{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.9A-616.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.9A-616.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.9A-616.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.9A-616.html"}],"law_id":58094,"edition_id":1,"section_id":58094,"structure_id":15263,"section_number":"8.9A-616","catch_line":"Explanation of calculation of surplus or deficiency","history":"2000, c. 1007; 2024, c. 652.","full_text":"a\n\nDefinitions. In this section:1\n\n“Explanation” means a record that:A\n\nstates the amount of the surplus or deficiency;B\n\nprovides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency;C\n\nstates, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency; andD\n\nprovides a telephone number or mailing address from which additional information concerning the transaction is available.2\n\n“Request” means a record:A\n\nsigned by a debtor or consumer obligor;B\n\nrequesting that the recipient provide an explanation; andC\n\nsent after disposition of the collateral under § 8.9A-610.b\n\nExplanation of calculation. In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under \u00a7 8.9A-615, the secured party shall:1\n\nsend an explanation to the debtor or consumer obligor, as applicable, after the disposition and:A\n\nbefore or when the secured party accounts to the debtor and pays any surplus or first makes demand in a record on the consumer obligor after the disposition for payment of the deficiency; andB\n\nwithin fourteen days after receipt of a request; or2\n\nin the case of a consumer obligor who is liable for a deficiency, within fourteen days after receipt of a request, send to the consumer obligor a record waiving the secured party’s right to a deficiency.c\n\nRequired information. To comply with subsection (a) (1) (B), an explanation must provide the following information in the following order:1\n\nthe aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:A\n\nif the secured party takes or receives possession of the collateral after default, not more than thirty-five days before the secured party takes or receives possession; orB\n\nif the secured party takes or receives possession of the collateral before default or does not take possession of the collateral, not more than thirty-five days before the disposition;2\n\nthe amount of proceeds of the disposition;3\n\nthe aggregate amount of the obligations after deducting the amount of proceeds;4\n\nthe amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition, processing, and disposing of the collateral, and attorney’s fees secured by the collateral which are known to the secured party and relate to the current disposition;5\n\nthe amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in paragraph (1); and6\n\nthe amount of the surplus or deficiency.d\n\nSubstantial compliance. A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (a) is sufficient, even if it includes minor errors that are not seriously misleading.e\n\nCharges for responses. A debtor or consumer obligor is entitled without charge to one response to a request under this section during any six-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (b) (1). The secured party may require payment of a charge not exceeding twenty-five dollars for each additional response.","order_by":null,"text":{"0":{"id":212859,"text":"Definitions. In this section:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":212860,"text":"“Explanation” means a record that:","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"A"},"2":{"id":212861,"text":"states the amount of the surplus or deficiency;","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"a1","next_prefix":"B"},"3":{"id":212862,"text":"provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency;","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"4":{"id":212863,"text":"states, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency; and","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"5":{"id":212864,"text":"provides a telephone number or mailing address from which additional information concerning the transaction is available.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"D2"},"6":{"id":212865,"text":"“Request” means a record:","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D","next_prefix":"A"},"7":{"id":212866,"text":"signed by a debtor or consumer obligor;","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"D2","next_prefix":"B"},"8":{"id":212867,"text":"requesting that the recipient provide an explanation; and","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"9":{"id":212868,"text":"sent after disposition of the collateral under § 8.9A-610.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"b"},"10":{"id":212869,"text":"Explanation of calculation. In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under \u00a7 8.9A-615, the secured party shall:","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"C","next_prefix":"b1"},"11":{"id":212870,"text":"send an explanation to the debtor or consumer obligor, as applicable, after the disposition and:","type":"section","prefixes":["b","1"],"prefix":"1","entire_prefix":"b1","prefix_anchor":"b1","level":2,"prior_prefix":"b","next_prefix":"A"},"12":{"id":212871,"text":"before or when the secured party accounts to the debtor and pays any surplus or first makes demand in a record on the consumer obligor after the disposition for payment of the deficiency; and","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"b1","next_prefix":"B"},"13":{"id":212872,"text":"within fourteen days after receipt of a request; or","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B2"},"14":{"id":212873,"text":"in the case of a consumer obligor who is liable for a deficiency, within fourteen days after receipt of a request, send to the consumer obligor a record waiving the secured party’s right to a deficiency.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B","next_prefix":"c"},"15":{"id":212874,"text":"Required information. To comply with subsection (a) (1) (B), an explanation must provide the following information in the following order:","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"B2","next_prefix":"c1"},"16":{"id":212875,"text":"the aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:","type":"section","prefixes":["c","1"],"prefix":"1","entire_prefix":"c1","prefix_anchor":"c1","level":2,"prior_prefix":"c","next_prefix":"A"},"17":{"id":212876,"text":"if the secured party takes or receives possession of the collateral after default, not more than thirty-five days before the secured party takes or receives possession; or","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"c1","next_prefix":"B"},"18":{"id":212877,"text":"if the secured party takes or receives possession of the collateral before default or does not take possession of the collateral, not more than thirty-five days before the disposition;","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B2"},"19":{"id":212878,"text":"the amount of proceeds of the disposition;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B","next_prefix":"B3"},"20":{"id":212879,"text":"the aggregate amount of the obligations after deducting the amount of proceeds;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"21":{"id":212880,"text":"the amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition, processing, and disposing of the collateral, and attorney’s fees secured by the collateral which are known to the secured party and relate to the current disposition;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"22":{"id":212881,"text":"the amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in paragraph (1); and","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"23":{"id":212882,"text":"the amount of the surplus or deficiency.","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"d"},"24":{"id":212883,"text":"Substantial compliance. A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (a) is sufficient, even if it includes minor errors that are not seriously misleading.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"B6","next_prefix":"e"},"25":{"id":212884,"text":"Charges for responses. A debtor or consumer obligor is entitled without charge to one response to a request under this section during any six-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (b) (1). The secured party may require payment of a charge not exceeding twenty-five dollars for each additional response.","type":"section","prefixes":["e"],"prefix":"e","entire_prefix":"e","prefix_anchor":"e","level":1,"prior_prefix":"d"}},"ancestry":[{"id":15263,"edition_id":1,"name":"Default and Enforcement of Security Interest","identifier":"1","label":"subpart","depth":3,"order_by":1,"parent_id":15262,"metadata":{},"date_created":"2026-06-26 03:53:25","date_modified":"2026-06-26 03:53:25","permalink":{"id":284295,"object_type":"structure","relational_id":15263,"identifier":"1","token":"8.9A\/6\/1","url":"\/8.9A\/6\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":15262,"edition_id":1,"name":"Default","identifier":"6","label":"part","depth":2,"order_by":1,"parent_id":13277,"metadata":{},"date_created":"2026-06-26 03:53:25","date_modified":"2026-06-26 03:53:25","permalink":{"id":284293,"object_type":"structure","relational_id":15262,"identifier":"6","token":"8.9A\/6","url":"\/8.9A\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13277,"edition_id":1,"name":"Commercial Code \u2014 Secured Transactions","identifier":"8.9A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:33","date_modified":"2026-06-26 03:44:33","permalink":{"id":283833,"object_type":"structure","relational_id":13277,"identifier":"8.9A","token":"8.9A","url":"\/8.9A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":87391,"structure_id":15263,"section_number":"8.9A-601","catch_line":"Rights after default; judicial enforcement, consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes","url":"\/8.9A-601\/","token":"8.9A\/6\/1\/8.9A-601","metadata":false},{"id":74406,"structure_id":15263,"section_number":"8.9A-602","catch_line":"Waiver and variance of rights and duties","url":"\/8.9A-602\/","token":"8.9A\/6\/1\/8.9A-602","metadata":false},{"id":69348,"structure_id":15263,"section_number":"8.9A-603","catch_line":"Agreement on standards concerning rights and duties","url":"\/8.9A-603\/","token":"8.9A\/6\/1\/8.9A-603","metadata":false},{"id":61411,"structure_id":15263,"section_number":"8.9A-604","catch_line":"Procedure if security agreement covers real property or fixtures","url":"\/8.9A-604\/","token":"8.9A\/6\/1\/8.9A-604","metadata":false},{"id":69925,"structure_id":15263,"section_number":"8.9A-605","catch_line":"Unknown debtor or secondary obligor","url":"\/8.9A-605\/","token":"8.9A\/6\/1\/8.9A-605","metadata":false},{"id":82913,"structure_id":15263,"section_number":"8.9A-606","catch_line":"Time of default for agricultural lien","url":"\/8.9A-606\/","token":"8.9A\/6\/1\/8.9A-606","metadata":false},{"id":78656,"structure_id":15263,"section_number":"8.9A-607","catch_line":"Collection and enforcement by secured party","url":"\/8.9A-607\/","token":"8.9A\/6\/1\/8.9A-607","metadata":false},{"id":58414,"structure_id":15263,"section_number":"8.9A-608","catch_line":"Application of proceeds of collection or enforcement; liability for deficiency and right to surplus","url":"\/8.9A-608\/","token":"8.9A\/6\/1\/8.9A-608","metadata":false},{"id":76317,"structure_id":15263,"section_number":"8.9A-609","catch_line":"Secured party's right to take possession after default","url":"\/8.9A-609\/","token":"8.9A\/6\/1\/8.9A-609","metadata":false},{"id":83035,"structure_id":15263,"section_number":"8.9A-610","catch_line":"Disposition of collateral after default","url":"\/8.9A-610\/","token":"8.9A\/6\/1\/8.9A-610","metadata":false},{"id":69700,"structure_id":15263,"section_number":"8.9A-611","catch_line":"Notification before disposition of collateral","url":"\/8.9A-611\/","token":"8.9A\/6\/1\/8.9A-611","metadata":false},{"id":60808,"structure_id":15263,"section_number":"8.9A-612","catch_line":"Timeliness of notification before disposition of collateral","url":"\/8.9A-612\/","token":"8.9A\/6\/1\/8.9A-612","metadata":false},{"id":72203,"structure_id":15263,"section_number":"8.9A-613","catch_line":"Contents and form of notification before disposition of collateral; general","url":"\/8.9A-613\/","token":"8.9A\/6\/1\/8.9A-613","metadata":false},{"id":83544,"structure_id":15263,"section_number":"8.9A-614","catch_line":"Contents and form of notification before disposition of collateral; consumer-goods transaction","url":"\/8.9A-614\/","token":"8.9A\/6\/1\/8.9A-614","metadata":false},{"id":63326,"structure_id":15263,"section_number":"8.9A-615","catch_line":"Application of proceeds of disposition; liability for deficiency and right to surplus","url":"\/8.9A-615\/","token":"8.9A\/6\/1\/8.9A-615","metadata":false},{"id":58094,"structure_id":15263,"section_number":"8.9A-616","catch_line":"Explanation of calculation of surplus or deficiency","url":"\/8.9A-616\/","token":"8.9A\/6\/1\/8.9A-616","metadata":false},{"id":70895,"structure_id":15263,"section_number":"8.9A-617","catch_line":"Rights of transferee of collateral","url":"\/8.9A-617\/","token":"8.9A\/6\/1\/8.9A-617","metadata":false},{"id":74054,"structure_id":15263,"section_number":"8.9A-618","catch_line":"Rights and duties of certain secondary obligors","url":"\/8.9A-618\/","token":"8.9A\/6\/1\/8.9A-618","metadata":false},{"id":82499,"structure_id":15263,"section_number":"8.9A-619","catch_line":"Transfer of record or legal title","url":"\/8.9A-619\/","token":"8.9A\/6\/1\/8.9A-619","metadata":false},{"id":83620,"structure_id":15263,"section_number":"8.9A-620","catch_line":"Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral","url":"\/8.9A-620\/","token":"8.9A\/6\/1\/8.9A-620","metadata":false},{"id":69990,"structure_id":15263,"section_number":"8.9A-621","catch_line":"Notification of proposal to accept collateral","url":"\/8.9A-621\/","token":"8.9A\/6\/1\/8.9A-621","metadata":false},{"id":87445,"structure_id":15263,"section_number":"8.9A-622","catch_line":"Effect of acceptance of collateral","url":"\/8.9A-622\/","token":"8.9A\/6\/1\/8.9A-622","metadata":false},{"id":76014,"structure_id":15263,"section_number":"8.9A-623","catch_line":"Right to redeem collateral","url":"\/8.9A-623\/","token":"8.9A\/6\/1\/8.9A-623","metadata":false},{"id":86883,"structure_id":15263,"section_number":"8.9A-624","catch_line":"Waiver","url":"\/8.9A-624\/","token":"8.9A\/6\/1\/8.9A-624","metadata":false}],"previous_section":{"id":63326,"structure_id":15263,"section_number":"8.9A-615","catch_line":"Application of proceeds of disposition; liability for deficiency and right to surplus","url":"\/8.9A-615\/","token":"8.9A\/6\/1\/8.9A-615","metadata":false},"next_section":{"id":70895,"structure_id":15263,"section_number":"8.9A-617","catch_line":"Rights of transferee of collateral","url":"\/8.9A-617\/","token":"8.9A\/6\/1\/8.9A-617","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.9A-616\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapter 1007<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2024, chapter 652<\/a>.<\/p>","references":[{"id":74406,"section_number":"8.9A-602","catch_line":"Waiver and variance of rights and duties","order_by":null,"url":"\/8.9A-602\/"}],"refers_to":[{"id":63326,"section_number":"8.9A-615","catch_line":"Application of proceeds of disposition; liability for deficiency and right to surplus","order_by":null,"url":"\/8.9A-615\/"}],"permalink":{"id":284357,"object_type":"law","relational_id":58094,"identifier":"8.9A-616","token":"8.9A\/6\/1\/8.9A-616","url":"\/8.9A-616\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.9A-616\/","token":"8.9A\/6\/1\/8.9A-616","dublin_core":{"Title":"Explanation of calculation of surplus or deficiency","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.9A-616","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> Definitions. In this section: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> “Explanation<\/span>” means a record that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> states the amount of the surplus or deficiency; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> provides an explanation<\/span> in accordance with subsection (c) of how the secured party<\/span> calculated the surplus or deficiency; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> states, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> provides a telephone number or mailing address from which additional information concerning the transaction is available. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> “Request<\/span>” means a record: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> signed by a debtor or consumer obligor; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> requesting that the recipient provide an explanation<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> sent after disposition<\/span> of the collateral<\/span> under § 8.9A-610<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Explanation<\/span> of calculation. In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under \u00a7 8.9A-615<\/a>, the secured party<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> send an explanation<\/span> to the debtor or consumer obligor, as applicable, after the disposition<\/span> and: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> before or when the secured party<\/span> accounts to the debtor and pays any surplus or first makes demand in a record on the consumer obligor after the disposition<\/span> for payment of the deficiency; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> within fourteen days after receipt of a request<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> in the case of a consumer obligor who is liable for a deficiency, within fourteen days after receipt of a request<\/span>, send to the consumer obligor a record waiving the secured party<\/span>’s right to a deficiency. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> Required information. To comply with subsection (a) (1) (B), an explanation<\/span> must provide the following information in the following order<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> the aggregate amount of obligations secured by the security interest under which the disposition<\/span> was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact<\/span>, calculated as of a specified date: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> if the secured party<\/span> takes or receives possession<\/span> of the collateral<\/span> after default<\/span>, not more than thirty-five days before the secured party<\/span> takes or receives possession<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> if the secured party<\/span> takes or receives possession<\/span> of the collateral<\/span> before default<\/span> or does not take possession<\/span> of the collateral<\/span>, not more than thirty-five days before the disposition<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> the amount of proceeds of the disposition<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> the aggregate amount of the obligations after deducting the amount of proceeds; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> the amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition<\/span>, processing, and disposing of the collateral<\/span>, and attorney’s fees secured by the collateral<\/span> which are known to the secured party<\/span> and relate to the current disposition<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> the amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in paragraph (1); and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> the amount of the surplus or deficiency. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> Substantial compliance. A particular phrasing of the explanation<\/span> is not required. An explanation<\/span> complying substantially with the requirements of subsection (a) is sufficient, even if it includes minor<\/span> errors that are not seriously misleading. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

e.<\/span> Charges for responses. A debtor or consumer obligor is entitled without charge to one response to a request<\/span> under this section during any six-month period in which the secured party<\/span> did not send to the debtor or consumer obligor an explanation<\/span> pursuant to subsection (b) (1). The secured party<\/span> may require payment of a charge not exceeding twenty-five dollars for each additional response. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY (\u00a7 8.9A-616)\n\na. Definitions. In this section:\n\n 1. “Explanation” means a record that:\n\nA. states the amount of the surplus or deficiency;\n\nB. provides an explanation in accordance with subsection (c) of how the secured\nparty calculated the surplus or deficiency;\n\nC. states, if applicable, that future debits, credits, charges, including\nadditional credit service charges or interest, rebates, and expenses may affect\nthe amount of the surplus or deficiency; and\n\nD. provides a telephone number or mailing address from which additional\ninformation concerning the transaction is available.\n\n 2. “Request” means a record:\n\nA. signed by a debtor or consumer obligor;\n\nB. requesting that the recipient provide an explanation; and\n\nC. sent after disposition of the collateral under § 8.9A-610.\n\nb. Explanation of calculation. In a consumer-goods transaction in which the\ndebtor is entitled to a surplus or a consumer obligor is liable for a deficiency\nunder \u00a7 8.9A-615, the secured party shall:\n\n 1. send an explanation to the debtor or consumer obligor, as applicable, after\n the disposition and:\n\nA. before or when the secured party accounts to the debtor and pays any surplus\nor first makes demand in a record on the consumer obligor after the disposition\nfor payment of the deficiency; and\n\nB. within fourteen days after receipt of a request; or\n\n 2. in the case of a consumer obligor who is liable for a deficiency, within\n fourteen days after receipt of a request, send to the consumer obligor a\n record waiving the secured party’s right to a deficiency.\n\nc. Required information. To comply with subsection (a) (1) (B), an explanation\nmust provide the following information in the following order:\n\n 1. the aggregate amount of obligations secured by the security interest under\n which the disposition was made, and, if the amount reflects a rebate of\n unearned interest or credit service charge, an indication of that fact,\n calculated as of a specified date:\n\nA. if the secured party takes or receives possession of the collateral after\ndefault, not more than thirty-five days before the secured party takes or\nreceives possession; or\n\nB. if the secured party takes or receives possession of the collateral before\ndefault or does not take possession of the collateral, not more than thirty-five\ndays before the disposition;\n\n 2. the amount of proceeds of the disposition;\n\n 3. the aggregate amount of the obligations after deducting the amount of\n proceeds;\n\n 4. the amount, in the aggregate or by type, and types of expenses, including\n expenses of retaking, holding, preparing for disposition, processing, and\n disposing of the collateral, and attorney’s fees secured by the\n collateral which are known to the secured party and relate to the current\n disposition;\n\n 5. the amount, in the aggregate or by type, and types of credits, including\n rebates of interest or credit service charges, to which the obligor is known\n to be entitled and which are not reflected in the amount in paragraph (1); and\n\n 6. the amount of the surplus or deficiency.\n\nd. Substantial compliance. A particular phrasing of the explanation is not\nrequired. An explanation complying substantially with the requirements of\nsubsection (a) is sufficient, even if it includes minor errors that are not\nseriously misleading.\n\ne. Charges for responses. A debtor or consumer obligor is entitled without\ncharge to one response to a request under this section during any six-month\nperiod in which the secured party did not send to the debtor or consumer obligor\nan explanation pursuant to subsection (b) (1). The secured party may require\npayment of a charge not exceeding twenty-five dollars for each additional\nresponse.\n\nHISTORY: 2000, c. 1007; 2024, c. 652.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}