Subsection C of § 38.2-6401 and § 38.2-6403 do not apply to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.

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Terms Used In Virginia Code 38.2-6405

  • Commercial transaction: means a transaction entered into primarily for a purpose other than personal, family, or household purposes. See Virginia Code 38.2-6400
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

2019, cc. 799, 800.