§ 6.2-426. When request, consent, or use not condition precedent to liability
The request, consent, or use required in § 6.2-425 as a condition precedent to liability shall not be necessary in any instance: 1. Of a credit card that is a renewal of a credit card previously held and used by the cardholder or his authorized agent within 12 months of the renewal date; or 2. […]
§ 6.2-415. Lender not to cancel insurance policy at time of refinancing under certain circumstances
A. No lender shall require a borrower or debtor, for the protection of property securing the credit or lien, to cancel an existing insurance policy on such property at the time of a refinancing solely to change the effective dates of coverage under the policy, unless the expiration date of such policy is within four […]
§ 6.2-416. Certain mortgages not to prohibit further encumbrance of real property
Where any loan is secured by a mortgage or deed of trust on real property comprised of one- to four-family residential dwelling units, the note, or mortgage or deed of trust evidencing such loan shall in no way prohibit the further encumbrance of the real property. 1975, c. 398, § 6.1-2.5; 2010, c. 794.
§ 6.2-412. Insurance coverage under certain loans not to exceed replacement value of improvements
A. As used in this section: “Flood insurance coverage” means insurance against loss or damage to any property caused by flooding or the rising of the waters of the ocean or its tributaries. “Property insurance coverage” means insurance against losses or damages caused by perils that commonly are covered in insurance policies described with terms […]
§ 6.2-413. Obligation of lender to reimburse unused mortgage guaranty insurance premiums
Any lender that requires, as a prerequisite to its lending money for the purchase of real property, that private mortgage insurance be secured to insure a certain amount of the lender’s interest in the property shall return to the person who paid the premium, or other person entitled thereto, any portion of the premium for […]
§ 6.2-414. Obligation of person maintaining escrow account to pay taxes and insurance; penalties
Any lender or other person maintaining escrow accounts for the payment of taxes or insurance, who on receipt of notice thereof, fails to make timely payment therefor, and incurs a penalty or late charge thereon or a cancellation for nonpayment if there are sufficient funds in such escrow account at least five days before such […]
§ 6.2-407. Lenders to furnish borrower with copy of appraisal
Any lender that requires a borrower or prospective borrower to pay for an appraisal of residential real estate made in connection with a loan or application for a loan secured by the real estate shall, upon request by the borrower or prospective borrower, furnish free of charge the borrower or prospective borrower with a copy […]
§ 6.2-408. Priority of interest on debts secured by mortgage or deed of trust
Interest that is charged pursuant to a written agreement, whether or not recorded, shall be of equal priority with the principal debt secured by the mortgage or deed of trust and shall have priority as to third parties as provided in Title 55.1. 1987, c. 622, § 6.1-330.69; 2010, c. 794.
§ 6.2-409. Addition of unpaid interest to principal balance
A. For the purpose of this section: “First deed of trust” or “first mortgage” includes all deeds of trust and mortgages, and amendments thereto, that are made by the same grantor or mortgagor, secure notes held by the same holder, convey substantially the same real estate, and are superior to all other deeds of trust […]
§ 6.2-410. Borrowers not to be required to employ particular professionals
In the case of loans secured by deeds of trust or mortgages on one- to four-family dwelling units, the lender may not require the borrower to use the services of a particular attorney, surveyor, or insurer. The lender shall have the right to approve any attorney, surveyor, or insurer selected by the borrower, provided such […]