Code of Virginia - Title 59.1 Trade And Commerce - Chapter 17.4 Virginia Lease-Purchase Agreement Act
- 59.1-207.17 Title
This chapter may be cited as the "Virginia Lease-Purchase Agreement Act." (1988, c. 24.) ...
- 59.1-207.18 Definitions
As used in this chapter: "Advertisement" means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease-purchase agreement. "Cash ...
- 59.1-207.19 Inapplicability of other laws; exempted transactions
A. Lease-purchase agreements that comply with this chapter are not governed by the laws relating to: 1. A home solicitation sale as defined in § ...
- 59.1-207.20 General requirements of disclosure
A. The lessor shall disclose to the consumer the information required by this chapter. In a transaction involving more than one lessor, only one lessor ...
- 59.1-207.21 Disclosures
A. For each lease-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable: 1. The total number, total amount and timing ...
- 59.1-207.22 Prohibited practices
A lease-purchase agreement may not contain: 1. A confession of judgment; 2. A negotiable instrument; 3. A security interest or any other claim of a ...
- 59.1-207.23 Reinstatement
A. A consumer who fails to make a timely rental payment may reinstate the agreement, without losing any rights or options which exist under the ...
- 59.1-207.24 Receipts and accounts
A lessor shall provide the consumer a written receipt for each payment made by cash or money order. (1988, c. 24.) ...
- 59.1-207.25 Renegotiations and extensions
A. A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. ...
- 59.1-207.26 Advertising
A. If an advertisement for a lease-purchase agreement refers to or states the dollar amount of any payment and the right to acquire ownership for ...
- 59.1-207.27 Enforcement; penalties
Any violation of this chapter shall constitute a prohibited practice under the provisions of § 59.1-200 and shall be subject to any and all of ...
Last modified: April 3, 2009