6.1-66 - (Repealed effective October 1, 2010) Certain loans for home improvement purposes not considered loans secured by real estate.
§ 6.1-66. (Repealed effective October 1, 2010) Certain loans for homeimprovement purposes not considered loans secured by real estate.
Loans made to home owners for maintenance, repair, landscaping,modernization, alteration, improvement, furnishings and equipment to theirhomes, whether or not secured, shall not be considered as loans secured byreal estate within the meaning of § 6.1-63, provided each such loan shall bepayable in approximately equal monthly installments, shall not be for a termlonger than 12 years, and shall not exceed an amount specified in accordancewith subsection B of § 6.1-63. Such home loans may otherwise be made underthe provisions of § 6.1-63, 6.1-64 or 6.1-65. If such loan is in excess ofthe amount specified under subsection B of § 6.1-63, unless the taking ofreal estate security is solely in the abundance of caution and the terms arenot more favorable than in the absence of such a real estate lien, anappraisal as required by § 6.1-63, 6.1-64 or 6.1-65 shall be required by thebank.
(Code 1950, § 6-79.2; 1962, c. 267; 1966, c. 584; 1970, c. 13; 1976, c. 94;1980, c. 714; 1991, c. 160; 1994, c. 501; 2005, c. 263.)