State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-7-3 > 6-1-330-90§ 6.1-330.90. (Repealed effective October 1, 2010) Right of buyer of consumergoods to refinance certain payments; agreements as to fluctuation in scheduleof payments.
A. In any sales transaction, except one pursuant to an open-end account,involving exclusively consumer goods as defined in subdivision (a)(23) of §8.9A-102 wherein credit is extended and a security interest in consumer goodsis taken, any installment payment, other than a down payment made prior to orcontemporaneously with the execution of an agreement evidencing thetransaction, which is more than ten percent greater than the regular orrecurring installment payments, shall be subject to the buyer's right torefinance such a payment on the basis of an extended period of time. Suchadditional payments shall be in amounts which shall allow the unpaid balanceto be paid in as few periodic payments, not more than ten percent greaterthan the regularly scheduled installment payments, as are required to paysuch balance. Such additional payments shall be considered and treated aspart of the original transaction.
B. The parties may agree in a separate writing that one or more payments orthe intervals between one or more payments shall be reduced or expanded inaccordance with the desires or needs of the buyer, if such fluctuations inthe schedule of payments are expressly arranged to coincide with theanticipated fluctuations in the buyer's capability to make such payments.
C. No seller who has refused to refinance in compliance with the provisionsof this section shall be entitled (i) to return or repossession of the goodsinvolved in the transaction or (ii) to a judgment for the unpaid balanceinvolved in the transaction at the time of his failure to do so.
(1987, c. 622.)
