6.2-317 - (Effective October 1, 2010) Loans of $5,000 or more for business or investment purposes.
§ 6.2-317. (Effective October 1, 2010) Loans of $5,000 or more for businessor investment purposes.
A. For purposes of this section:
1. A loan shall be deemed to be for business or investment purposes if it isnot for personal, family, or household purposes; and
2. Personal, family, or household purposes do not include a passive or activeinvestment.
B. No person shall, by way of defense or otherwise, avail himself of theprovisions of this chapter, or any other statutory or case law relating tousury or compounding of interest, to avoid or defeat the payment of interest,or any other sum, in connection with a loan made to a person for business orinvestment purposes, if the initial amount of the loan is $5,000 or more.
(1987, c. 622, § 6.1-330.75; 2010, c. 794.)