CHAPTER 438

An Act to authorize those principally engaged in making real estate
mortgage loans for resale to make certain charges on certain loans.
[S 206]

Approved March 31, 1960

Be it enacted by the General Assembly of Virginia:

1. § 1. Any person, firm, association or corporation principally engaged
in the business of making real estate mortgage or deed of trust loans
for resale may make an initial service, investigation or processing charge
not exceeding one per centum of the amount of the loan, on loans
payable in installments or otherwise and having a final maturity date of
ten years or more from the date thereof. Such a charge shall not be con-
sidered in determining whether a contract for a loan or forebearance of
money a a things is illegal within the meaning of Chapter 9, Title 6
O @ e.