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63 chapters · 804 sections in this title.
Va. Code Ann. § 59.1-262 Short title
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This chapter shall be known and may be cited as the "Business Opportunity Sales Act."
Va. Code Ann. § 59.1-263 Definitions
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A. For purposes of this chapter, "business opportunity" means the sale of any products, equipment, supplies or services which are sold to a purchaser upon payment of an initial required consideration exceeding $500 for the purpose of enabling such purchaser to start a business, a…
Va. Code Ann. § 59.1-264 Written disclosure statement required
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A. At least forty-eight hours prior to the time the purchaser signs a business opportunity contract, or at least forty-eight hours prior to the receipt of any consideration therefor by the seller, whichever occurs first, the seller shall provide the prospective purchaser with a w…
Va. Code Ann. § 59.1-265 Seller required to obtain bond or establish escrow account; action for damages against bond or account; limitation on liability of surety or escrow agent
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Before the business opportunity seller makes any of the representations set forth in § 59.1-263, the seller shall either have obtained a surety bond issued by a surety company authorized to do business in this Commonwealth or have established an escrow account with any credit uni…