Virginia § 59.1-207.25 Renegotiations and extensions

Virginia Statutes

§ 59.1-207.25 — Renegotiations and extensions

Virginia § 59.1-207.25

Title 59.1TRADE AND COMMERCE

Ch. 17.4VIRGINIA LEASE-PURCHASE AGREEMENT ACT

This text of Virginia § 59.1-207.25 (Renegotiations and extensions) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 59.1-207.25 (2026).

Text

A.A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations:

1.The addition or return of property in a multiple-item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;

2.A deferral or extension of one or more periodic payments, or portions of a periodic payment;

3.A reduction in charges in the lease or agreement; and

4.A lease or agreement involved in a court proceeding.

B.No disclosures are required for any e

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A. A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations:

1. The addition or return of property in a multiple-item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;

2. A deferral or extension of one or more periodic payments, or portions of a periodic payment;

3. A reduction in charges in the lease or agreement; and

4. A lease or agreement involved in a court proceeding.

B. No disclosures are required for any extension of a lease-purchase agreement.