SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

  • | print version

SB 959 Finance charges by sellers of goods and services, etc.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Finance charges by sellers of goods and services; discharge of security interests of liens; premiums for property insurance. Stipulates that with regard to a closed-end installment plan established in connection with the sale of goods or services: (i) the amount paid by a seller to discharge a security interest or lien on property traded in may be made subject to finance charges, (ii) the payment by a lessor to discharge a security interest or lien on the property traded in may be included in the gross capitalized cost of the goods leased, and does not constitute a loan, and (iii) premiums for vendor’s single interest property insurance on goods leased or purchased will not be treated as additional charges for the extension of credit, if the seller or lessor (a) discloses the cost of the insurance if purchased from or through the seller or lessor and (b) advises the buyer or lessee that he may purchase such insurance from the person of his choice.


FULL TEXT

HISTORY