Chap. 197.—An ACT to amend and re-enact Section 20 of Chapter 402 of the Acts
of the General Assembly of Virginia of 1918, approved March 23, 1918, as
heretofore amended, relating to the business of making small loans. [H B 256]

Approved March 13, 1940

1. Be it enacted by the General Assembly of Virginia, That
Section twenty of Chapter four hundred and two of the Acts of the
General Assembly of Virginia of nineteen hundred and eighteen,
approved March twenty-third, nineteen hundred and eighteen, as
heretofore amended, be amended and re-enacted so as to read as
follows:

Section 20. Limitations as to loans; Citation and construction of
act.—(a) No loan shall be hereafter made under the provisions of
this act the maturity date of which, that is the final installment
payment thereon if payable in installments, shall exceed twenty (20)
months from the date of such loan, but nothing herein contained
shall prevent the payment of any such loan by the granting of a new
loan. Three months after the maturity date of such loan, interest
shall be computed on the principal balance at the rate of six per
centum per annum and no more.

(b) This act may be cited as the uniform small loan law.

(c) This act shall be so interpreted and construed so as to effec-
tuate its general remedial purposes and to make uniform the laws
of those states which enact it. ,