                                 CODE OF VIRGINIA

RIGHT OF BUYER OF CONSUMER GOODS TO REFINANCE CERTAIN PAYMENTS; AGREEMENTS AS TO
FLUCTUATION IN SCHEDULE OF PAYMENTS (§ 6.2-437)

A. In any sales transaction, except one pursuant to an open-end account,
involving exclusively consumer goods as defined in subdivision (a) (23) of
&#xA7; 8.9A-102 in which credit is extended and a security interest in consumer
goods is taken, any installment payment, other than a down payment made prior to
or contemporaneously with the execution of an agreement evidencing the
transaction, that is more than 10 percent greater than the regular or recurring
installment payments, shall be subject to the buyer&#8217;s right to refinance
such a payment on the basis of an extended period of time. Such additional
payments shall be in amounts that shall allow the unpaid balance to be paid in
as few periodic payments, not more than 10 percent greater than the regularly
scheduled installment payments, as are required to pay such balance. Such
additional payments shall be considered and treated as part of the original
transaction.

B. The parties may agree in a separate writing that one or more payments or the
intervals between one or more payments shall be reduced or expanded in
accordance with the desires or needs of the buyer, if such fluctuations in the
schedule of payments are expressly arranged to coincide with the anticipated
fluctuations in the buyer&#8217;s capability to make such payments.

C. No seller who has refused to refinance in compliance with the provisions of
this section shall be entitled (i) to the return or repossession of the goods
involved in the transaction or (ii) to a judgment for the unpaid balance
involved in the transaction at the time of his failure to do so.

HISTORY: 1987, c. 622, § 6.1-330.90; 2010, c. 794.