13 Va. Admin. Code § 10-150-130

Current through Register Vol. 41, No. 10, December 30, 2024

Section 13VAC10-150-130 - Repayments

The borrower is not required to make any repayments of principal or interest on the home equity account loan until such time as the loan is due and payable as described in 13VAC10-150-100 and 13VAC10-150-140. The borrower may, at his option, elect to prepay at any time the home equity account loan, in whole or in part, and any such prepayments shall be applied first to accrued interest and then to the outstanding principal amount of the home equity account loan.

13 Va. Admin. Code § 10-150-130

Derived from VR400-02-0015 § 4.6, 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.