Virginia § 54.1-4008 - Interest chargeable
Full text of Virginia Code of Virginia § 54.1-4008 — Interest chargeable, with citation guidance and answers to common questions.
§ 54.1-4008. Interest chargeable
A. No pawnbroker shall ask, demand or receive a greater rate of interest than ten percent per month on a loan of $25 or less, or seven percent per month on a loan of more than $25 and less than $100, or five percent per month on a loan of $100 or more, secured by a pledge of tangible personal property. No loan shall be divided for the purpose of increasing the percentage to be paid the pawnbroker. Loans may be renewed based on the original loan amount. Loans may not be issued that compound the interest or storage fees from previous loans on the same item.
B. An annual percentage rate computed and disclosed under the provisions of the federal Truth-in-Lending Act shall not be deemed a violation of this section.
Code 1950, § 54-850; 1983, c. 238; 1988, c. 765; 1998, c. 848; 1999, c. 327.
Frequently Asked Questions About Virginia § 54.1-4008
What does Code of Virginia § 54.1-4008 cover?
Section 54.1-4008 ("Interest chargeable") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 54.1-4008?
A common citation format is "Code of Virginia § 54.1-4008" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 54.1-4008 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.