Notwithstanding any provisions in a contract, other evidence of indebtedness or security agreement arising from a sale or financing of consumer goods as defined in § 8.9A-102 of this Code, no acceleration of payment or repossession on account of late payment or nonpayment of an installment shall be permitted if payment, together with any late payment penalty permitted under § 6.2-400, is made within ten days of the date on which the installment was due.
Va. Code Ann. § 11-4.3
When acceleration of payment or repossession of consumer goods not allowed
Applied in 2 court decisions — leading case Fox v. Heilig-Meyers Co. (1982)
Most recently applied in Fox v. Heilig-Meyers Co. (June 1982)
1974, c. 572.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.