CODE OF VIRGINIA

COMMISSION AUTHORIZED TO CONFER ON STATE BANKS POWER TO MAKE CHARGES COMPARABLE
TO THOSE PERMITTED TO NATIONAL BANKING ASSOCIATIONS (§ 6.2-805)

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.

HISTORY: 1975, c. 80, § 6.1-5.2; 2010, c. 794.