                                 CODE OF VIRGINIA

INSTALLMENT SALES (§ 29.1-826)

A. Every retail installment sale shall be evidenced by an instrument in writing,
which shall contain all the agreements of the parties, including a provision
stating whether or not such sale is contingent upon financing on terms which are
satisfactory to the parties and shall be signed by the buyer. The purchaser of
an installment sales contract shall not be charged with notice of the agreement
of the parties relative to financing upon the purchase of a retail installment
sales contract signed by the borrower which states no such contingency.

B. Prior to or at the time of delivery of the watercraft the seller shall
deliver to the buyer a written statement describing clearly the watercraft sold
to the buyer. Whenever any charge for a summary of insurance coverage appears on
such statement, and the insurance coverage effected or to be effected thereunder
does not include a policy of watercraft liability insurance, the seller or his
assignee shall stamp or mark upon the face of such writing in red letters no
smaller than eighteen point type the following words: &#8220;No Liability
Insurance Included.&#8221; The Director may determine the form of such statement
to be included therein. In the event that a policy of insurance of any kind is
purchased at the time of the sale of a watercraft the seller shall deliver to
the purchaser the policy of insurance, or a copy of the policy, within a
reasonable time.

HISTORY: 1988, c. 592.