§ 46.2-640.1 Vehicle leases that are not sales or security interests
Notwithstanding any other provision of law, in the case of motor vehicles, trailers or semi-trailers, a transaction does not create a sale or security interest merely because it provides that the rental price is permitted or required to be adjusted under the agreement either upward or downward by reference to the amount realized upon sale or other disposition of the motor vehicle or trailer.
History
This law was first created in 1991. The record of its establishment is cataloged in chapter 536 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 1991 “Acts” aren’t available online.
1991, c. 536.