6.2-437 - (Effective October 1, 2010) Right of buyer of consumer goods to refinance certain payments; agreements as to fluctuation in schedule of payments. - Virginia Statutes

§ 6.2-437. (Effective October 1, 2010) Right of buyer of consumer goods torefinance certain payments; agreements as to fluctuation in schedule ofpayments.

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 in which credit is extended and a security interest in consumergoods is taken, any installment payment, other than a down payment made priorto or contemporaneously with the execution of an agreement evidencing thetransaction, that is more than 10 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 that shall allow the unpaid balanceto be paid in as few periodic payments, not more than 10 percent greater thanthe regularly scheduled installment payments, as are required to pay suchbalance. Such additional payments shall be considered and treated as part ofthe 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 the return or repossession of thegoods involved in the transaction or (ii) to a judgment for the unpaidbalance involved in the transaction at the time of his failure to do so.

(1987, c. 622, § 6.1-330.90; 2010, c. 794.)