13 Va. Admin. Code § 10-150-110

Current through Register Vol. 41, No. 9, December 16, 2024

Section 13VAC10-150-110 - Interest rate and compounding

The interest rate to be charged on equity payments disbursed under the program during any calendar year shall be established by the authority prior to January 1 of such year. Any such interest rate shall not apply to equity payments disbursed during prior calendar years. Interest shall be compounded on the first day of each month at the applicable interest rate.

The authority shall establish from time to time a maximum interest rate to be charged on home equity account loans closed subsequent to the establishment of such rate.

13 Va. Admin. Code § 10-150-110

Derived from VR400-02-0015 § 4.4, eff. July 19, 1988; amended, Virginia Register Volume 5, Issue 6, eff. November 21, 1988; Volume 5, Issue 21, eff. July 1, 1989.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.