                                 CODE OF VIRGINIA

DISCLOSURES (§ 59.1-207.21)

A. For each lease-purchase agreement, the lessor shall disclose in the agreement
the following items, as applicable:

   1. The total number, total amount and timing of all payments necessary to
   acquire ownership of the property;

   2. A statement that the consumer will not own the property until the consumer
   has made the total payment necessary to acquire ownership;

   3. A statement that the consumer is responsible for the fair market value of
   the property if, and as of the time, it is lost, stolen, damaged, or
   destroyed;

   4. A brief description of the leased property, sufficient to identify the
   property to the consumer and the lessor, including an identification number,
   if applicable, and a statement indicating whether the property is new or used,
   but a statement that indicates new property is used is not a violation of this
   chapter;

   5. A brief description of any damages to the leased property;

   6. A statement of the cash price of the property. Where the agreement involves
   a lease of five or more items as a set, in one agreement, a statement of the
   aggregate cash price of all items shall satisfy this requirement;

   7. The total of initial payments paid or required at or before consummation of
   the agreement or delivery of the property, whichever is later;

   8. A statement that the total of payments does not include other charges, such
   as late payment, default, pickup, and reinstatement fees, which fees shall be
   separately disclosed in the contract;

   9. A statement clearly summarizing the terms of the consumer&#8217;s option to
   purchase, including a statement that the consumer has the right to exercise an
   early purchase option and the price, formula or method for determining the
   price at which the property may be so purchased;

   10. A statement identifying the party responsible for maintaining or servicing
   the property while it is being leased, together with a description of that
   responsibility, and a statement that if any part of a manufacturer&#8217;s
   express warranty covers the lease property at the time the consumer acquires
   ownership of the property, it shall be transferred to the consumer, if allowed
   by the terms of the warranty;

   11. The date of the transaction and the identities of the lessor and consumer;

   12. A statement that the consumer may terminate the agreement without penalty
   by voluntarily surrendering or returning the property in good repair upon
   expiration of any lease term along with any past due rental payments; and

   13. Notice of the right to reinstate an agreement as herein provided.

B. With respect to matters specifically governed by the Federal Consumer Credit
Protection Act, compliance with such Act satisfies the requirements of this
section.

HISTORY: 1988, c. 24.