata":false},{"id":374217,"structure_id":53212,"section_number":"6.2-318","catch_line":"Loans by credit unions","url":"\/6.2-318\/","token":"6.2\/I\/3\/4\/6.2-318","metadata":false},{"id":374218,"structure_id":53212,"section_number":"6.2-319","catch_line":"Loans by pension plans to participants","url":"\/6.2-319\/","token":"6.2\/I\/3\/4\/6.2-319","metadata":false},{"id":374219,"structure_id":53212,"section_number":"6.2-320","catch_line":"Loans by industrial loan associations","url":"\/6.2-320\/","token":"6.2\/I\/3\/4\/6.2-320","metadata":false},{"id":374220,"structure_id":53212,"section_number":"6.2-321","catch_line":"Loans pursuant to stock option financing programs","url":"\/6.2-321\/","token":"6.2\/I\/3\/4\/6.2-321","metadata":false},{"id":374221,"structure_id":53212,"section_number":"6.2-322","catch_line":"Extensions of credit on pledged securities","url":"\/6.2-322\/","token":"6.2\/I\/3\/4\/6.2-322","metadata":false},{"id":374222,"structure_id":53212,"section_number":"6.2-323","catch_line":"Educational loans by banks or savings institutions","url":"\/6.2-323\/","token":"6.2\/I\/3\/4\/6.2-323","metadata":false},{"id":374223,"structure_id":53212,"section_number":"6.2-324","catch_line":"Educational loans by private institution of higher education","url":"\/6.2-324\/","token":"6.2\/I\/3\/4\/6.2-324","metadata":false},{"id":374224,"structure_id":53212,"section_number":"6.2-325","catch_line":"Certain loans secured by first deed of trust or mortgage","url":"\/6.2-325\/","token":"6.2\/I\/3\/4\/6.2-325","metadata":false},{"id":374225,"structure_id":53212,"section_number":"6.2-326","catch_line":"Fees and charges in connection with loans by real estate lenders","url":"\/6.2-326\/","token":"6.2\/I\/3\/4\/6.2-326","metadata":false},{"id":374226,"structure_id":53212,"section_number":"6.2-327","catch_line":"Certain loans secured by a subordinate deed of trust or mortgage","url":"\/6.2-327\/","token":"6.2\/I\/3\/4\/6.2-327","metadata":false},{"id":374227,"structure_id":53212,"section_number":"6.2-328","catch_line":"Charges allowed on loan secured by subordinate mortgage","url":"\/6.2-328\/","token":"6.2\/I\/3\/4\/6.2-328","metadata":false},{"id":374228,"structure_id":53212,"section_number":"6.2-329","catch_line":"Loans insured or guaranteed by certain governmental agencies","url":"\/6.2-329\/","token":"6.2\/I\/3\/4\/6.2-329","metadata":false}],"previous_section":{"id":374213,"structure_id":53212,"section_number":"6.2-314","catch_line":"Motor vehicle purchase loans by subsidiaries and affiliates of banks and savings institutions","url":"\/6.2-314\/","token":"6.2\/I\/3\/4\/6.2-314","metadata":false},"next_section":{"id":374215,"structure_id":53212,"section_number":"6.2-316","catch_line":"Loans of $5,000 or more made by certain financial institutions","url":"\/6.2-316\/","token":"6.2\/I\/3\/4\/6.2-316","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-315\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 622 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1490405,"object_type":"law","relational_id":374214,"identifier":"6.2-315","token":"6.2\/I\/3\/4\/6.2-315","url":"\/6.2-315\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-315\/","token":"6.2\/I\/3\/4\/6.2-315","dublin_core":{"Title":"Loans by certain financial institutions or brokers payable on demand or having a term up to one year","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-315","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any bank<\/span>, savings institution<\/span>, broker duly licensed to transact business as a stockbroker, or broker-dealer registered with the Securities and Exchange Commission<\/span> or the Commodity Futures Trading Commission<\/span>, may loan<\/span> money or discount bonds<\/span>, bills, notes or other paper, whether payable on demand or for periods up to one year. Such a loan<\/span> or discounting may be lawfully enforced as agreed in the contract<\/span> of indebtedness. An interest rate charged in advance upon the entire amount of the loan<\/span> or discount shall be lawful.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLOANS BY CERTAIN FINANCIAL INSTITUTIONS OR BROKERS PAYABLE ON DEMAND OR HAVING A\nTERM UP TO ONE YEAR (\u00a7 6.2-315)\n\nAny bank, savings institution, broker duly licensed to transact business as a\nstockbroker, or broker-dealer registered with the Securities and Exchange\nCommission or the Commodity Futures Trading Commission, may loan money or\ndiscount bonds, bills, notes or other paper, whether payable on demand or for\nperiods up to one year. Such a loan or discounting may be lawfully enforced as\nagreed in the contract of indebtedness. An interest rate charged in advance upon\nthe entire amount of the loan or discount shall be lawful.\n\nHISTORY: 1987, c. 622, \u00a7 6.1-330.62; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}