2006 Code of Virginia § 29.1-826 - Installment sales

29.1-826. Installment sales.

A. Every retail installment sale shall be evidenced by an instrument inwriting, which shall contain all the agreements of the parties, including aprovision stating whether or not such sale is contingent upon financing onterms which are satisfactory to the parties and shall be signed by the buyer.The purchaser of an installment sales contract shall not be charged withnotice of the agreement of the parties relative to financing upon thepurchase of a retail installment sales contract signed by the borrower whichstates no such contingency.

B. Prior to or at the time of delivery of the watercraft the seller shalldeliver to the buyer a written statement describing clearly the watercraftsold to the buyer. Whenever any charge for a summary of insurance coverageappears on such statement, and the insurance coverage effected or to beeffected thereunder does not include a policy of watercraft liabilityinsurance, the seller or his assignee shall stamp or mark upon the face ofsuch writing in red letters no smaller than eighteen point type the followingwords: "No Liability Insurance Included." The Director may determine theform of such statement to be included therein. In the event that a policy ofinsurance of any kind is purchased at the time of the sale of a watercraftthe seller shall deliver to the purchaser the policy of insurance, or a copyof the policy, within a reasonable time.

(1988, c. 592.)