A. As used in this section, "pension plan" includes an "employee pension benefit plan" or "pension plan" as defined in § 3(2) of the federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829).
B. Loans by a pension plan to an individual participating in the pension plan shall be lawfully enforced as agreed in the contract of indebtedness. No such participating individual, by way of defense or otherwise, shall avail himself of the provisions of this chapter, or any other law relating to interest or usury, to avoid or defeat the payment of interest or any other sum on any loan made by the pension plan. Nothing contained in any law relating to interest or usury shall be construed to prevent the recovery of such interest or other sum though it is more than otherwise lawful interest and though that fact appears on the face of the contract.
1987, c. 622, § 6.1-330.67; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 3 - Interest and Usury
§ 6.2-301. Legal rate of interest; when legal rate implied
§ 6.2-302. Judgment rate of interest
§ 6.2-303. Contracts for more than legal rate of interest
§ 6.2-304. Plea of usury; judgment
§ 6.2-306. Waiver of rights violative of public policy
§ 6.2-307. Assertion of defenses or claims by borrowers; effect of assignment
§ 6.2-308. Entities not permitted to plead usury
§ 6.2-309. Charges by banks and savings institutions on installment loans
§ 6.2-310. Rate of interest chargeable by state banks and savings institutions
§ 6.2-311. Closed-end installment loans by sellers of goods or services
§ 6.2-312. Open-end credit plans
§ 6.2-313. Open-end credit extended by banks or savings institutions
§ 6.2-316. Loans of $5,000 or more made by certain financial institutions
§ 6.2-317. Loans of $5,000 or more for business or investment purposes
§ 6.2-318. Loans by credit unions
§ 6.2-319. Loans by pension plans to participants
§ 6.2-320. Loans by industrial loan associations
§ 6.2-321. Loans pursuant to stock option financing programs
§ 6.2-322. Extensions of credit on pledged securities
§ 6.2-323. Educational loans by banks or savings institutions
§ 6.2-324. Educational loans by private institution of higher education
§ 6.2-325. Certain loans secured by first deed of trust or mortgage
§ 6.2-326. Fees and charges in connection with loans by real estate lenders
§ 6.2-327. Certain loans secured by a subordinate deed of trust or mortgage
§ 6.2-328. Charges allowed on loan secured by subordinate mortgage
§ 6.2-329. Loans insured or guaranteed by certain governmental agencies