Code of Virginia § 6.2-805. Commission authorized to confer on state banks power to make charges comparable to those permitted to national banking associations.
120 words·~1 min read·
/va/title-6-2/chapter-8/6-2-805A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to the permissible interest rates and charges that banks specifically, and lenders generally, are granted the power to charge by this title, the Commission may, by order, from time to time confer upon state banks the power to take, receive, reserve, and charge on any loan or discount made, at a rate of one per centum in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank for the fifth Federal Reserve District. The Commission may thereby confer upon state banks the power to make charges that are comparable to those permitted under any federal statute or regulation to any national banking association.
1975, c. 80, § 6.1-5.2; 2010, c. 794 .