                                 CODE OF VIRGINIA

CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL;
CONSUMER-GOODS TRANSACTION (§ 8.9A-614)

a. Contents and form of notification. In a consumer-goods transaction, the
following rules apply:

   1. A notification of disposition must provide the following information:

A. the information specified in &#xA7; 8.9A-613 (a)(1);

B. a description of any liability for a deficiency of the person to which the
notification is sent;

C. a telephone number from which the amount that must be paid to the secured
party to redeem the collateral under &#xA7; 8.9A-623 is available; and

D. a telephone number or mailing address from which additional information
concerning the disposition and the obligation secured is available.

   2. A particular phrasing of the notification is not required.

   3. The following form of notification, when completed in accordance with the
   instructions in subsection (b), provides sufficient information:
   				(Name and address of secured party)
   				(Date)
   				NOTICE OF OUR PLAN TO SELL PROPERTY
   				(Name and address of any obligor who is also a debtor)
   				Subject: (Identify transaction)
   				We have your (describe collateral), because you broke promises in our
   agreement.
   				{1} We will sell (describe collateral) at public sale. A sale could
   include a lease or license. The sale will be held as follows:
   				(Date)
   				(Time)
   				(Place)
   				You may attend the sale and bring bidders if you want.
   				{2} We will sell (describe collateral) at private sale sometime after
   (date). A sale could include a lease or license.
   				{3} The money that we get from the sale, after paying our costs, will
   reduce the amount you owe. If we get less money than you owe, you (will or
   will not, as applicable) still owe us the difference. If we get more money
   than you owe, you will get the extra money, unless we must pay it to someone
   else.
   				{4} You can get the property back at any time before we sell it by paying
   us the full amount you owe, not just the past due payments, including our
   expenses. To learn the exact amount you must pay, call us at (telephone
   number).
   				{5} If you want us to explain to you in (writing) (writing or in
   (description of electronic record)) (description of electronic record) how we
   have figured the amount that you owe us, {6} call us at (telephone number)
   (or) (write us at (secured party&#8217;s address)) (or contact us by
   (description of electronic communication method)) {7} and request (a written
   explanation) (a written explanation or an explanation in (description of
   electronic record)) (an explanation in (description of electronic record)).
   				{8} We will charge you $ (amount) for the explanation if we sent you
   another written explanation of the amount you owe us within the last six
   months.
   				{9} If you need more information about the sale (call us at (telephone
   number)) (or) (write us at (secured party&#8217;s address)) (or contact us by
   (description of electronic communication method)).
   				{10} We are sending this notice to the following other people who have an
   interest in (describe collateral) or who owe money under your agreement:
   				Names of all other debtors and obligors, if any)
   				[End of Form]

   4. A notification in the form of paragraph (3) is sufficient, even if
   additional information appears at the end of the form.

   5. A notification in the form of paragraph (3) is sufficient, even if it
   includes errors in information not required by paragraph (1), unless the error
   is misleading with respect to rights arising under this title.

   6. If a notification under this section is not in the form of paragraph (3),
   law other than this title determines the effect of including information not
   required by paragraph (1).

b. Instructions for form of notification. The following instructions apply to
the form of notification in subsection (a)(3):

   1. The instructions in this subsection refer to the numbers in braces before
   items in the form of notification in subsection (a)(3). Do not include the
   numbers or braces in the notification. The numbers and braces are used only
   for the purpose of these instructions.

   2. Include and complete either item {1}, if the notification relates to a
   public disposition of the collateral, or item {2}, if the notification relates
   to a private disposition of the collateral.

   3. Include and complete items {3}, {4}, {5}, {6}, and {7}.

   4. In item {5}, include and complete any one of the three alternative methods
   for the explanation&#x2014;writing, writing or electronic record, or
   electronic record.

   5. In item {6}, include the telephone number. In addition, the sender may
   include and complete either or both of the two additional alternative methods
   of communication&#x2014;writing or electronic communication&#x2014;for the
   recipient of the notification to communicate with the sender. Neither of the
   two additional methods of communication is required to be included.

   6. In item {7}, include and complete the method or methods for the
   explanation&#x2014;writing, writing or electronic record, or electronic
   record&#x2014;included in item {5}.

   7. Include and complete item {8} only if a written explanation is included in
   item {5} as a method for communicating the explanation and the sender will
   charge the recipient for another written explanation.

   8. In item {9}, include either the telephone number or the address or both the
   telephone number and the address. In addition, the sender may include and
   complete the additional method of communication&#x2014;electronic
   communication&#x2014;for the recipient of the notification to communicate with
   the sender. The additional method of electronic communication is not required
   to be included.

   9. If item {10} does not apply, insert &#8220;None&#8221; after
   &#8220;agreement:&#8221;.

HISTORY: 2000, c. 1007; 2024, c. 652.