Code of Virginia

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Code of Virginia
Title 59.1. Trade and Commerce
Chapter 17.4. Virginia Lease-Purchase Agreement Act
5/11/2021

§ 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 in a multiple-item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;

2. A deferral or extension of one or more periodic payments, or portions of a periodic payment;

3. A reduction in charges in the lease or agreement; and

4. A lease or agreement involved in a court proceeding.

B. No disclosures are required for any extension of a lease-purchase agreement.

1988, c. 24.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.