{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-320.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-320.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-320.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-320.html"}],"law_id":374219,"edition_id":2,"section_id":374219,"structure_id":53212,"section_number":"6.2-320","catch_line":"Loans by industrial loan associations","history":"1987, c. 622, \u00a7 6.1-330.68; 2010, c. 794.","full_text":"A\n\nNotwithstanding 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.\n\nB\n\nAn 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.\n\n","order_by":null,"text":{"0":{"id":1397024,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1397025,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-320\/","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":1490425,"object_type":"law","relational_id":374219,"identifier":"6.2-320","token":"6.2\/I\/3\/4\/6.2-320","url":"\/6.2-320\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-320\/","token":"6.2\/I\/3\/4\/6.2-320","dublin_core":{"Title":"Loans by industrial loan associations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-320","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding any statutory or case law<\/span> relating to interest or usury, loans<\/span> made by an industrial loan<\/span> association payable in weekly, monthly, or other periodic installments may be enforced as agreed in the contract<\/span> of indebtedness. In addition, such association may charge or collect in advance from the borrower on such loans<\/span> a loan<\/span> fee not exceeding two percent of the principal amount of the loan<\/span>. An interest rate charged in advance upon the entire amount of the loan<\/span> or pursuant to a written modification agreement shall be lawful. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An industrial loan<\/span> association may charge interest at an annual rate not exceeding 18 percent on loans<\/span> payable on demand or in a single payment. In addition, such association may charge or collect in advance from the borrower on such loans<\/span> a loan<\/span> fee not exceeding two percent of the principal amount of the loan<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLOANS BY INDUSTRIAL LOAN ASSOCIATIONS (\u00a7 6.2-320)\n\nA. Notwithstanding any statutory or case law relating to interest or usury,\nloans made by an industrial loan association payable in weekly, monthly, or\nother periodic installments may be enforced as agreed in the contract of\nindebtedness. In addition, such association may charge or collect in advance\nfrom the borrower on such loans a loan fee not exceeding two percent of the\nprincipal amount of the loan. An interest rate charged in advance upon the\nentire amount of the loan or pursuant to a written modification agreement shall\nbe lawful.\n\nB. An industrial loan association may charge interest at an annual rate not\nexceeding 18 percent on loans payable on demand or in a single payment. In\naddition, such association may charge or collect in advance from the borrower on\nsuch loans a loan fee not exceeding two percent of the principal amount of the\nloan.\n\nHISTORY: 1987, c. 622, \u00a7 6.1-330.68; 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"}}