Va. Code Ann. § 6.2-1541

Unlawful contracts void; recovery of amounts paid

Applied in 2 court decisions — leading case Gibbs v. Haynes Invs., LLC (2019)

Most recently applied in Gibbs v. Haynes Invs., LLC (March 2019)

Code 1950, § 6-337; 1966, c. 584, § 6.1-308; 1986, c. 502; 2010, c. 794.

A. A loan contract shall be void if any act has been done in the making or collection thereof that violates § 6.2-1501.

B. The lender on any loan for which a person has taken any action in its making or collection in violation of § 6.2-1501 shall not collect, receive, or retain any principal, interest, or charges whatsoever with respect to the loan, and any principal or interest paid on the loan shall be recoverable by the person by or for whom payment was made.

Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.