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2001 SESSION

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010207540
SENATE BILL NO. 1079 Senate Amendments in [ ] -- January 31, 2001 A BILL to amend and reenact § 6.1-330.61 of the Code of Virginia, relating to interest on loans; defenses. ---------- Patrons Prior to Engrossment--Senators Stosch, Saslaw, Watkins and Williams ---------- Referred to Committee on Commerce and Labor ----------

Be it enacted by the General Assembly of Virginia:

1. That § 6.1-330.61 of the Code of Virginia is amended and reenacted as follows:

§ 6.1-330.61. Defenses not applicable to certain loans.

No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter or any other [ section law ] relating to usury [ , or case law, ] to avoid or defeat the payment of interest, or any other sum, upon a loan made to a person by a bank, savings institution [ , industrial loan association ] or credit union, provided [ the initial principal amount of the loan is $5,000 or more, or is made to a person by an industrial loan association and the initial principal amount of the loan is $5,000 or more ] .