8.01-433.1 - Notice of confession of judgment provision. - Virginia Statutes

§ 8.01-433.1. Notice of confession of judgment provision.

No judgment shall be confessed upon a note, bond, or other evidence of debtpursuant to a confession of judgment provision contained therein which doesnot contain a statement typed in boldface print of not less than eight pointtype on its face:

IMPORTANT NOTICE

THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT PROVISION WHICH CONSTITUTESA WAIVER OF IMPORTANT RIGHTS YOU MAY HAVE AS A DEBTOR AND ALLOWS THE CREDITORTO OBTAIN A JUDGMENT AGAINST YOU WITHOUT ANY FURTHER NOTICE.

This section shall only apply to notes, bonds, or other evidences of debtcontaining confession of judgment provisions entered into after January 1,1993.

(1992, c. 396.)