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.
2020, cc. 1215, 1258.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
§ 6.2-1801. License requirement
§ 6.2-1803. Application for license; form; content; fee
§ 6.2-1805. Investigation of applications
§ 6.2-1807. Licenses; places of offices; changes
§ 6.2-1808. Acquisition of control; application
§ 6.2-1809. Retention of books, accounts, and records
§ 6.2-1812. Other reporting requirements
§ 6.2-1813. Investigations; examinations
§ 6.2-1816. Required and prohibited business methods
§ 6.2-1816.1. Loan terms and conditions
§ 6.2-1817. Authorized fees and charges
§ 6.2-1817.1. Inflation adjustment of maximum monthly maintenance fee
§ 6.2-1818.1. Refinancing of short-term loans
§ 6.2-1818.2. Statement of balance due; repayment and refunds
§ 6.2-1818.3. Restriction on certain fees and charges
§ 6.2-1818.4. Verification of borrower's income
§ 6.2-1821. Suspension or revocation of license
§ 6.2-1822. Cease and desist orders
§ 6.2-1823. Notice of proposed suspension or revocation
§ 6.2-1825. Criminal penalties
§ 6.2-1826. Validity of noncompliant loan agreement; private right of action
§ 6.2-1827. Application of chapter to Internet loans
§ 6.2-1828. Authority of Attorney General; referral by Commission to Attorney General
§ 6.2-1829. Violation of the Virginia Consumer Protection Act