§ 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 price” means the price at which the lessor would have sold the property to the consumer for cash on the date of the lease-purchase agreement. “Consumer” means a natural person […]

§ 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 § 59.1-21.2; 2. A transaction described in § 6.2-311; or 3. A security interest as defined in subdivision (35) of § 8.1A-201. B. This chapter does not apply to the following: […]

§ 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 need make the disclosures, but all lessors shall be bound by such disclosures. B. The disclosures shall be made at or before consummation of the lease-purchase agreement. C. The disclosures […]

§ 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 of all payments necessary to acquire ownership of the property; 2. A statement that the consumer will not own the property until the consumer has made the total payment necessary […]

§ 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 property interest in any goods except those goods delivered by the lessor pursuant to the lease-purchase agreement; 4. A wage assignment; 5. A waiver by the consumer of claims or […]

§ 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 agreement, by the payment of (i) all past due rental charges, (ii) if the property has been picked up, the reasonable costs of pickup and redelivery, and (iii) any applicable […]

§ 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. A renegotiation shall be considered a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations: 1. The addition or return of property […]

§ 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 any one specific item, the advertisement shall also clearly and conspicuously state the following items, as applicable: 1. That the transaction advertised is a lease-purchase agreement; 2. The total of […]

§ 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 the enforcement provisions of Chapter 17 (§ 59.1-196 et seq.) of this title. 1988, c. 24.