CHaP. 165.—An ACT to amend and re-enact section 2817 of the Code of
Virginia of 1887, in relation to interest on money. (S. B. 275.)

Approved March 11, 1916.

1. Be it enacted by the general assembly of Virginia, That
section twenty-eight hundred and seventeen of the Code of Vir-
ginia of eighteen hundred and eighty-seven, be amended and re-
enacted so as to read as follows:
Sec. 2817. Legal interest shall continue to be at the rate of
six dollars upon one hundred dollars for a year, and proportion-
ately for a greater or less sum, or for a longer or shorter time,
and no person upon any contract shall take for the loan or for-
bearance of money or other thing above the value of such rate;
provided, however, that where any insurance company, as a con-
dition for a loan by such company of money upon mortgage or
other security shall require that the borrower insure either his
life or that of another, or his property, with such company and
assign to such company, or cause to be assigned to it, any policy
of insurance as security for such loan, and agree to pay pre-
miums thereon during the continuance of such loan, whether
such premiums be paid annually, semi-annually, quarterly or
monthly, such premiums shall not be considered as interest on
such loans, nor shall any loan be rendered usurious by reason of
any such requirements, where the rate of interest charged for
the loan does not exceed the legal rate and where the premiums
charged for the insurance do not exceed the premiums charged
for similar policies to other persons who do not obtain loans.