§ 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;
B. No disclosures are required for any extension of a lease-purchase agreement.
History
This law was first created in 1988. The record of its establishment is cataloged in chapter 24 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1988 “Acts” aren’t available online.
1988, c. 24.