CHAPTER 70

An Act to amend and reenact § 6-253 of the Code of Virginia, relating to
interest charges, installment payments, acceleration upon default, in-
vestigation fees and minimum combined charges upon loans made by
industrial loan associations.

(S 118]

Approved February 19, 1952

Be it enacted by the General Assembly of Virginia:

1. That § 6-253 of the Code of Virginia be amended and reenacted as
follows:

§ 6-253. Such industrial loan associations may charge in advance the
legal rate of interest upon the entire amount of the loan, and such loans
may be repaid in weekly, monthly or other periodical installments, with
the privilege to the association to declare the entire unpaid balance
due and payable in the event of default in the payment of any installment
for a period of thirty days; and such associations may also charge an
investigation fee not exceeding two per centum of the amount of the loan.
In the event the combined charges for interest and investigation fee
would not amount to one dollar, such industrial loan association shall be
entitled to a minimum charge of one dollar in lieu thereof.