Virginia § 59.1-207.18 - Definitions
Full text of Virginia Code of Virginia § 59.1-207.18 — Definitions, with citation guidance and answers to common questions.
§ 59.1-207.18. Definitions
As used in this chapter:
"Advertisement" means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease-purchase agreement.
"Cash price" means the price at which the lessor would have sold the property to the consumer for cash on the date of the lease-purchase agreement.
"Consumer" means a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes.
"Consummation" means the time a consumer becomes contractually obligated on a lease-purchase agreement.
"Lessor" means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement.
"Lease-purchase agreement" means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.
1988, c. 24.
Frequently Asked Questions About Virginia § 59.1-207.18
What does Code of Virginia § 59.1-207.18 cover?
Section 59.1-207.18 ("Definitions") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 59.1-207.18?
A common citation format is "Code of Virginia § 59.1-207.18" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 59.1-207.18 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.