Virginia | Credit and Debt Law
11/15/09, 6:06 pm
Legal Question
I am the director of a non-profit organization. The only way we get money is from reimbursement. We have to pay the money out and invoice it to be paid later.
There is no capital (money) in the bank. Is it legal for me as the director to loan the agency the money, and have it paid back in monthly increments? And how much interest can be charged?
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11/20/09, 11:11 pm
Legal Answer
Of course, if you have the personal resources for such loans, why wouldn't it be?
The judgment interest rate of 6 % per annum mandated in the Code of Virginia would likely be a reasonable rate of interest for such loans.
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