SB279: Payday lending charges; establishes maximum annual interest rate.
Be it enacted by the General Assembly of Virginia:
1. That § 6.1-460 of the Code of Virginia is amended and reenacted as follows:
§ 6.1-460. Interest charges.
A licensee may shall not
charge, as a fee for each on
any payday loan, an amount not
to exceed fifteen percent of the amount of the loan proceeds advanced to the
borrower interest, whether designated
as a fee or otherwise, at an
annual rate that exceeds 36%.