An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Law Body
CHAPTER 324
An Act to amend and reenact § 6.1-330 of the Code of Virginia relating
to interest and charges on and conditions of loans secured by second
and additional deeds of trust or mortgages on certain real estate, and
to repeal §§ 6.1-330.2 and 6.1-330.4 relating to the same subject.
[H 977]
Approved April 2, 1968
Be it enacted by the General Assembly of Virginia:
on That § 6.1-330 of the Code of Virginia be amended and reenacted as
ollows:
§ 6.1-330. (a) No person, copartnership, association, trust,
corporation or other similar legal entity shall directly or indirectly
charge, take or receive for a loan secured in whole or in part by a
mortgage or deed of trust other than a first mortgage or deed of trust,
on residential real estate improved by the construction thereon of
housing consisting of four or less family dwelling units, an amount
in excess of that permitted by § 6.1-234, whether payable directly to
the lender or to a third party in connection with such loan. Provided,
further, that the said rates of charge shall not be made more often
than once each * eighteen months by a renewal or additional loan.
The borrower shall have the right to anticipate payment of his debt
in whole or in part at any time and shall receive a rebate for any
unearned interest, which rebate shall be computed in accordance with
the Standard Rule of 78.
(b) In addition to the investigation fees and interest permitted
by § 6.1-234, any such lender may also require the borrower to pay the
actual cost of title examination, title insurance, recording fees, surveys,
attorneys’ fees, and appraisal fees. No other charges of any kind shall
be made by the lender or any other party in connection with such loan.
(c) Evidence of fire and extended coverage insurance may be
required by the lender of the borrower and the premium shall not be
considered as a charge. Decreasing term life insurance, in an amount
not exceeding the amount of the loan and for a period not exceeding
the term of the loan, may also be required by the lender of the borrower
and the premium shall not be considered as a charge. At the option of
the borrower accident and health insurance may be provided by the
lender, and the premium therefor shall not be considered a charge.
Proof of all insurance issued in connection with loans subject to this
chapter shall be furnished to the borrower within ten days from the
date the loan is closed.
(d) No charge may be made if the loan is not made.
That §§ 6.1-330.2 and 6.1-330.4 be repealed.