CHAPTER 92

An Act to amend and reenact §$ 6.1-818 and 6.1-819, of the Code of
Virginia, relating to legal rate of interest; contracts and assurances
for more than legal rate of interest; maximum interest rate fixed.

[H 46]
Approved March 1, 1968

Be it enacted by the General Assembly of Virginia:

1. That §§ 6.1-318 and 6.1-319, of the Code of Virginia, be amended
and reenacted as follows:

§ 6.1-318. Legal rate of interest.—Legal interest shall * be at
the rate of six * percent per annum.

§ 6.1-319. Contracts and assurances for more than legal rate of
interest.— * Except as otherwise permitted by law, no contract
shall be made, * for the loan or forbearance of money at a greater
rate of interest than * eight percent per annum, including points ex-
pressed as a percentage of the loan divided by the number of years of
the loan contract. For the purpose of this section the term points is de-
fined as the amount of money, or other consideration, received by the
lender, from whatever source, as a consideration for making the loan
and not otherwise expressly permitted by statute.

2. Anemergency exists and this act is in force from its passage.