Title 59.1, Trade and Commerce

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 prop…

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 assign…

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 an…

A lessor shall provide the consumer a written receipt for each payment made by cash or money order.

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 s…

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 tr…

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.