CHAPTER 65

Act to amend the Code of Virginia by adding thereto a new section
numbered 6-851.1, limiting the application of the provisions of Chap-
ter 9 of Title 6 of the Code of Virginia, in actions for the recovery of
interest under certain contracts insured by the Federal Housing Ad-
ministration or the Veterans Administration. OH ant
1

Approved February 23, 1960

Be it enacted by the General Assembly of Virginia:

That the Code of Virginia be amended by adding thereto a new
on numbered 6-351.1 as follows:

§ 6-351.1. If the rate of interest specifically set forth in the bond,
or other evidence of indebtedness, exclusive of other charges set forth
1e securing deed of trust, does not exceed the legal rate prescribed in
6-846, no person shall, by way of defense or otherwise, avail himself of
aay of the provisions of this chapter, to avoid or defeat the payment of
any interest or charge which he shall have contracted to pay on any loan
or forbearance of money insured by the Federal Housing Administration,
or the Commissioner thereof, under or pursuant to the provisions of the
National Housing Act, approved June 27, 1934, and amendments thereto,
or guaranteed by the Veterans Administration, or the Administrator
thereof, under and pursuant to Title 38 of the United States Code, and
amendments thereto; nor shall anything contained in this chapter be
construed to prevent the recovery of such interest or charge from any
person who shall have contracted to pay the same.