§ 46.
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/vt/title-9/chapter-4/46A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 46. Exceptions
Section 43 of this title, relating to deposit requirements, and section 45 of this title, relating to prepayment penalties, shall not apply and the parties may contract for a rate of interest in excess of the rate provided in section 41a of this title in the case of:
(1)obligations of corporations, including municipal and nonprofit corporations; or
(2)obligations incurred by any person, partnership, association, or other entity to finance in whole or in part income-producing business or activity, but not including obligations incurred to finance family dwellings of four units or fewer when used as a residence by the borrower or to finance real estate that is devoted to agricultural purposes as part of an operating farming unit when used as a residence by the borrower; or
(3)obligations to finance the purchase, construction, or improvement of property for seasonal or part-time occupancy and not as a place of legal residence; or
(4)obligations guaranteed or insured by the United States of America or any agency thereof. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1969, No. 66, § 3, eff. April 17, 1969; 1973, No. 222 (Adj. Sess.), § 6, eff. April 3, 1974; 1975, No. 216 (Adj. Sess.), § 5, eff. March 27, 1976; 2009, No. 134 (Adj. Sess.), § 24i.)